# EDGAR Filing Document

**Accession Number:** 0000904333
**File Stem:** 0001193125-23-000566
**Filing Date:** 2023-1
**Character Count:** 4019255
**Document Hash:** 0d2b1cbf141a5b01b978539599e85731
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000566.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000566

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 179

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0000904333
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07704
- **FILM NUMBER:** 23501411

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

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

## Series and Classes Contracts Data

### Schwab Large-Cap Growth Fund (Series ID: S000005513)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000015012 | Schwab Large-Cap Growth Fund | SWLSX           |

### Schwab Core Equity Fund (Series ID: S000005514)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000015013 | Schwab Core Equity Fund | SWANX           |

### Schwab Dividend Equity Fund (Series ID: S000005515)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000015015 | Schwab Dividend Equity Fund | SWDSX           |

### Schwab Small-Cap Equity Fund (Series ID: S000005516)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000015017 | Schwab Small-Cap Equity Fund | SWSCX           |

### Schwab Health Care Fund (Series ID: S000005519)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000015021 | Schwab Health Care Fund | SWHFX           |

### Schwab Target 2010 Fund (Series ID: S000005521)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000015023 | Schwab Target 2010 Fund | SWBRX           |

### Schwab Target 2020 Fund (Series ID: S000005522)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000015024 | Schwab Target 2020 Fund | SWCRX           |

### Schwab Target 2030 Fund (Series ID: S000005523)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000015025 | Schwab Target 2030 Fund | SWDRX           |

### Schwab Target 2040 Fund (Series ID: S000005524)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000015026 | Schwab Target 2040 Fund | SWERX           |

### Schwab S&P 500 Index Fund (Series ID: S000005911)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000016166 | Schwab S&P 500 Index Fund | SWPPX           |

### Schwab Small-Cap Index Fund (Series ID: S000005912)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000016169 | Schwab Small-Cap Index Fund | SWSSX           |

### Schwab Total Stock Market Index Fund (Series ID: S000005913)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000016171 | Schwab Total Stock Market Index Fund | SWTSX           |

### Schwab International Index Fund (Series ID: S000005914)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000016173 | Schwab International Index Fund | SWISX           |

### Schwab MarketTrack All Equity Portfolio (Series ID: S000005916)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000016175 | Schwab MarketTrack All Equity Portfolio | SWEGX           |

### Schwab MarketTrack Growth Portfolio (Series ID: S000005917)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000016177 | Schwab MarketTrack Growth Portfolio | SWHGX           |

### Schwab MarketTrack Balanced Portfolio (Series ID: S000005918)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000016178 | Schwab MarketTrack Balanced Portfolio | SWBGX           |

### Schwab MarketTrack Conservative Portfolio (Series ID: S000005919)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000016180 | Schwab MarketTrack Conservative Portfolio | SWCGX           |

### Schwab Balanced Fund (Series ID: S000006549)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000017885 | Schwab Balanced Fund | SWOBX           |

### Schwab International Opportunities Fund (Series ID: S000006551)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000017890 | Schwab International Opportunities Fund | SWMIX           |

### Schwab Fundamental US Large Company Index Fund (Series ID: S000016766)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000046821 | Schwab Fundamental US Large Company Index Fund | SFLNX           |

### Schwab Fundamental US Small Company Index Fund (Series ID: S000016767)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000046824 | Schwab Fundamental US Small Company Index Fund | SFSNX           |

### Schwab Fundamental International Large Company Index Fund (Series ID: S000016768)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000046827 | Schwab Fundamental International Large Company Index Fund | SFNNX           |

### Schwab Fundamental Emerging Markets Large Company Index Fund (Series ID: S000019900)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000055852 | Schwab Fundamental Emerging Markets Large Company Index Fund | SFENX           |

### Schwab Fundamental International Small Company Index Fund (Series ID: S000019901)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000055855 | Schwab Fundamental International Small Company Index Fund | SFILX           |

### Schwab Target 2015 Fund (Series ID: S000020935)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000059131 | Schwab Target 2015 Fund | SWGRX           |

### Schwab Target 2025 Fund (Series ID: S000020936)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000059132 | Schwab Target 2025 Fund | SWHRX           |

### Schwab Target 2035 Fund (Series ID: S000020937)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000059133 | Schwab Target 2035 Fund | SWIRX           |

### Schwab International Core Equity Fund (Series ID: S000022039)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000063316 | Schwab International Core Equity Fund | SICNX           |

### Schwab Target 2045 Fund (Series ID: S000039605)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000122183 | Schwab Target 2045 Fund | SWMRX           |

### Schwab Target 2050 Fund (Series ID: S000039606)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000122184 | Schwab Target 2050 Fund | SWNRX           |

### Schwab Target 2055 Fund (Series ID: S000039607)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000122185 | Schwab Target 2055 Fund | SWORX           |

### Schwab Target 2060 Fund (Series ID: S000054918)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000172771 | Schwab Target 2060 Fund | SWPRX           |

### Schwab U.S. Large-Cap Growth Index Fund (Series ID: S000059731)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000195502 | Schwab U.S. Large-Cap Growth Index Fund | SWLGX           |

### Schwab U.S. Large-Cap Value Index Fund (Series ID: S000059732)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000195503 | Schwab U.S. Large-Cap Value Index Fund | SWLVX           |

### Schwab U.S. Mid-Cap Index Fund (Series ID: S000059733)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000195504 | Schwab U.S. Mid-Cap Index Fund | SWMCX           |

### Schwab Target 2065 Fund (Series ID: S000071107)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000225748 | Schwab Target 2065 Fund | SWQRX           |

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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: 811-07704** 

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## Schwab Capital Trust
**(Exact name of registrant as specified in charter)** 

------

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

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

------

**Jonathan de St. Paer** 

**Schwab Capital Trust** 

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

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

------

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

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

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

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

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20045img27bd65d11.jpg)

#### Annual Report \| October 31, 2022

## Schwab International Opportunities Fund

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*(formerly Laudus International MarketMasters Fund™)*

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Schwab International Opportunities Fund

In This Report

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_4d59f187-edae-44cf-afe5-ac1bfb4fe2f4_1) | 2 |
| [From the President](#xx_2d636193-5908-4ca9-a08d-2156104591b6_1) | 3 |
| [The Investment Environment](#xx_7707f5ca-8ab8-4831-af38-a26a1f664428_1) | 4 |
| [Fund Management](#xx_ad06dc6c-3cfc-49ee-8700-6f9903985bdc_1) | 6 |
| [Performance and Fund Facts](#xx_b759ee77-b751-4048-bc25-c71b99b14b2c_1) | 7 |
| [Fund Expenses](#xx_774c6a1c-a7d9-4d84-bd32-ee24fa940fcf_1) | 11 |
| [Financial Statements and Portfolio Holdings](#xx_021bdb16-21fb-4d31-bf04-ceab1ed549cf_1) | 12 |
| [Financial Notes](#xx_934715bc-43e6-42fa-9b2b-62d3903ae8d7_1) | 29 |
| [Report of Independent Registered Public Accounting Firm](#xx_7d0f58e3-7b15-4be2-8312-d22889e0c276_1) | 41 |
| [Other Federal Tax Information](#xx_d32dea50-d5f9-44a6-b5df-64b19ecf706c_1) | 42 |
| [Shareholder Vote Results](#xx_2dc59dfe-abab-4c72-9e80-f21bb007f074_1) | 43 |
| [Liquidity Risk Management Program](#xx_76bf0f0f-141d-47eb-b2d6-97b1d58d3f69_1) | 44 |
| [Investment Advisory and Sub-Advisory Agreement Approval](#xx_f6ea6fa0-c07a-4b44-9d31-8b1eec24b786_1) | 45 |
| [Trustees and Officers](#xx_c368f895-6137-49c0-a740-7cb65409513b_1) | 48 |
| [Glossary](#xx_69c57694-e63f-439f-85b2-3911d89d40fe_1) | 52 |

---

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

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

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab.

<sub>1</sub>

Schwab International Opportunities Fund \| Annual Report

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[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## Performance at a Glance

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

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab International Opportunities Fund<sup>1</sup> (Ticker Symbol: SWMIX)** | -34.83% <sup>2</sup> |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>3</sup> | -23.00% |
| Fund Category: Morningstar Foreign Large Growth<sup>4</sup> | -32.07% |
| *Performance Details* | *pages 7-10* |

---

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

For index definitions, please see the Glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

Foreign securities can involve risks such as political and economic instability and currency risk. These risks may be greater in emerging markets.

<sup>1</sup> The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information.

<sup>2</sup> Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.

<sup>3</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>4</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sub>2</sub>

Schwab International Opportunities Fund \| Annual Report

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[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## From the President<br>

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![](g20045imgedc5becd2.jpg)

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

Geopolitical, economic, and market challenges abounded during the 12-month reporting period ended October 31, 2022. Although the period started off strong, with markets reaching new highs in the final months of 2021, the subsequent 10 months were beset by rapidly rising inflation, sharply climbing interest rates, steeply declining stock prices, and the onset of a war in Europe as Russia invaded Ukraine. Economic growth in the United States and most of the world slowed. By the end of the period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, lost nearly 20% of its value from its early-January 2022 peak and returned -14.6% for the reporting period. The MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, declined by more than 25% between early-January 2022 highs and the end of the reporting period and returned -23.0% for the reporting period. Among international markets, commodity producers—aside from Russia and Ukraine—were buoyed by soaring oil and gas prices as well as steeply rising prices for other agricultural and industrial raw materials. However, most developed and developing international markets suffered as Europe faced mounting geopolitical and economic challenges and as China experienced slowing growth due to rolling COVID-19 lockdowns and restrictive regulatory policies affecting key industries.

At Schwab Asset Management, we recognize that today's turbulent investment environment may be unsettling for many investors. Market declines and volatility can rattle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, even in the face of market turmoil and volatility, most investors are best served by maintaining a diversified portfolio that reflects their risk tolerance and long-term goals.

The Schwab International Opportunities Fund offers diversified access to multiple international investment managers, each with their own focus and style and overseen by our investment manager research team. The fund provides exposure to international developed and emerging markets, large- and small-capitalization, and growth and value stocks. On February 25, 2022, Schwab Asset Management reduced the fund's management fee from a tiered rate to 0.63% and reduced the fund's expense limitation from 1.25% to 0.86%. Along with these reductions, Schwab Asset Management made changes to the fund's name and portfolio management team and allocated a portion of the fund's assets to a passive international sleeve.

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 International Opportunities Fund, please continue reading this report. In addition, you can find further details about the fund by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g20045img410f1db13.jpg)

" *On February 25, 2022, Schwab Asset Management reduced the fund's management fee from a tiered rate to 0.63% and reduced the fund's expense limitation from 1.25% to 0.86%.*"

Past performance is no guarantee of future results.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

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.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## The Investment Environment

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For the 12-month reporting period ended October 31, 2022, international equity markets lost ground. After several key market indices hit record highs through early January, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -14.61%. Outside the United States, the MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, returned -23.00% and the MSCI Emerging Markets Index (Net)\* returned -31.03%.

After a recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, U.S. gross domestic product (GDP) increased at an annualized rate of 6.9% for the fourth quarter. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% and -0.6% for the first and second quarters of 2022, respectively. GDP growth was positive for the third quarter of 2022, increasing at an annualized rate of 2.9%, driven primarily by energy exports.

Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, high energy costs, rising inflation, and the war in Ukraine. After spiking in early March 2022 as sanctions were imposed on Russian imports—and again in June on supply-and-demand imbalances—oil prices generally fell through the rest of the reporting period, ending at just over $86 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for the fourth quarter of 2021 and first and second quarters of 2022, as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The

#### Asset Class Performance Comparison % returns during the 12 months ended October 31, 2022

#### <br>
![](g20045img3e30ed7f4.jpg)

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

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

Management views may have changed since the report date.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## The Investment Environment (continued)<br>

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United Kingdom also posted small gains in GDP growth for the fourth quarter of 2021 and first and second quarters of 2022. Among emerging markets, China's GDP growth rate remained positive but slowed notably as China dealt with numerous headwinds including the political landscape, an emphasis on domestic consumption over globalization, lockdowns and quarantines, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing mortgage payments on incomplete builds. India's GDP growth also remained positive over the reporting period, particularly in the second quarter of 2022, on rising consumer demand and a rapid decline in COVID-19 cases.

Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the U.S. Federal Reserve (Fed) shifted its stance. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate five times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—in its ongoing efforts to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 3.00% to 3.25%. Outside the United States, central banks were similarly responsive. After holding its policy rate unchanged since March 2015, at 0.00%, the European Central Bank raised its interest rate three times over the reporting period in an effort to dampen demand and control inflation, which in October 2022 rose into double-digits. The Bank of England raised its key official bank rate seven times during the reporting period, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but raised its inflation forecast at its October 2022 meeting. Monetary policies in emerging markets were mixed. Central banks in India, Indonesia, Brazil, Mexico, and Pakistan raised their rates multiple times over the reporting period to counteract the impacts of inflation. In contrast, China cut its interest rate three times over the reporting period, in part as a result of a resurgence of COVID-19 cases and a lingering property downturn. Russia raised its benchmark policy rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia's invasion of Ukraine, but subsequently reduced it several times.

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[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## Fund Management

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| | |
|:---|:---|
| ![(JOHN GREVES PHOTO)](g20045img009205285.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**John Greves, CFA, Managing Director and Head of Multi-Asset Strategies, is responsible for the day-to-day co-management of the fund. Prior to joining Schwab in 2016, Mr. Greves worked at Russell Investment Management Company (Russell Investments) for 13 years, most recently as a portfolio manager for multi-asset solutions where he managed multiple target date funds, chaired the multi-asset advisory team, and co-authored papers on glide path methodology and benchmarking. Prior to that, he served in several roles for Russell Investments including associate portfolio manager for multi-asset solutions and senior portfolio analyst for multi-asset solutions.** |

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| ![(TONY CREASY PHOTO)](g20045img40c56dce6.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Tony Creasy, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. Prior to his current role, he was a portfolio manager on the Multi-Asset Strategies Team, responsible for the daily management of several multi-asset portfolios. He also spent several years as lead analyst on the Schwab Asset Management Investment Manager Research Team. Prior to that, Mr. Creasy was an institutional investment analyst for Schwab's retirement investment services group, providing mutual fund analysis to support the Schwab Focus List™.** |

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|:---|:---|
| ![(DAN PIQUET PHOTO)](g20045img92ec2cc07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Daniel Piquet, CFA, Portfolio Manager, is responsible for the day-to-day co-management of the fund. Prior to joining Schwab, Mr. Piquet spent two years as an analyst at Santander Asset Management providing sub-adviser oversight in the firm's global multi-asset solutions team. Before that, he was a portfolio analyst with Natixis Global Asset Management, performing portfolio risk analysis as well as equity, fixed income, and alternative mutual fund research. He also spent six years at The Vanguard Group, including two years as an investment analyst.** |

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|:---|:---|
| ![](g20045img8ad14de88.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the oversight and day-to-day co-management of the portion of the fund that is invested in accordance with a particular index. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc.** |

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|:---|:---|
| ![](g20045img215cb7769.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the portion of the fund that is invested in accordance with a particular index. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation).** |

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[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

## Schwab International Opportunities Fund

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**The Schwab International Opportunities Fund (the fund) uses a multi-manager strategy. Charles Schwab Investment Management, Inc., dba Schwab Asset Management—the fund's investment adviser—selects investment subadvisers with strong long-term track records to manage a portion of the fund's assets. In addition to selecting investment subadvisers and allocating assets among them, Schwab Asset Management is responsible for managing a portion of the fund in accordance with an index and monitoring and coordinating the overall management of the fund. Each subadviser's and Schwab Asset Management's portfolio is compared to its respective comparative index that reflects its individual process and philosophy. These comparative indices may differ from the fund's comparative index.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, international equity markets lost ground. After several key market indices hit record highs through early January, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month period ended October 31, 2022, the fund returned -34.83%<sup>1</sup>, underperforming the fund's comparative index, the MSCI EAFE<sup>®</sup> Index (Net) (the index), which returned -23.00%<sup>2</sup>.**

**Positioning and Strategies. Over the 12-month reporting period, all four of the fund's current active subadvisers posted negative returns, detracting from the fund's total return. All four of the fund's current active subadvisers also underperformed their comparative indices.**

Among the fund's four current active subadvisers, Baillie Gifford Overseas Limited posted a negative return and underperformed its international growth comparative index. Stock selection was weakest in the consumer discretionary, health care, information technology, and consumer staples sectors and detracted from relative return while stock selection was strongest in the industrials sector and contributed to relative return. An overweight to the health care sector and an underweight to the real estate sector contributed to the relative performance. From a regional perspective, stock selection in Germany and an overweight to the United States detracted from relative performance and an underweight to Russia and stock selection in Italy contributed to relative performance.

Harris Associates L.P. also posted a negative return and underperformed its international comparative index. Stock selection was weakest in the financials and consumer discretionary sectors and detracted from relative return while stock selection was strongest in the materials sector and contributed to relative return. An underweight to the energy sector and an overweight to the consumer discretionary sector detracted from relative return while an underweight to the real estate and utilities sectors and a slight overweight to the health care sector contributed to relative return. From a regional perspective, an overweight to Germany and stock selection in the United Kingdom detracted from relative performance and an overweight to India and an underweight to Hong Kong contributed to relative performance.

American Century Investment Management, Inc., which focuses on international small-cap growth, also posted a negative return and underperformed its comparative index. Stock selection was weakest in the industrials, health care, and communication services sectors and detracted from relative return while stock selection in the real estate and financials sectors was strongest and contributed to relative return. An overweight to the energy sector also contributed to relative return. From a regional perspective, an overweight to the United States and stock selection in Japan detracted from relative performance and stock selection in the United States and India contributed to relative performance.

Mondrian Investment Partners Limited, with its international small-cap value focus, also posted a negative return and underperformed its comparative index. Stock selection was weakest in the industrials, information technology, energy, and materials sectors and detracted from relative return while stock selection in the real estate and consumer staples sectors contributed to relative return. An underweight to the real estate and materials sectors also contributed to relative return. From a regional perspective, stock selection in Japan and Germany detracted from relative performance and stock selection in France and the United Kingdom contributed to relative performance.

Effective February 25, 2022, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, began managing a portion of the fund. Schwab Asset Management seeks to track the performance of the FTSE Developed ex US Quality Factor Index. Over the period of February 25, 2022, through October 31, 2022, the fund's allocation to Schwab Asset Management performed in line with this objective.

Effective February 25, 2022, William Blair Investment Management, LLC and Mellon Investments Corporation were removed as subadvisers. For the period of November 1, 2021, through February 25, 2022, William Blair detracted from the performance of the fund. Assets managed by William Blair and Mellon were reallocated across Schwab Asset Management and the other subadvisers of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> Total return for the report period above differs from the return in the Financial Highlights. The total return presented above is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.

<sup>2</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab International Opportunities Fund

## Performance and Fund Facts as of October 31, 2022

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2,3</sup>

![](g20045imgd1d5df0f10.jpg)

#### <br>
Average Annual Total Returns<sup>1,3</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab International Opportunities Fund (4/2/04)<sup>2</sup> | &nbsp;&nbsp;-34.83% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;-1.48% | &nbsp;&nbsp;&nbsp;&nbsp;4.17% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>5</sup> | -23.00% | &nbsp;&nbsp;&nbsp;&nbsp;-0.09% | &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| Fund Category: Morningstar Foreign Large Growth<sup>6</sup> | -32.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;4.87% |
| *Fund Expense Ratio<sup>7</sup>: 0.83%* | *Fund Expense Ratio<sup>7</sup>: 0.83%* | *Fund Expense Ratio<sup>7</sup>: 0.83%* | *Fund Expense Ratio<sup>7</sup>: 0.83%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The fund commenced operations on October 16, 1996 which became the Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) Investor Shares. The Investor Shares were consolidated into Select Shares on February 26, 2019. The performance presented is that of the former Select Shares which commenced operations on April 2, 2004.

<sup>3</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>4</sup> Total return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual and semiannual reports.

<sup>5</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>6</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>7</sup> As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.

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Schwab International Opportunities Fund

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

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Investment Managers and Allocations<sup>1</sup>

---

| | | |
|:---|:---|:---|
| **Investment Managers** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment Style** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of<br> Net Assets** |
| American Century Investment Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.0% |
| Harris Associates L.P. | &nbsp;&nbsp;&nbsp;&nbsp;International Large-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7% |
| Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;International Large-Cap Developed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0% |
| Mondrian Investment Partners Limited | &nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2% |
| Baillie Gifford Overseas Limited | &nbsp;&nbsp;&nbsp;&nbsp;International Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| Cash and other assets<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1% |

---

<sup>1</sup> For more information about each of the investment manager's investment styles, refer to the fund's prospectus.

<sup>2</sup> Charles Schwab Investment Management, Inc. manages a portion of the fund by primarily investing in stocks that are included in the FTSE Developed ex US Quality Factor Index. The Schwab International Opportunities Fund has been developed solely by Schwab Asset Management. Index Ownership – The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the LSE Group). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Developed ex US Quality Factor Index (the Index) vest in the relevant LSE Group company which owns the Index. "FTSE<sup>®</sup>" is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.

<sup>3</sup> Charles Schwab Investment Management, Inc. can allocate a portion of the fund to particular market sectors, such as emerging markets, utilizing securities, exchange-traded funds (ETFs) and/or other registered investment companies and may also directly manage additional portions of the fund during transitions between investment managers. Charles Schwab Investment Management, Inc. also manages the cash portion of the fund.

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Schwab International Opportunities Fund

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Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;1338 |
| Weighted Average Market Cap (millions) | $32634 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g20045img2faa30aa11.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g20045imgd4cfc19612.jpg)

Top Country Weightings % of Investments<sup>3</sup>

![](g20045imgf1fb117913.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

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Schwab International Opportunities 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 May 1, 2022 and held through October 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 the 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 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;<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;EXPENSE RATIO<br> (ANNUALIZED) <sup>1</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22 | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22 <sup>2</sup> |
| **Schwab International Opportunities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$851.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1020.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.33 |

---

<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 the 184 days of the period, and divided by the 365 days of the fiscal year.

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Schwab International Opportunities Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;$30.60 | &nbsp;&nbsp;$24.37 | &nbsp;&nbsp;$22.89 | &nbsp;&nbsp;$22.89 | &nbsp;&nbsp;$26.96 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(9.58) | &nbsp;&nbsp;&nbsp;&nbsp;7.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;(3.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) |
| Net asset value at end of period | &nbsp;&nbsp;$16.90 | &nbsp;&nbsp;$30.60 | &nbsp;&nbsp;$24.37 | &nbsp;&nbsp;$22.89 | &nbsp;&nbsp;$22.89 |
| Total return | &nbsp;&nbsp;&nbsp;(34.79%) | &nbsp;&nbsp;&nbsp;&nbsp;33.50% | &nbsp;&nbsp;&nbsp;&nbsp;8.56% | &nbsp;&nbsp;&nbsp;&nbsp;10.50% | &nbsp;&nbsp;&nbsp;(11.09%) |
| **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;0.99% <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;1.08% <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;&nbsp;&nbsp;$982 | &nbsp;&nbsp;$1495 | &nbsp;&nbsp;$1243 | &nbsp;&nbsp;$1413 | &nbsp;&nbsp;$1127 |

---

<sup>1</sup> Effective February 26, 2019, the Investor Share class, and the Select Share class were consolidated into a single class of shares of the fund. The financial history as shown in the financial highlights is that of the former Select Shares.

<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> Effective February 25, 2022, the net operating expense limitation was lowered from 1.25% to 0.86%. The ratio presented for the period ended October 31, 2022 is a blended ratio.

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

<sup>6</sup> Less than 0.005%

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See financial notes

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Schwab International Opportunities Fund

## Portfolio Holdings as of October 31, 2022<br>

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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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after calendar quarters on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 92.3% OF NET ASSETS** | **COMMON STOCKS 92.3% OF NET ASSETS** | **COMMON STOCKS 92.3% OF NET ASSETS** |
| &nbsp;&nbsp;**Argentina 0.8%** | &nbsp;&nbsp;**Argentina 0.8%** | &nbsp;&nbsp;**Argentina 0.8%** |
| MercadoLibre, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760 | **7898191** |
| &nbsp;&nbsp;**Australia 5.9%** | &nbsp;&nbsp;**Australia 5.9%** | &nbsp;&nbsp;**Australia 5.9%** |
| Adbri Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9283 |
| AGL Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47598 |
| Allkem Ltd. \* | &nbsp;&nbsp;&nbsp;143776 | &nbsp;&nbsp;1328441 |
| ALS Ltd. | &nbsp;&nbsp;&nbsp;375539 | &nbsp;&nbsp;2747075 |
| Altium Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57555 | &nbsp;&nbsp;1299551 |
| Alumina Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47443 |
| Amcor plc | &nbsp;&nbsp;&nbsp;&nbsp;30415 | &nbsp;&nbsp;&nbsp;&nbsp;353217 |
| AMP Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;16292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13138 |
| Ampol Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7053 | &nbsp;&nbsp;&nbsp;&nbsp;123017 |
| Ansell Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40295 |
| APA Group | &nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp;118012 |
| Appen Ltd. | &nbsp;&nbsp;&nbsp;497996 | &nbsp;&nbsp;&nbsp;&nbsp;806807 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16525 | &nbsp;&nbsp;&nbsp;&nbsp;392236 |
| Atlas Arteria Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56133 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83198 |
| Bank of Queensland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30799 |
| Beach Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55745 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35594 |
| BHP Group Ltd. | &nbsp;&nbsp;&nbsp;156818 | &nbsp;&nbsp;3766800 |
| BlueScope Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11759 | &nbsp;&nbsp;&nbsp;&nbsp;118413 |
| Boral Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17910 |
| Brambles Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31756 | &nbsp;&nbsp;&nbsp;&nbsp;237749 |
| carsales.com Ltd. | &nbsp;&nbsp;&nbsp;120403 | &nbsp;&nbsp;1559679 |
| Centuria Office REIT | 2093054 | &nbsp;&nbsp;2016230 |
| Challenger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36526 |
| Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;15764 | &nbsp;&nbsp;&nbsp;&nbsp;130855 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp;&nbsp;816064 | &nbsp;&nbsp;2275443 |
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57060 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;255487 |
| Computershare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19663 | &nbsp;&nbsp;&nbsp;&nbsp;318305 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp;&nbsp;131635 | &nbsp;&nbsp;1469657 |
| Costa Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;883057 | &nbsp;&nbsp;1436932 |
| CSR Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47387 |
| Deterra Royalties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24117 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38490 |
| Downer EDI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36936 |
| Endeavour Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34672 | &nbsp;&nbsp;&nbsp;&nbsp;158704 |
| Flight Centre Travel Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18307 |
| Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;61296 | &nbsp;&nbsp;&nbsp;&nbsp;666944 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31445 |
| IDP Education Ltd. | &nbsp;&nbsp;&nbsp;159245 | &nbsp;&nbsp;3004442 |
| IGO Ltd. | &nbsp;&nbsp;&nbsp;288016 | &nbsp;&nbsp;2816781 |
| Iluka Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65544 |
| Inghams Group Ltd. | 1617309 | &nbsp;&nbsp;2616523 |
| Insignia Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14291 |
| James Hardie Industries plc | &nbsp;&nbsp;&nbsp;&nbsp;13510 | &nbsp;&nbsp;&nbsp;&nbsp;294964 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95394 |
| Johns Lyng Group Ltd. | &nbsp;&nbsp;&nbsp;354331 | &nbsp;&nbsp;1473268 |
| Lendlease Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14958 |
| Lynas Rare Earths Ltd. \* | &nbsp;&nbsp;&nbsp;496751 | &nbsp;&nbsp;2649564 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Magellan Financial Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62907 |
| Medibank Pvt Ltd. | &nbsp;&nbsp;&nbsp;192604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346816 |
| Metcash Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51673 |
| Mirvac Group | &nbsp;&nbsp;&nbsp;&nbsp;88148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116793 |
| National Storage REIT | 1193695 | &nbsp;&nbsp;&nbsp;&nbsp;1997449 |
| NEXTDC Ltd. \* | &nbsp;&nbsp;&nbsp;395665 | &nbsp;&nbsp;&nbsp;&nbsp;2099467 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124509 |
| Nufarm Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964 |
| Orica Ltd. | &nbsp;&nbsp;&nbsp;200131 | &nbsp;&nbsp;&nbsp;&nbsp;1780213 |
| Orora Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35688 |
| OZ Minerals Ltd. | &nbsp;&nbsp;&nbsp;112345 | &nbsp;&nbsp;&nbsp;&nbsp;1739553 |
| Perpetual Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46945 |
| Pilbara Minerals Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;80589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261934 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp;&nbsp;193036 | &nbsp;&nbsp;&nbsp;&nbsp;1003250 |
| Platinum Asset Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46144 |
| Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44819 |
| Qantas Airways Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;20843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77885 |
| Qube Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65702 |
| REA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130442 |
| Reece Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30455 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610909 |
| SEEK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93291 |
| Seven Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36176 |
| Shopping Centres Australasia Property Group | 1206331 | &nbsp;&nbsp;&nbsp;&nbsp;2101086 |
| Sims Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41977 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262468 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202010 |
| Steadfast Group Ltd. | &nbsp;&nbsp;&nbsp;881753 | &nbsp;&nbsp;&nbsp;&nbsp;2856655 |
| Stockland | &nbsp;&nbsp;&nbsp;&nbsp;65166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150149 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43379 |
| Technology One Ltd. | &nbsp;&nbsp;&nbsp;226762 | &nbsp;&nbsp;&nbsp;&nbsp;1744482 |
| Telstra Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182082 |
| The GPT Group | &nbsp;&nbsp;&nbsp;&nbsp;59430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164239 |
| The Lottery Corp., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;34067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93458 |
| The Star Entertainment Grp Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;10437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19633 |
| TPG Telecom Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19255 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87964 |
| Vicinity Ltd. | &nbsp;&nbsp;&nbsp;113255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141191 |
| Washington H Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109810 |
| Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685313 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153039 |
| WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168162 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45486 | &nbsp;&nbsp;&nbsp;&nbsp;1051566 |
| Worley Ltd. | &nbsp;&nbsp;&nbsp;185136 | &nbsp;&nbsp;&nbsp;&nbsp;1691053 |
|  |  | **58136642** |
| &nbsp;&nbsp;**Austria 0.0%** | &nbsp;&nbsp;**Austria 0.0%** | &nbsp;&nbsp;**Austria 0.0%** |
| ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831 |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33517 |
| OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186153 |
| Telekom Austria AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17334 |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100974 |
| Voestalpine AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**419623** |

---

<sub>13</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Belgium 0.7%** | &nbsp;&nbsp;**Belgium 0.7%** | &nbsp;&nbsp;**Belgium 0.7%** |
| Ackermans & van Haaren N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31487 |
| Ageas S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25790 |
| Anheuser-Busch InBev S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;76400 | &nbsp;&nbsp;&nbsp;&nbsp;3821557 |
| D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80884 |
| Elia Group S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112525 |
| Etablissements Franz Colruyt N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18657 |
| Euronav N.V. | &nbsp;&nbsp;&nbsp;110042 | &nbsp;&nbsp;&nbsp;&nbsp;1918448 |
| Groupe Bruxelles Lambert N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31555 |
| Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30319 |
| Sofina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189929 |
| UCB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168673 |
| Umicore S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157346 |
| Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106514 |
|  |  | &nbsp;&nbsp;&nbsp;**6693684** |
| &nbsp;&nbsp;**Brazil 1.4%** | &nbsp;&nbsp;**Brazil 1.4%** | &nbsp;&nbsp;**Brazil 1.4%** |
| Cia Brasileira de Aluminio | &nbsp;&nbsp;&nbsp;402900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861101 |
| Locaweb Servicos de Internet S.A. \* | 1363100 | &nbsp;&nbsp;&nbsp;&nbsp;2884267 |
| Multiplan Empreendimentos Imobiliarios S.A. | &nbsp;&nbsp;&nbsp;857900 | &nbsp;&nbsp;&nbsp;&nbsp;4377939 |
| Santos Brasil Participacoes S.A. | 1165900 | &nbsp;&nbsp;&nbsp;&nbsp;2053952 |
| TOTVS S.A. | &nbsp;&nbsp;&nbsp;557400 | &nbsp;&nbsp;&nbsp;&nbsp;3578237 |
| YDUQS Participacoes S.A. | &nbsp;&nbsp;&nbsp;137800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430300 |
|  |  | **14185796** |
| &nbsp;&nbsp;**Canada 7.2%** | &nbsp;&nbsp;**Canada 7.2%** | &nbsp;&nbsp;**Canada 7.2%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307051 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991331 |
| Altus Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63849 | &nbsp;&nbsp;&nbsp;&nbsp;2268822 |
| Aritzia, Inc. \* | &nbsp;&nbsp;&nbsp;112649 | &nbsp;&nbsp;&nbsp;&nbsp;4369195 |
| ATS Automation Tooling Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;55169 | &nbsp;&nbsp;&nbsp;&nbsp;1745355 |
| Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431443 |
| BCE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202977 |
| Boralex, Inc., Class A | &nbsp;&nbsp;&nbsp;164696 | &nbsp;&nbsp;&nbsp;&nbsp;4670024 |
| Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;85733 | &nbsp;&nbsp;&nbsp;&nbsp;3696807 |
| Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;16308 | &nbsp;&nbsp;&nbsp;&nbsp;1932037 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31870 | &nbsp;&nbsp;&nbsp;&nbsp;1911475 |
| Canadian Tire Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100422 |
| Canadian Utilities Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50742 |
| Capstone Copper Corp. \* | &nbsp;&nbsp;&nbsp;616286 | &nbsp;&nbsp;&nbsp;&nbsp;1429489 |
| Cenovus Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485182 |
| CGI, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339607 |
| Colliers International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10680 | &nbsp;&nbsp;&nbsp;&nbsp;1002345 |
| Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501745 |
| Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442021 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380134 |
| Finning International, Inc. | &nbsp;&nbsp;&nbsp;110195 | &nbsp;&nbsp;&nbsp;&nbsp;2343267 |
| Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507579 |
| George Weston Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114140 |
| Hydro One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116796 |
| IGM Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95595 |
| Imperial Oil Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330689 |
| Innergex Renewable Energy, Inc. | &nbsp;&nbsp;&nbsp;269008 | &nbsp;&nbsp;&nbsp;&nbsp;2961882 |
| Kinaxis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29669 | &nbsp;&nbsp;&nbsp;&nbsp;3166711 |
| Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209090 |
| Magna International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368580 |
| Metro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235586 |
| Mullen Group Ltd. | &nbsp;&nbsp;&nbsp;278294 | &nbsp;&nbsp;&nbsp;&nbsp;2796524 |
| Open Text Corp. | &nbsp;&nbsp;&nbsp;110851 | &nbsp;&nbsp;&nbsp;&nbsp;3210761 |
| Pason Systems, Inc. | &nbsp;&nbsp;&nbsp;274123 | &nbsp;&nbsp;&nbsp;&nbsp;2911557 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17612 | &nbsp;&nbsp;&nbsp;&nbsp;1045801 |
| Ritchie Bros. Auctioneers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23004 | &nbsp;&nbsp;&nbsp;&nbsp;1502812 |
| Saputo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80274 |
| Shaw Communications, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201488 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Shopify, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;24920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853012 |
| SNC-Lavalin Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83551 | &nbsp;&nbsp;&nbsp;&nbsp;1446741 |
| Spin Master Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71955 | &nbsp;&nbsp;&nbsp;&nbsp;2223588 |
| Stantec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81308 | &nbsp;&nbsp;&nbsp;&nbsp;3978413 |
| Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35306 | &nbsp;&nbsp;&nbsp;&nbsp;1214401 |
| SunOpta, Inc. \* | &nbsp;&nbsp;&nbsp;162415 | &nbsp;&nbsp;&nbsp;&nbsp;1823920 |
| The Descartes Systems Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36522 | &nbsp;&nbsp;&nbsp;&nbsp;2519960 |
| Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11771 | &nbsp;&nbsp;&nbsp;&nbsp;1251881 |
| Tourmaline Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439482 |
| Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87184 | &nbsp;&nbsp;&nbsp;&nbsp;2034411 |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627458 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314298 |
| Whitecap Resources, Inc. | &nbsp;&nbsp;&nbsp;296211 | &nbsp;&nbsp;&nbsp;&nbsp;2296024 |
|  |  | **70480925** |
| &nbsp;&nbsp;**China 1.5%** | &nbsp;&nbsp;**China 1.5%** | &nbsp;&nbsp;**China 1.5%** |
| Alibaba Group Holding Ltd. \* | &nbsp;&nbsp;&nbsp;588020 | &nbsp;&nbsp;&nbsp;&nbsp;4571801 |
| Kerry Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22147 |
| Meituan, B Shares \* | &nbsp;&nbsp;&nbsp;230700 | &nbsp;&nbsp;&nbsp;&nbsp;3693630 |
| NIO, Inc., ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;68321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660664 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85900 | &nbsp;&nbsp;&nbsp;&nbsp;2257175 |
| Tongcheng Travel Holdings Ltd. \* | 1225200 | &nbsp;&nbsp;&nbsp;&nbsp;1912449 |
| Vipshop Holdings Ltd., ADR \* | &nbsp;&nbsp;&nbsp;237423 | &nbsp;&nbsp;&nbsp;&nbsp;1654838 |
|  |  | **14772704** |
| &nbsp;&nbsp;**Denmark 2.1%** | &nbsp;&nbsp;**Denmark 2.1%** | &nbsp;&nbsp;**Denmark 2.1%** |
| ALK-Abello A/S \* | &nbsp;&nbsp;&nbsp;123063 | &nbsp;&nbsp;&nbsp;&nbsp;2034707 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194066 |
| AP Moller - Maersk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363516 |
| Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242438 |
| Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459926 |
| Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31585 |
| Demant A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64909 |
| DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;&nbsp;&nbsp;2391770 |
| Genmab A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 | &nbsp;&nbsp;&nbsp;&nbsp;3205312 |
| GN Store Nord A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55785 |
| H Lundbeck A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12134 |
| Jyske Bank A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;59817 | &nbsp;&nbsp;&nbsp;&nbsp;3228273 |
| NKT A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;42084 | &nbsp;&nbsp;&nbsp;&nbsp;2100294 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;48276 | &nbsp;&nbsp;&nbsp;&nbsp;5249110 |
| Novozymes A/S, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249015 |
| Orsted A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394873 |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159178 |
| Rockwool A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38038 |
| Royal Unibrew A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67978 |
| SimCorp A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74101 |
| Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;18628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367226 |
|  |  | **20984234** |
| &nbsp;&nbsp;**Finland 0.8%** | &nbsp;&nbsp;**Finland 0.8%** | &nbsp;&nbsp;**Finland 0.8%** |
| Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181224 |
| Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110187 |
| Huhtamaki Oyj | &nbsp;&nbsp;&nbsp;&nbsp;81309 | &nbsp;&nbsp;&nbsp;&nbsp;2922194 |
| Kesko Oyj, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126806 |
| Kojamo Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86781 |
| Kone Oyj, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;12208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499866 |
| Metso Outotec Oyj | &nbsp;&nbsp;&nbsp;270251 | &nbsp;&nbsp;&nbsp;&nbsp;2050960 |
| Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;12942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567228 |
| Orion Oyj, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143209 |
| Stora Enso Oyj, R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108835 |
| UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833712 |
| Valmet Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113853 |
| Wartsila Oyj Abp | &nbsp;&nbsp;&nbsp;&nbsp;12174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82993 |
|  |  | &nbsp;&nbsp;&nbsp;**7827848** |

---

<sub>14</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**France 7.5%** | &nbsp;&nbsp;**France 7.5%** | &nbsp;&nbsp;**France 7.5%** |
| Accor S.A. \* | 186132 | &nbsp;&nbsp;&nbsp;&nbsp;4459992 |
| Aeroports de Paris \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32050 |
| Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;9375 | &nbsp;&nbsp;&nbsp;&nbsp;1014410 |
| Alstom S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79464 |
| Alten S.A. | &nbsp;&nbsp;10974 | &nbsp;&nbsp;&nbsp;&nbsp;1282095 |
| Amundi S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76667 |
| ArcelorMittal S.A. | &nbsp;&nbsp;16620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371518 |
| Arkema S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95678 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102458 |
| BNP Paribas S.A. | 153103 | &nbsp;&nbsp;&nbsp;&nbsp;7179593 |
| Bollore SE | &nbsp;&nbsp;10455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52291 |
| Bouygues S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113012 |
| Bureau Veritas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105443 |
| Capgemini SE | &nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;2376415 |
| Carrefour S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147225 |
| Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;&nbsp;8596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351412 |
| Cie Generale des Etablissements Michelin S.C.A. | &nbsp;&nbsp;11920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303770 |
| Covivio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21898 |
| Danone S.A. | &nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp;2410425 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108567 |
| Dassault Systemes SE | &nbsp;&nbsp;10636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356506 |
| Edenred | &nbsp;&nbsp;40700 | &nbsp;&nbsp;&nbsp;&nbsp;2086533 |
| Eiffage S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104889 |
| Electricite de France S.A. | &nbsp;&nbsp;10768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127170 |
| Elis S.A. | 192012 | &nbsp;&nbsp;&nbsp;&nbsp;2198903 |
| Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195791 |
| Euroapi S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19266 |
| Faurecia SE \* | &nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21169 |
| Gaztransport Et Technigaz S.A. | &nbsp;&nbsp;32351 | &nbsp;&nbsp;&nbsp;&nbsp;3763667 |
| Gecina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53314 |
| Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;&nbsp;3722651 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99993 |
| JCDecaux SE \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11489 |
| Kering S.A. | &nbsp;&nbsp;18034 | &nbsp;&nbsp;&nbsp;&nbsp;8258866 |
| Klepierre S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20621 |
| Korian S.A. | 170088 | &nbsp;&nbsp;&nbsp;&nbsp;1607134 |
| La Francaise des Jeux SAEM | &nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84861 |
| L'Oreal S.A. | &nbsp;&nbsp;11442 | &nbsp;&nbsp;&nbsp;&nbsp;3592836 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;5201 | &nbsp;&nbsp;&nbsp;&nbsp;3281803 |
| Neoen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12138 |
| OVH Groupe SAS \* | 131652 | &nbsp;&nbsp;&nbsp;&nbsp;1709471 |
| Publicis Groupe S.A. | &nbsp;&nbsp;69970 | &nbsp;&nbsp;&nbsp;&nbsp;3918626 |
| Remy Cointreau S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78610 |
| Rexel S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54500 |
| Rubis S.C.A. | 113834 | &nbsp;&nbsp;&nbsp;&nbsp;2585094 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242130 |
| SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12512 |
| SEB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32095 |
| SOITEC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50834 |
| Somfy S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27803 |
| STMicroelectronics N.V. | &nbsp;&nbsp;17707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550580 |
| Teleperformance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244352 |
| TotalEnergies SE | &nbsp;&nbsp;48641 | &nbsp;&nbsp;&nbsp;&nbsp;2653530 |
| UbiSoft Entertainment S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31442 |
| Valeo S.A. | 188509 | &nbsp;&nbsp;&nbsp;&nbsp;3105304 |
| Verallia S.A. | &nbsp;&nbsp;96596 | &nbsp;&nbsp;&nbsp;&nbsp;2737038 |
| Vivendi SE | &nbsp;&nbsp;17223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140970 |
| Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115965 |
| Worldline S.A. \* | 115500 | &nbsp;&nbsp;&nbsp;&nbsp;5041165 |
|  |  | **73636004** |
| &nbsp;&nbsp;**Germany 8.7%** | &nbsp;&nbsp;**Germany 8.7%** | &nbsp;&nbsp;**Germany 8.7%** |
| 1&1 AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10183 |
| adidas AG | &nbsp;&nbsp;42378 | &nbsp;&nbsp;&nbsp;&nbsp;4136731 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| AIXTRON SE | &nbsp;&nbsp;67573 | 1660514 |
| Allianz SE | &nbsp;&nbsp;33770 | 6075372 |
| Aroundtown S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760 |
| BASF SE | &nbsp;&nbsp;18013 | &nbsp;&nbsp;&nbsp;&nbsp;808255 |
| Bayer AG | 100723 | 5296119 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;77400 | 6075270 |
| Bechtle AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28397 |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;&nbsp;&nbsp;276274 |
| Carl Zeiss Meditec AG, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;&nbsp;125764 |
| Commerzbank AG \* | &nbsp;&nbsp;&nbsp;&nbsp;3187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25463 |
| Continental AG | 102156 | 5291238 |
| Covestro AG | &nbsp;&nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp;&nbsp;166539 |
| CTS Eventim AG & Co., KGaA \* | &nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88313 |
| Daimler Truck Holding AG \* | 160431 | 4279108 |
| Delivery Hero SE \* | 104077 | 3425058 |
| Dermapharm Holding SE | &nbsp;&nbsp;55654 | 2115986 |
| Deutsche Lufthansa AG \* | &nbsp;&nbsp;&nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21147 |
| Deutsche Post AG | &nbsp;&nbsp;21092 | &nbsp;&nbsp;&nbsp;&nbsp;745598 |
| Duerr AG | &nbsp;&nbsp;88882 | 2349393 |
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49531 |
| Eckert & Ziegler Strahlen- und Medizintechnik AG | &nbsp;&nbsp;26437 | 1045153 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;3504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64550 |
| Evotec SE \* | &nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21438 |
| Fielmann AG | &nbsp;&nbsp;65601 | 2089819 |
| Fraport AG Frankfurt Airport Services Worldwide \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15526 |
| Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;66300 | 1833896 |
| Fresenius SE & Co. KGaA | 201300 | 4632545 |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp;65404 | 1266517 |
| FUCHS PETROLUB SE | &nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26618 |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;4907 | &nbsp;&nbsp;&nbsp;&nbsp;171521 |
| Gerresheimer AG | &nbsp;&nbsp;29140 | 1669390 |
| HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;105586 |
| HelloFresh SE \* | &nbsp;&nbsp;&nbsp;&nbsp;5495 | &nbsp;&nbsp;&nbsp;&nbsp;109840 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;56747 | 3331338 |
| Infineon Technologies AG | &nbsp;&nbsp;23234 | &nbsp;&nbsp;&nbsp;&nbsp;563784 |
| KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25274 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53305 |
| LANXESS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14914 |
| LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;2288 | &nbsp;&nbsp;&nbsp;&nbsp;149372 |
| Mercedes-Benz Group AG | 113894 | 6592361 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;342226 |
| METRO AG \* | &nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15249 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;171979 |
| Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69990 |
| Norma Group SE | 105071 | 1665652 |
| Novem Group S.A. | 182905 | 1141699 |
| Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74407 |
| QIAGEN N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;4679 | &nbsp;&nbsp;&nbsp;&nbsp;202054 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87374 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;142558 |
| RTL Group S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39106 |
| RWE AG | &nbsp;&nbsp;15297 | &nbsp;&nbsp;&nbsp;&nbsp;588860 |
| SAP SE | &nbsp;&nbsp;47900 | 4610507 |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254 |
| Scout24 SE | &nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;&nbsp;109510 |
| Siemens AG | &nbsp;&nbsp;37500 | 4095336 |
| Siemens Energy AG *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;9077 | &nbsp;&nbsp;&nbsp;&nbsp;105816 |
| Sixt SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13975 |
| Telefonica Deutschland Holding AG | &nbsp;&nbsp;19382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42231 |
| ThyssenKrupp AG \* | 476177 | 2506562 |
| United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32246 |
| Vantage Towers AG | &nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50990 |
| Varta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64954 |
| Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46687 |

---

<sub>15</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Zalando SE \* | &nbsp;&nbsp;&nbsp;&nbsp;83819 | &nbsp;&nbsp;&nbsp;&nbsp;1931874 |
|  |  | **85010726** |
| &nbsp;&nbsp;**Hong Kong 1.4%** | &nbsp;&nbsp;**Hong Kong 1.4%** | &nbsp;&nbsp;**Hong Kong 1.4%** |
| ASMPT Ltd. | &nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;1193609 |
| BOC Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17399 |
| Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113866 |
| Cafe de Coral Holdings Ltd. | 1496000 | &nbsp;&nbsp;&nbsp;&nbsp;1745889 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90055 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185207 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42757 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214778 |
| ESR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61052 |
| First Pacific Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17611 |
| Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34276 |
| HKBN Ltd. | 2162983 | &nbsp;&nbsp;&nbsp;&nbsp;1460867 |
| Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158008 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10395 |
| Hysan Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8718 |
| JS Global Lifestyle Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27790 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15080 |
| Lenovo Group Ltd. | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131070 |
| L'Occitane International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23938 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25667 |
| MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99004 |
| New World Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12273 |
| Nexteer Automotive Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14072 |
| NWS Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11346 |
| Orient Overseas International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65759 |
| PCCW Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24069 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203216 |
| Prada S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62871 |
| Samsonite International S.A. \* | 1430400 | &nbsp;&nbsp;&nbsp;&nbsp;3073138 |
| Sands China Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51048 |
| Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85425 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65512 |
| SUNeVision Holdings Ltd. | 4022000 | &nbsp;&nbsp;&nbsp;&nbsp;2130708 |
| Swire Pacific Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43118 |
| Swire Pacific Ltd., B Shares | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881 |
| Swire Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19219 |
| The Bank of East Asia Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10017 |
| The Wharf Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37225 |
| United Energy Group Ltd. | &nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23025 |
| Vitasoy International Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13661 |
| VTech Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19696 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57806 |
| WH Group Ltd. | &nbsp;&nbsp;&nbsp;202500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102265 |
| Wynn Macau Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7814 |
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86105 |
| Yue Yuen Industrial Holdings Ltd. | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;1387722 |
|  |  | **13308678** |
| &nbsp;&nbsp;**India 2.2%** | &nbsp;&nbsp;**India 2.2%** | &nbsp;&nbsp;**India 2.2%** |
| Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;100532 | &nbsp;&nbsp;&nbsp;&nbsp;1102482 |
| Max Healthcare Institute Ltd. \* | &nbsp;&nbsp;&nbsp;880782 | &nbsp;&nbsp;&nbsp;&nbsp;4855388 |
| Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51067 | &nbsp;&nbsp;&nbsp;&nbsp;2278656 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp;&nbsp;450067 | &nbsp;&nbsp;&nbsp;&nbsp;2407258 |
| PVR Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;90767 | &nbsp;&nbsp;&nbsp;&nbsp;1948844 |
| Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp;242364 | &nbsp;&nbsp;&nbsp;&nbsp;3075322 |
| WNS Holdings Ltd., ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;69701 | &nbsp;&nbsp;&nbsp;&nbsp;5999862 |
|  |  | **21667812** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Ireland 0.7%** | &nbsp;&nbsp;**Ireland 0.7%** | &nbsp;&nbsp;**Ireland 0.7%** |
| Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27348 |
| Glanbia plc | &nbsp;&nbsp;&nbsp;177701 | &nbsp;&nbsp;&nbsp;&nbsp;2052316 |
| Kingspan Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105270 |
| Ryanair Holdings plc ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;59021 | &nbsp;&nbsp;&nbsp;&nbsp;4065957 |
| Smurfit Kappa Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137703 |
|  |  | &nbsp;&nbsp;&nbsp;**6388594** |
| &nbsp;&nbsp;**Israel 1.1%** | &nbsp;&nbsp;**Israel 1.1%** | &nbsp;&nbsp;**Israel 1.1%** |
| Airport City Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35002 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23658 |
| Amot Investments Ltd. | &nbsp;&nbsp;&nbsp;361370 | &nbsp;&nbsp;&nbsp;&nbsp;2186004 |
| Ashtrom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15431 |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70085 |
| Bezeq The Israeli Telecommunication Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81447 |
| Big Shopping Centers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28593 |
| CyberArk Software Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;14837 | &nbsp;&nbsp;&nbsp;&nbsp;2328074 |
| Delek Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33497 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95502 |
| Energix-Renewable Energies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8902 |
| Enlight Renewable Energy Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;13145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26622 |
| Fattal Holdings 1998 Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11478 |
| Fox Wizel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19749 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192607 |
| Inmode Ltd. \* | &nbsp;&nbsp;&nbsp;104094 | &nbsp;&nbsp;&nbsp;&nbsp;3572506 |
| Israel Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39390 |
| Kenon Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12681 |
| Maytronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12572 |
| Melisron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46788 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33228 |
| Nice Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340375 |
| Nova Ltd. *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28909 |
| Nova Ltd. *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;18373 | &nbsp;&nbsp;&nbsp;&nbsp;1354274 |
| Paz Oil Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38706 |
| Sapiens International Corp. N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15679 |
| Shikun & Binui Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12343 |
| Shufersal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20828 |
| Strauss Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27069 |
| Teva Pharmaceutical Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;17615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157494 |
| The First International Bank of Israel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16927 |
| The Phoenix Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14017 |
| Tower Semiconductor Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108207 |
|  |  | **11038544** |
| &nbsp;&nbsp;**Italy 1.9%** | &nbsp;&nbsp;**Italy 1.9%** | &nbsp;&nbsp;**Italy 1.9%** |
| A2A S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;36704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40699 |
| Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41564 |
| Brembo S.p.A. | &nbsp;&nbsp;&nbsp;126067 | &nbsp;&nbsp;&nbsp;&nbsp;1317953 |
| Buzzi Unicem S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28580 |
| Davide Campari-Milano N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88259 |
| De'Longhi S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31764 |
| DiaSorin S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13858 |
| Enel S.p.A. | &nbsp;&nbsp;&nbsp;142649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637263 |
| Eni S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;50420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662202 |
| Esprinet S.p.A. | &nbsp;&nbsp;&nbsp;184393 | &nbsp;&nbsp;&nbsp;&nbsp;1228302 |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;20906 | &nbsp;&nbsp;&nbsp;&nbsp;4121373 |
| FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45143 |
| Hera S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;18461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43987 |
| Infrastrutture Wireless Italiane S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42674 |
| Intercos S.p.A. \* | &nbsp;&nbsp;&nbsp;125917 | &nbsp;&nbsp;&nbsp;&nbsp;1253085 |
| Interpump Group S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49246 |
| Intesa Sanpaolo S.p.A. | 3729400 | &nbsp;&nbsp;&nbsp;&nbsp;7110203 |
| Italgas S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49353 |

---

<sub>16</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Leonardo S.p.A. | 183497 | &nbsp;&nbsp;&nbsp;&nbsp;1474232 |
| Mediobanca Banca di Credito Finanziario S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32488 |
| Moncler S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173914 |
| Pirelli & C S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23017 |
| Poste Italiane S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16914 |
| Prysmian S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135563 |
| Recordati Industria Chimica e Farmaceutica S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94417 |
| Reply S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61783 |
| Telecom Italia S.p.A. \* | &nbsp;&nbsp;78920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440 |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;&nbsp;7737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121093 |
|  |  | **18954369** |
| &nbsp;&nbsp;**Japan 13.7%** | &nbsp;&nbsp;**Japan 13.7%** | &nbsp;&nbsp;**Japan 13.7%** |
| ABC-Mart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35658 |
| Acom Co., Ltd. | &nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30804 |
| Activia Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17772 |
| Advance Residence Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32594 |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273736 |
| AEON REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18303 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122206 |
| Aica Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27940 |
| Ain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29407 |
| Air Water, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32378 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56473 |
| Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33387 |
| Amada Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68929 |
| Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34225 |
| ANA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36934 |
| Anritsu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39253 |
| Aozora Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13761 |
| Ariake Japan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13858 |
| As One Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21321 |
| Asahi Intecc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40884 |
| Asahi Kasei Corp. | &nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132727 |
| Asics Corp. | 182900 | &nbsp;&nbsp;&nbsp;&nbsp;2802710 |
| ASKUL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11488 |
| Astellas Pharma, Inc. | &nbsp;&nbsp;31900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440162 |
| Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100550 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416448 |
| BayCurrent Consulting, Inc. | 222000 | &nbsp;&nbsp;&nbsp;&nbsp;6228693 |
| Benefit One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22135 |
| Benesse Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277 |
| Bic Camera, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11662 |
| BIPROGY, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17281 |
| Brother Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68144 |
| Calbee, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32139 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16882 |
| Canon, Inc. | &nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385794 |
| Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166890 |
| Casio Computer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36505 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373067 |
| COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24574 |
| Comture Corp. | 166500 | &nbsp;&nbsp;&nbsp;&nbsp;2708983 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18918 |
| Cosmo Energy Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30911 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29014 |
| Credit Saison Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9620 |
| CyberAgent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78866 |
| Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112172 |
| Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25676 |
| Daido Steel Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12964 |
| Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134670 |
| Daiichikosho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22938 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704000 |
| Daio Paper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;188145 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9449 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34725 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13972 |
| Dena Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11738 |
| Denka Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37066 |
| Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;108862 |
| Descente Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31201 |
| DIC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753 |
| Digital Arts, Inc. | &nbsp;&nbsp;56900 | 2391167 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;191344 |
| DMG Mori Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19673 |
| Dowa Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44453 |
| Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74732 |
| Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;313576 |
| Electric Power Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40332 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp;226618 |
| en-japan, Inc. | 120100 | 2086251 |
| Exeo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23428 |
| Ezaki Glico Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17998 |
| Fancl Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35996 |
| FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;785110 |
| Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;668569 |
| Food & Life Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26914 |
| FP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16653 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21183 |
| Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81196 |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;966492 |
| Fukuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15314 |
| GMO Financial Gate, Inc. | &nbsp;&nbsp;17400 | 1623686 |
| GMO Payment Gateway, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21572 |
| Goldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57446 |
| GS Yuasa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12179 |
| GungHo Online Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14781 |
| H.U. Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14892 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10953 |
| Hamamatsu Photonics K.K. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;180965 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86132 |
| Haseko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45312 |
| Heiwa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14520 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24159 |
| Hino Motors Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19532 |
| Hirose Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90805 |
| Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34540 |
| Hitachi Construction Machinery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29346 |
| Hitachi Metals Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7302 |
| Hitachi Transport System Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35908 |
| Horiba Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36925 |
| Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;100275 |
| House Foods Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22443 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;855244 |
| Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29784 |
| Ibiden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60673 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;144410 |
| IHI Corp. | &nbsp;&nbsp;89000 | 1985057 |
| Iida Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12497 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24291 |
| Infomart Corp. | 365100 | 1181107 |
| Information Services International-Dentsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 |
| Inpex Corp. | &nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp;233134 |
| Insource Co., Ltd. | 136000 | 2746177 |
| Internet Initiative Japan, Inc. | 167000 | 2621304 |
| Invincible Investment Corp. | &nbsp;&nbsp;14615 | 4587844 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13323 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92901 |
| ITOCHU Corp. | &nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp;625438 |

---

<sub>17</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Itochu Techno-Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41731 |
| Iwatani Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30709 |
| Izumi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087 |
| J. Front Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20208 |
| Japan Airlines Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28017 |
| Japan Airport Terminal Co., Ltd. \* | &nbsp;&nbsp;39300 | 1682075 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14008 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19282 |
| Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14659 |
| Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16283 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27158 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;326575 |
| JCR Pharmaceuticals Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13376 |
| JEOL Ltd. | &nbsp;&nbsp;37500 | 1372244 |
| JFE Holdings, Inc. | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93443 |
| JGC Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39691 |
| JMDC, Inc. | &nbsp;&nbsp;60500 | 2142576 |
| JSR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11401 |
| JTEKT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25415 |
| Justsystems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16826 |
| Kadokawa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25066 |
| Kagome Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11992 |
| Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45183 |
| Kakaku.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59195 |
| Kaken Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12951 |
| Kamigumi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51345 |
| Kandenko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14614 |
| Kaneka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27277 |
| Kansai Paint Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31318 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37416 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54588 |
| KDDI Corp. | &nbsp;&nbsp;47100 | 1392133 |
| Keihan Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28299 |
| Keikyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35928 |
| Keio Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38567 |
| Keisei Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39813 |
| Kenedix Office Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13668 |
| Kewpie Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31575 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6200 | 2337803 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;233017 |
| Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37649 |
| Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63680 |
| Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32536 |
| Kobe Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25015 |
| Koei Tecmo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60356 |
| Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90860 |
| Kokuyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32249 |
| Komatsu Ltd. | 126100 | 2470323 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;131494 |
| Kose Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69874 |
| Kotobuki Spirits Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30758 |
| K's Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20375 |
| Kuraray Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34383 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69549 |
| Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;251817 |
| Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;115403 |
| Kyudenko Corp. | 154700 | 3281251 |
| Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28221 |
| Kyushu Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50193 |
| LaSalle Logiport REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19212 |
| Lawson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12779 |
| Lintec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21005 |
| Lion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47501 |
| Lixil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55890 |
| M3, Inc. | &nbsp;&nbsp;98700 | 2941277 |
| Mabuchi Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37988 |
| Mani, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17481 |
| Marubeni Corp. | &nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;215346 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Marui Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35993 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33976 |
| MatsukiyoCocokara & Co. | 120600 | 4390882 |
| Mazda Motor Corp. | &nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69350 |
| Medipal Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38434 |
| Meidensha Corp. | 204000 | 2714076 |
| MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78183 |
| Menicon Co., Ltd. | 100900 | 1722762 |
| Milbon Co., Ltd. | &nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;804058 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85715 |
| MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;185305 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96220 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;50400 | &nbsp;&nbsp;&nbsp;&nbsp;443450 |
| Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54641 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27034 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24138 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24834 |
| Mitsubishi Motors Corp. \* | &nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54237 |
| Mitsui & Co., Ltd. | &nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;681579 |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49974 |
| Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16589 |
| Mitsui High-Tec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10338 |
| Mitsui Mining & Smelting Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26257 |
| Mitsui O.S.K. Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;114812 |
| Miura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59060 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;107777 |
| Mori Hills Reit Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15335 |
| Morinaga & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25012 |
| m-up Holdings, Inc. | 229300 | 2420187 |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;463926 |
| Musashi Seimitsu Industry Co., Ltd. | 131800 | 1521134 |
| Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72217 |
| Nagoya Railroad Co., Ltd. | 115400 | 1767814 |
| Nankai Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24275 |
| NEC Networks & System Integration Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20360 |
| Nexon Co., Ltd. | &nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;205831 |
| Nextage Co., Ltd. | 123600 | 2382329 |
| NGK Insulators Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57164 |
| NGK Spark Plug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72976 |
| NHK Spring Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21052 |
| Nichirei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13997 |
| Nifco, Inc. | &nbsp;&nbsp;93200 | 2164518 |
| Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26871 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp;224548 |
| Nikon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49323 |
| Nintendo Co., Ltd. | &nbsp;&nbsp;32700 | 1327590 |
| Nippon Accommodations Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17033 |
| Nippon Electric Glass Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34631 |
| Nippon Express Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60298 |
| Nippon Gas Co., Ltd. | 235000 | 3413845 |
| Nippon Kayaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39716 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33435 |
| Nippon Shinyaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55366 |
| Nippon Shokubai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32284 |
| Nippon Steel Corp. | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;260652 |
| Nippon Yusen K.K. | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;195636 |
| Nishi-Nippon Railroad Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25498 |
| Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4314 | &nbsp;&nbsp;&nbsp;&nbsp;194196 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25934 |
| Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;110039 |
| Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;208419 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;242354 |
| Noevir Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18483 |
| NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72233 |
| NOK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21269 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22604 |
| NS Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16089 |
| NSK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28012 |

---

<sub>18</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Obayashi Corp. | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65470 |
| OBIC Business Consultants Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20121 |
| Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;165069 |
| Odakyu Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33286 |
| Oji Holdings Corp. | &nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50268 |
| OKUMA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30127 |
| Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;242396 |
| Open House Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81810 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53272 |
| Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;455354 |
| Orix JREIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29516 |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;106615 |
| OSG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30512 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69283 |
| Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;214765 |
| PALTAC Corp. | &nbsp;&nbsp;98900 | 2809335 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;136209 |
| Park24 Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23990 |
| PeptiDream, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21881 |
| Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;110123 |
| Pigeon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26198 |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26508 |
| Prestige International, Inc. | 371300 | 1793419 |
| Rakuten Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15625 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;46100 | 1418551 |
| Relo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32417 |
| Renesas Electronics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12549 |
| Rengo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15556 |
| Resorttrust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16931 |
| Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22716 |
| Rinnai Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68065 |
| Rohm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;126476 |
| Rohto Pharmaceutical Co., Ltd. | &nbsp;&nbsp;92600 | 2880605 |
| Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66811 |
| Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46231 |
| Sankyu, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41743 |
| Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30505 |
| Santen Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41058 |
| Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32010 |
| SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60376 |
| SCSK Corp. | &nbsp;&nbsp;84300 | 1243717 |
| Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;330429 |
| Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58840 |
| Seibu Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26854 |
| Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29868 |
| Seino Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29967 |
| Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;124880 |
| Sekisui House REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476 |
| Seven Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14611 |
| SG Holdings Co., Ltd. | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;148412 |
| SHIFT, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15614 |
| Shikoku Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9622 |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;218646 |
| Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56607 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;386858 |
| Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29441 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;12900 | 1340696 |
| Shinko Electric Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40853 |
| Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;195036 |
| Shiseido Co., Ltd. | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;379909 |
| Shizuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18313 |
| SHO-BOND Holdings Co., Ltd. | &nbsp;&nbsp;69000 | 2984945 |
| Shochiku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938 |
| Showa Denko K.K. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54015 |
| Skylark Holdings Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20268 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;722524 |
| SMS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32117 |
| Sohgo Security Services Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47362 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44226 |
| Sotetsu Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12115 |
| Square Enix Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;107093 |
| Stanley Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66302 |
| Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;140677 |
| Sugi Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32084 |
| SUMCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48164 |
| Sumitomo Bakelite Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21653 |
| Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82835 |
| Sumitomo Forestry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56317 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41700 |
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;162579 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25737 |
| Sundrug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32554 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83642 |
| Suzuken Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37848 |
| Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;267098 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;204531 |
| Systena Corp. | 1433200 | 4017085 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25715 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89894 |
| Taisho Pharmaceutical Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25248 |
| Taiyo Yuden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57144 |
| Takara Bio, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9360 |
| Takashimaya Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23504 |
| TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31187 |
| Teijin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19066 |
| The Bank of Kyoto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14414 |
| The Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19725 |
| The Chugoku Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16421 |
| The Japan Steel Works Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28908 |
| The Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84843 |
| The Yokohama Rubber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35965 |
| THK Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34880 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;150986 |
| Tobu Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50891 |
| Toda Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16494 |
| Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;120899 |
| Toho Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31674 |
| Tohoku Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25202 |
| Tokai Carbon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21536 |
| Tokyo Century Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17054 |
| Tokyo Electric Power Co. Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68083 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | 1026076 |
| Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;135823 |
| Tokyo Ohka Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31600 | 1362329 |
| Tokyo Tatemono Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19253 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15221 |
| Toppan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76062 |
| Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;114633 |
| Toshiba Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp;336605 |
| Toshiba TEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10356 |
| Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97915 |
| TOTO Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;119795 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42319 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;102700 | 3853014 |
| Toyo Tire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18770 |
| Toyoda Gosei Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14388 |
| Toyota Boshoku Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19087 |
| Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;141186 |
| TS Tech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25098 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23238 |
| UBE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18057 |
| Ulvac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55189 |
| Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;227936 |
| United Urban Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24335 |
| Ushio, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;384222 |
| USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98514 |

---

<sub>19</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Visional, Inc. \* | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;2786972 |
| Welcia Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12541 |
| West Holdings Corp. | &nbsp;&nbsp;82800 | &nbsp;&nbsp;&nbsp;&nbsp;2474364 |
| Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155117 |
| Yamada Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20946 |
| Yamaha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184996 |
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132112 |
| Yamato Holdings Co., Ltd. | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151055 |
| Yamato Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29040 |
| Yamazaki Baking Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16303 |
| Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185518 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113704 |
| Zenkoku Hosho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92391 |
| Zensho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37436 |
| Zeon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37932 |
| ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76386 |
|  |  | **134451393** |
| &nbsp;&nbsp;**Luxembourg 0.0%** | &nbsp;&nbsp;**Luxembourg 0.0%** | &nbsp;&nbsp;**Luxembourg 0.0%** |
| Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;2124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**135967** |
| &nbsp;&nbsp;**Mexico 0.7%** | &nbsp;&nbsp;**Mexico 0.7%** | &nbsp;&nbsp;**Mexico 0.7%** |
| Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR \* | &nbsp;&nbsp;79602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667065 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 260857 | &nbsp;&nbsp;&nbsp;&nbsp;2078114 |
| Grupo Televisa S.A.B. ADR | 234790 | &nbsp;&nbsp;&nbsp;&nbsp;1232647 |
| Regional SAB de C.V. | 403535 | &nbsp;&nbsp;&nbsp;&nbsp;2820040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6797866** |
| &nbsp;&nbsp;**Netherlands 5.4%** | &nbsp;&nbsp;**Netherlands 5.4%** | &nbsp;&nbsp;**Netherlands 5.4%** |
| Aalberts N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72748 |
| ABN AMRO Bank N.V., GDR | &nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14756 |
| Adyen N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;4301 | &nbsp;&nbsp;&nbsp;&nbsp;6140102 |
| Aegon N.V. | &nbsp;&nbsp;&nbsp;&nbsp;6785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31409 |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;8721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538395 |
| Alfen Beheer B.V. \* | &nbsp;&nbsp;14106 | &nbsp;&nbsp;&nbsp;&nbsp;1496346 |
| AMG Advanced Metallurgical Group N.V. | &nbsp;&nbsp;83177 | &nbsp;&nbsp;&nbsp;&nbsp;2598691 |
| Arcadis N.V. | &nbsp;&nbsp;65685 | &nbsp;&nbsp;&nbsp;&nbsp;2229155 |
| ASM International N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306389 |
| ASML Holding N.V. | &nbsp;&nbsp;32497 | &nbsp;&nbsp;&nbsp;&nbsp;15243907 |
| ASR Nederland N.V. | &nbsp;&nbsp;50447 | &nbsp;&nbsp;&nbsp;&nbsp;2221326 |
| B&S Group Sarl | 262840 | &nbsp;&nbsp;&nbsp;&nbsp;1376046 |
| Basic-Fit N.V. \* | &nbsp;&nbsp;62266 | &nbsp;&nbsp;&nbsp;&nbsp;1568229 |
| BE Semiconductor Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129603 |
| CTP N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25484 |
| Euronext N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21643 |
| EXOR N.V. \* | &nbsp;&nbsp;73443 | &nbsp;&nbsp;&nbsp;&nbsp;4935442 |
| InPost S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24032 |
| JDE Peet's N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41535 |
| Koninklijke DSM N.V. | &nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468639 |
| Koninklijke KPN N.V. | &nbsp;&nbsp;64095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179280 |
| Koninklijke Philips N.V. | 189924 | &nbsp;&nbsp;&nbsp;&nbsp;2409163 |
| Koninklijke Vopak N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18103 |
| Marel HF | 580484 | &nbsp;&nbsp;&nbsp;&nbsp;2082397 |
| OCI N.V. | &nbsp;&nbsp;46067 | &nbsp;&nbsp;&nbsp;&nbsp;1761965 |
| Prosus N.V. \* | 116386 | &nbsp;&nbsp;&nbsp;&nbsp;5032725 |
| Randstad N.V. | &nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161828 |
| Signify N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53693 |
| Stellantis N.V. | &nbsp;&nbsp;48859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659184 |
| Universal Music Group N.V. | &nbsp;&nbsp;15818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310594 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;&nbsp;4807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510785 |
|  |  | &nbsp;&nbsp;&nbsp;**52663594** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**New Zealand 0.2%** | &nbsp;&nbsp;**New Zealand 0.2%** | &nbsp;&nbsp;**New Zealand 0.2%** |
| Auckland International Airport Ltd. \* | &nbsp;&nbsp;13737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61410 |
| Contact Energy Ltd. | &nbsp;&nbsp;14701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64485 |
| EBOS Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11053 |
| Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;16408 | &nbsp;&nbsp;&nbsp;&nbsp;186477 |
| Fletcher Building Ltd. | &nbsp;&nbsp;13265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39608 |
| Infratil Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35504 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp;39307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20636 |
| Mainfreight Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp;114860 |
| Mercury NZ Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31662 |
| Meridian Energy Ltd. | &nbsp;&nbsp;25026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70939 |
| Ryman Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30995 |
| SKYCITY Entertainment Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;8695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14659 |
| Spark New Zealand Ltd. | &nbsp;&nbsp;44928 | &nbsp;&nbsp;&nbsp;&nbsp;133740 |
| The a2 Milk Co., Ltd. *\*(b)* | &nbsp;&nbsp;20349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68553 |
| The a2 Milk Co., Ltd. *\*(b)* | 345790 | &nbsp;&nbsp;1162013 |
|  |  | **2046594** |
| &nbsp;&nbsp;**Norway 0.7%** | &nbsp;&nbsp;**Norway 0.7%** | &nbsp;&nbsp;**Norway 0.7%** |
| Aker A.S.A., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68235 |
| Aker BP A.S.A. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp;308674 |
| Bakkafrost P/F | &nbsp;&nbsp;23611 | &nbsp;&nbsp;1180971 |
| Equinor A.S.A. | &nbsp;&nbsp;28511 | &nbsp;&nbsp;1038762 |
| FLEX LNG Ltd. | &nbsp;&nbsp;39646 | &nbsp;&nbsp;1231444 |
| Gjensidige Forsikring A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6202 | &nbsp;&nbsp;&nbsp;&nbsp;113365 |
| Kongsberg Gruppen A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79969 |
| Leroy Seafood Group A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27734 |
| Mowi A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp;&nbsp;&nbsp;140228 |
| Nordic Semiconductor A.S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65165 |
| Norsk Hydro A.S.A. | &nbsp;&nbsp;26297 | &nbsp;&nbsp;&nbsp;&nbsp;166889 |
| Orkla A.S.A. | &nbsp;&nbsp;13261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89448 |
| Salmar A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27596 |
| Schibsted A.S.A., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16931 |
| Schibsted A.S.A., B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14049 |
| Telenor A.S.A. | &nbsp;&nbsp;11562 | &nbsp;&nbsp;&nbsp;&nbsp;105074 |
| TGS A.S.A. | 137567 | &nbsp;&nbsp;1872951 |
| Tomra Systems A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6718 | &nbsp;&nbsp;&nbsp;&nbsp;108506 |
| Var Energi A.S.A. | &nbsp;&nbsp;10432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35458 |
| Yara International A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp;155317 |
|  |  | **6846766** |
| &nbsp;&nbsp;**Poland 0.1%** | &nbsp;&nbsp;**Poland 0.1%** | &nbsp;&nbsp;**Poland 0.1%** |
| Allegro.eu S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;6807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33015 |
| Dino Polska S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84985 |
| KGHM Polska Miedz S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62817 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55448 |
| Polski Koncern Naftowy Orlen S.A. | &nbsp;&nbsp;11514 | &nbsp;&nbsp;&nbsp;&nbsp;132221 |
| Polskie Gornictwo Naftowe i Gazownictwo S.A. *\*(c)* | &nbsp;&nbsp;37953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40167 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27525 |
| Powszechny Zaklad Ubezpieczen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**450895** |
| &nbsp;&nbsp;**Portugal 0.0%** | &nbsp;&nbsp;**Portugal 0.0%** | &nbsp;&nbsp;**Portugal 0.0%** |
| EDP - Energias de Portugal S.A. | &nbsp;&nbsp;46938 | &nbsp;&nbsp;&nbsp;&nbsp;205087 |
| Galp Energia, SGPS, S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99318 |
| Jeronimo Martins, SGPS, S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6176 | &nbsp;&nbsp;&nbsp;&nbsp;127800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**432205** |
| &nbsp;&nbsp;**Republic of Korea 1.7%** | &nbsp;&nbsp;**Republic of Korea 1.7%** | &nbsp;&nbsp;**Republic of Korea 1.7%** |
| Amorepacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52590 |
| AMOREPACIFIC Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15081 |

---

<sub>20</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| BGF retail Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21316 |
| BNK Financial Group, Inc. | &nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14726 |
| Celltrion Pharm, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29317 |
| Celltrion, Inc. | &nbsp;&nbsp;3334 | &nbsp;&nbsp;&nbsp;&nbsp;448152 |
| Cheil Worldwide, Inc. | &nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40456 |
| CJ CheilJedang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33970 |
| CJ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197 |
| CJ ENM Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11363 |
| CJ Logistics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8868 |
| Coway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37768 |
| Daewoo Engineering & Construction Co., Ltd. \* | &nbsp;&nbsp;5129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15105 |
| DB Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28889 |
| DL E&C Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19952 |
| DL Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12281 |
| Dongsuh Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13990 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12274 |
| Ecopro BM Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24324 |
| F&F Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52880 |
| Fila Holdings Corp. | &nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32591 |
| GS Engineering & Construction Corp. | &nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12429 |
| GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17482 |
| Hankook Tire & Technology Co., Ltd. | &nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40240 |
| Hanmi Pharm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26967 |
| Hanon Systems | &nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15109 |
| Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37117 |
| Hanwha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352 |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28559 |
| Hite Jinro Co., Ltd. | 64722 | 1163742 |
| HL Mando Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16585 |
| HMM Co., Ltd. | &nbsp;&nbsp;8964 | &nbsp;&nbsp;&nbsp;&nbsp;119911 |
| Hotel Shilla Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34335 |
| Hyundai Department Store Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13161 |
| Hyundai Doosan Infracore Co., Ltd. \* | &nbsp;&nbsp;2184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491 |
| Hyundai Engineering & Construction Co., Ltd. | &nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33053 |
| Hyundai Glovis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66672 |
| Hyundai Heavy Industries Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13521 |
| Hyundai Marine & Fire Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17562 |
| Hyundai Mipo Dockyard Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20787 |
| Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;264733 |
| Hyundai Wia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11807 |
| Industrial Bank of Korea | &nbsp;&nbsp;2894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21209 |
| Kakao Games Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8768 |
| KakaoBank Corp. \* | &nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23462 |
| Kakaopay Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979 |
| Kangwon Land, Inc. \* | &nbsp;&nbsp;3285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52965 |
| KCC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10077 |
| KEPCO Plant Service & Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14626 |
| Kia Corp. | &nbsp;&nbsp;7566 | &nbsp;&nbsp;&nbsp;&nbsp;351598 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37594 |
| Korea Electric Power Corp. \* | &nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36645 |
| Korea Investment Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27077 |
| Korea Shipbuilding & Offshore Engineering Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28986 |
| Korea Zinc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;103144 |
| Korean Air Lines Co., Ltd. \* | &nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31967 |
| Krafton, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54903 |
| KT&G Corp. | &nbsp;&nbsp;3390 | &nbsp;&nbsp;&nbsp;&nbsp;227678 |
| Kumho Petrochemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34561 |
| LG Corp. | &nbsp;&nbsp;2757 | &nbsp;&nbsp;&nbsp;&nbsp;153049 |
| LG Display Co., Ltd. | &nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34805 |
| LG Electronics, Inc. | &nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;116754 |
| LG Energy Solution Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp;328947 |
| LG H&H Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90392 |
| LG Innotek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89625 |
| LG Uplus Corp. | &nbsp;&nbsp;3806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30563 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Lotte Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38132 |
| LOTTE Fine Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15454 |
| Mirae Asset Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15763 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24735 | &nbsp;&nbsp;&nbsp;&nbsp;2934022 |
| NCSoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105447 |
| NH Investment & Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14663 |
| NongShim Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17369 |
| OCI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12571 |
| Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45472 |
| Pan Ocean Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14704 |
| Posco International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13181 |
| S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25078 |
| Samsung Biologics Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210786 |
| Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157888 |
| Samsung Card Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14243 |
| Samsung Electro-Mechanics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129070 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;139002 | &nbsp;&nbsp;&nbsp;&nbsp;5785239 |
| Samsung Engineering Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65819 |
| Samsung Heavy Industries Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 |
| Samsung Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36388 |
| Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449362 |
| Samsung SDS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89887 |
| Samsung Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23784 |
| SD Biosensor, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16696 |
| Seegene, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15822 |
| Shinsegae, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20547 |
| SK Biopharmaceuticals Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18524 |
| SK Bioscience Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30151 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864668 |
| SK Square Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10653 |
| SK Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42065 |
| S-Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76460 |
| SSANGYONG C&E Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8966 |
| Wemade Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15966 |
| Yuhan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55304 |
|  |  | **16228523** |
| &nbsp;&nbsp;**Singapore 0.9%** | &nbsp;&nbsp;**Singapore 0.9%** | &nbsp;&nbsp;**Singapore 0.9%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139689 |
| CapitaLand Ascott Trust | &nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20563 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;93700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124354 |
| Capitaland Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74007 |
| ComfortDelGro Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52515 |
| ESR-LOGOS REIT | 8207514 | &nbsp;&nbsp;&nbsp;&nbsp;1970163 |
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;86300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67071 |
| Genting Singapore Ltd. | &nbsp;&nbsp;&nbsp;143800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81775 |
| Golden Agri-Resources Ltd. | &nbsp;&nbsp;&nbsp;146400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30021 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp;&nbsp;&nbsp;74900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12233 |
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44108 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184272 |
| Keppel Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90565 |
| Keppel DC REIT | &nbsp;&nbsp;&nbsp;&nbsp;35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44493 |
| Keppel REIT | &nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15932 |
| Mapletree Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63441 |
| Mapletree Logistics Trust | &nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79637 |
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36584 |
| Nanofilm Technologies International Ltd. | &nbsp;&nbsp;&nbsp;923100 | &nbsp;&nbsp;&nbsp;&nbsp;1135749 |
| NetLink NBN Trust | &nbsp;&nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900 |
| Olam Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11740 |
| SATS Ltd. \* | 1034100 | &nbsp;&nbsp;&nbsp;&nbsp;1996091 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34329 |
| Sheng Siong Group Ltd. | 1557600 | &nbsp;&nbsp;&nbsp;&nbsp;1717918 |
| Singapore Airlines Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86798 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333606 |
| Singapore Post Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12487 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83462 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp;&nbsp;126500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222734 |

---

<sub>21</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Suntec Real Estate Investment Trust | &nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28090 |
| UOL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13540 |
| Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72021 |
| Wilmar International Ltd. | &nbsp;&nbsp;26100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71502 |
|  |  | **8981390** |
| &nbsp;&nbsp;**South Africa 0.3%** | &nbsp;&nbsp;**South Africa 0.3%** | &nbsp;&nbsp;**South Africa 0.3%** |
| The Bidvest Group Ltd. | 233051 | **2695811** |
| &nbsp;&nbsp;**Spain 0.7%** | &nbsp;&nbsp;**Spain 0.7%** | &nbsp;&nbsp;**Spain 0.7%** |
| Acciona S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39073 |
| Amadeus IT Group S.A. \* | &nbsp;&nbsp;56600 | &nbsp;&nbsp;2951988 |
| Bankinter S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27365 |
| Corp. ACCIONA Energias Renovables S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27328 |
| EDP Renovaveis S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64600 |
| Enagas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51121 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;7408 | &nbsp;&nbsp;&nbsp;&nbsp;123773 |
| Fluidra S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30842 |
| Gestamp Automocion S.A. | 420460 | &nbsp;&nbsp;1480562 |
| Grifols S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515 |
| Industria de Diseno Textil S.A. | &nbsp;&nbsp;34224 | &nbsp;&nbsp;&nbsp;&nbsp;776823 |
| Inmobiliaria Colonial Socimi S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17456 |
| Merlin Properties Socimi S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26845 |
| Naturgy Energy Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3903 | &nbsp;&nbsp;&nbsp;&nbsp;100161 |
| Red Electrica Corp. S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9868 | &nbsp;&nbsp;&nbsp;&nbsp;159622 |
| Repsol S.A. | &nbsp;&nbsp;27996 | &nbsp;&nbsp;&nbsp;&nbsp;380871 |
| Siemens Gamesa Renewable Energy S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59285 |
| Telefonica S.A. | &nbsp;&nbsp;84368 | &nbsp;&nbsp;&nbsp;&nbsp;290833 |
|  |  | **6619063** |
| &nbsp;&nbsp;**Sweden 4.4%** | &nbsp;&nbsp;**Sweden 4.4%** | &nbsp;&nbsp;**Sweden 4.4%** |
| AAK AB | &nbsp;&nbsp;83530 | &nbsp;&nbsp;1217654 |
| AddTech AB, B Shares | &nbsp;&nbsp;43803 | &nbsp;&nbsp;&nbsp;&nbsp;529286 |
| AFRY AB | 186378 | &nbsp;&nbsp;2502830 |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;4169 | &nbsp;&nbsp;&nbsp;&nbsp;102621 |
| Alleima AB \* | &nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150 |
| Assa Abloy AB, B Shares | &nbsp;&nbsp;13595 | &nbsp;&nbsp;&nbsp;&nbsp;274511 |
| Atlas Copco AB, A Shares | &nbsp;&nbsp;59115 | &nbsp;&nbsp;&nbsp;&nbsp;630949 |
| Atlas Copco AB, B Shares | 126070 | &nbsp;&nbsp;1219243 |
| Avanza Bank Holding AB | &nbsp;&nbsp;90853 | &nbsp;&nbsp;1812248 |
| Axfood AB | &nbsp;&nbsp;60926 | &nbsp;&nbsp;1508443 |
| Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18851 |
| Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp;195860 |
| Bravida Holding AB | 302859 | &nbsp;&nbsp;2837462 |
| Castellum AB | &nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60029 |
| Electrolux AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;2466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30424 |
| Epiroc AB, A Shares | &nbsp;&nbsp;15987 | &nbsp;&nbsp;&nbsp;&nbsp;244736 |
| Epiroc AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;8588 | &nbsp;&nbsp;&nbsp;&nbsp;115313 |
| EQT AB | &nbsp;&nbsp;16692 | &nbsp;&nbsp;&nbsp;&nbsp;328498 |
| Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp;371265 |
| Fastighets AB Balder, B Shares \* | &nbsp;&nbsp;13223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49634 |
| Fortnox AB | 341865 | &nbsp;&nbsp;1452859 |
| Getinge AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76647 |
| H & M Hennes & Mauritz AB, B Shares | 241056 | &nbsp;&nbsp;2427953 |
| Holmen AB, B Shares | &nbsp;&nbsp;27056 | &nbsp;&nbsp;&nbsp;&nbsp;981874 |
| Husqvarna AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28231 |
| Industrivarden AB, A Shares | &nbsp;&nbsp;13005 | &nbsp;&nbsp;&nbsp;&nbsp;294536 |
| Industrivarden AB, C Shares | &nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;235782 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69699 |
| Investment AB Latour, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp;127131 |
| Investor AB, A Shares | &nbsp;&nbsp;31166 | &nbsp;&nbsp;&nbsp;&nbsp;529970 |
| Investor AB, B Shares | 106794 | &nbsp;&nbsp;1742943 |
| Kinnevik AB, B Shares \* | &nbsp;&nbsp;55483 | &nbsp;&nbsp;&nbsp;&nbsp;685406 |
| L E Lundbergfortagen AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88802 |
| Lifco AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49375 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Lindab International AB | &nbsp;&nbsp;&nbsp;141494 | &nbsp;&nbsp;&nbsp;&nbsp;1505093 |
| Nibe Industrier AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;18012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143678 |
| Saab AB, B Shares | &nbsp;&nbsp;&nbsp;111886 | &nbsp;&nbsp;&nbsp;&nbsp;3953384 |
| Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84839 |
| Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439112 |
| Securitas AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26081 |
| SKF AB, B Shares | &nbsp;&nbsp;&nbsp;232842 | &nbsp;&nbsp;&nbsp;&nbsp;3370530 |
| Spotify Technology S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;23477 | &nbsp;&nbsp;&nbsp;&nbsp;1891777 |
| Svenska Cellulosa AB, S.C.A., B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86478 |
| Sweco AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25486 |
| Swedish Match AB | &nbsp;&nbsp;&nbsp;&nbsp;31272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321629 |
| Swedish Orphan Biovitrum AB \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48351 |
| Tele2 AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76526 |
| Telefonaktiebolaget LM Ericsson, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;62676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348437 |
| Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;29707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78717 |
| Thule Group AB | &nbsp;&nbsp;&nbsp;&nbsp;76413 | &nbsp;&nbsp;&nbsp;&nbsp;1505383 |
| Trelleborg AB, B Shares | &nbsp;&nbsp;&nbsp;106544 | &nbsp;&nbsp;&nbsp;&nbsp;2345998 |
| Vitrolife AB | &nbsp;&nbsp;&nbsp;&nbsp;48025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776174 |
| Volvo AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57172 |
| Volvo AB, B Shares | &nbsp;&nbsp;&nbsp;193863 | &nbsp;&nbsp;&nbsp;&nbsp;3172941 |
| Volvo Car AB, Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;10506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44588 |
|  |  | **43153589** |
| &nbsp;&nbsp;**Switzerland 5.8%** | &nbsp;&nbsp;**Switzerland 5.8%** | &nbsp;&nbsp;**Switzerland 5.8%** |
| ABB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44224 | &nbsp;&nbsp;&nbsp;&nbsp;1228114 |
| Accelleron Industries AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39408 |
| Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79586 |
| Bachem Holding AG, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27392 |
| Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27051 |
| Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11124 |
| Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98379 |
| Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118526 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26599 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255 | &nbsp;&nbsp;&nbsp;&nbsp;1840706 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194378 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220732 |
| Cie Financiere Richemont S.A., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24989 | &nbsp;&nbsp;&nbsp;&nbsp;2442263 |
| Clariant AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44388 |
| Credit Suisse Group AG | 1100539 | &nbsp;&nbsp;&nbsp;&nbsp;4558938 |
| DKSH Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58434 |
| Emmi AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35110 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146508 |
| Flughafen Zuerich AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34285 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510773 |
| Georg Fischer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95372 |
| Glencore plc | 1088690 | &nbsp;&nbsp;&nbsp;&nbsp;6241534 |
| Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15491 |
| Holcim AG \* | &nbsp;&nbsp;&nbsp;101653 | &nbsp;&nbsp;&nbsp;&nbsp;4618331 |
| Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354209 |
| Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213947 |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;&nbsp;52294 | &nbsp;&nbsp;&nbsp;&nbsp;5692662 |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;78243 | &nbsp;&nbsp;&nbsp;&nbsp;6329132 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp;1503451 |
| PSP Swiss Property AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95506 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;25269 | &nbsp;&nbsp;&nbsp;&nbsp;8384207 |
| Roche Holding AG, Bearer Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340948 |
| Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91146 |
| Schindler Holding AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297 | &nbsp;&nbsp;&nbsp;&nbsp;1516024 |
| SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288791 |
| Siegfried Holding AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639329 |
| SIG Group AG \* | &nbsp;&nbsp;&nbsp;&nbsp;67793 | &nbsp;&nbsp;&nbsp;&nbsp;1303190 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598413 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309400 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312733 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273065 |

---

<sub>22</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Tecan Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9106 | &nbsp;&nbsp;&nbsp;&nbsp;3340386 |
| Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77486 |
| The Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49675 |
| The Swatch Group AG, Bearer Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831 | &nbsp;&nbsp;&nbsp;&nbsp;1984409 |
| VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192686 |
|  |  | **56604217** |
| &nbsp;&nbsp;**Taiwan 1.0%** | &nbsp;&nbsp;**Taiwan 1.0%** | &nbsp;&nbsp;**Taiwan 1.0%** |
| Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;32297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739066 |
| ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860557 |
| Chailease Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340015 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;3475731 |
| Pegavision Corp. | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;1859550 |
| Sinbon Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;2679131 |
|  |  | &nbsp;&nbsp;&nbsp;**9954050** |
| &nbsp;&nbsp;**Thailand 0.3%** | &nbsp;&nbsp;**Thailand 0.3%** | &nbsp;&nbsp;**Thailand 0.3%** |
| Bangkok Bank PCL NVDR | &nbsp;&nbsp;&nbsp;347400 | &nbsp;&nbsp;&nbsp;&nbsp;1330330 |
| Central Retail Corp. PCL | 1840100 | &nbsp;&nbsp;&nbsp;&nbsp;2030589 |
|  |  | &nbsp;&nbsp;&nbsp;**3360919** |
| &nbsp;&nbsp;**United Kingdom 11.4%** | &nbsp;&nbsp;**United Kingdom 11.4%** | &nbsp;&nbsp;**United Kingdom 11.4%** |
| 3i Group plc | &nbsp;&nbsp;&nbsp;&nbsp;68925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917968 |
| abrdn plc | &nbsp;&nbsp;&nbsp;132274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241027 |
| Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp;20491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473867 |
| Airtel Africa plc | &nbsp;&nbsp;&nbsp;&nbsp;22905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29648 |
| Allfunds Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15672 |
| Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;37619 | &nbsp;&nbsp;&nbsp;&nbsp;1126847 |
| Antofagasta plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129903 |
| Ashtead Group plc | &nbsp;&nbsp;&nbsp;&nbsp;43100 | &nbsp;&nbsp;&nbsp;&nbsp;2245209 |
| Associated British Foods plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88284 |
| Auction Technology Group plc \* | &nbsp;&nbsp;&nbsp;104397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893455 |
| Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;28499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170589 |
| AVEVA Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45308 |
| B&M European Value Retail S.A. | &nbsp;&nbsp;&nbsp;&nbsp;11974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44251 |
| Barratt Developments plc | &nbsp;&nbsp;&nbsp;&nbsp;31616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136363 |
| Bellway plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80624 |
| Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22559 |
| Bodycote plc | &nbsp;&nbsp;&nbsp;359058 | &nbsp;&nbsp;&nbsp;&nbsp;2040720 |
| Britvic plc | &nbsp;&nbsp;&nbsp;157171 | &nbsp;&nbsp;&nbsp;&nbsp;1311272 |
| Burberry Group plc | &nbsp;&nbsp;&nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216498 |
| Centrica plc | &nbsp;&nbsp;&nbsp;101959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89593 |
| CNH Industrial N.V. | &nbsp;&nbsp;&nbsp;374292 | &nbsp;&nbsp;&nbsp;&nbsp;4842245 |
| Coats Group plc | 5116773 | &nbsp;&nbsp;&nbsp;&nbsp;3549823 |
| Coca-Cola HBC AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76080 |
| Compass Group plc | &nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;1208948 |
| ConvaTec Group plc | &nbsp;&nbsp;&nbsp;718675 | &nbsp;&nbsp;&nbsp;&nbsp;1798286 |
| Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226289 |
| DCC plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111890 |
| Dechra Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44612 |
| Derwent London plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28833 |
| Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;41694 | &nbsp;&nbsp;&nbsp;&nbsp;1715811 |
| Diploma plc | &nbsp;&nbsp;&nbsp;181524 | &nbsp;&nbsp;&nbsp;&nbsp;5163063 |
| Direct Line Insurance Group plc | &nbsp;&nbsp;&nbsp;&nbsp;26588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61430 |
| Dr. Martens plc | &nbsp;&nbsp;&nbsp;&nbsp;13143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37377 |
| DS Smith plc | &nbsp;&nbsp;&nbsp;&nbsp;20531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68469 |
| Dunelm Group plc | &nbsp;&nbsp;&nbsp;276817 | &nbsp;&nbsp;&nbsp;&nbsp;2752323 |
| Endava plc, ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;11939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910229 |
| Endeavour Mining plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46840 |
| Experian plc | &nbsp;&nbsp;&nbsp;&nbsp;16957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540678 |
| Ferguson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515738 |
| Forterra plc | &nbsp;&nbsp;&nbsp;643342 | &nbsp;&nbsp;&nbsp;&nbsp;1612059 |
| Fresnillo plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44528 |
| Golar LNG Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;93518 | &nbsp;&nbsp;&nbsp;&nbsp;2601671 |
| Greggs plc | &nbsp;&nbsp;&nbsp;&nbsp;58156 | &nbsp;&nbsp;&nbsp;&nbsp;1348139 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63548 | 1040985 |
| Haleon plc \* | &nbsp;&nbsp;&nbsp;&nbsp;130760 | &nbsp;&nbsp;&nbsp;&nbsp;400969 |
| Halma plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970 | &nbsp;&nbsp;&nbsp;&nbsp;193267 |
| Hargreaves Lansdown plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27190 | &nbsp;&nbsp;&nbsp;&nbsp;237630 |
| Hikma Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47458 |
| Hill & Smith Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;194498 | 2198590 |
| Hiscox Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29422 |
| HomeServe plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210 | &nbsp;&nbsp;&nbsp;&nbsp;179795 |
| Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89449 |
| IMI plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57319 |
| Imperial Brands plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18497 | &nbsp;&nbsp;&nbsp;&nbsp;450570 |
| Inchcape plc | &nbsp;&nbsp;&nbsp;&nbsp;428426 | 3654859 |
| Informa plc | &nbsp;&nbsp;&nbsp;&nbsp;321197 | 2046641 |
| InterContinental Hotels Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 | &nbsp;&nbsp;&nbsp;&nbsp;137121 |
| Intermediate Capital Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11928 | &nbsp;&nbsp;&nbsp;&nbsp;145244 |
| International Distributions Services plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29426 |
| Intertek Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95139 |
| ITV plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51625 |
| J Sainsbury plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31216 |
| J.D. Sports Fashion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52577 |
| John Wood Group plc \* | &nbsp;&nbsp;1329336 | 2137398 |
| Johnson Matthey plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528 | &nbsp;&nbsp;&nbsp;&nbsp;100511 |
| Kainos Group plc | &nbsp;&nbsp;&nbsp;&nbsp;173915 | 2469368 |
| Kingfisher plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40990 | &nbsp;&nbsp;&nbsp;&nbsp;102985 |
| Land Securities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15923 | &nbsp;&nbsp;&nbsp;&nbsp;104119 |
| Liberty Global plc, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;145000 | 2444700 |
| Lloyds Banking Group plc | 12688310 | 6093777 |
| M&G plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14343 |
| Mondi plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876 | &nbsp;&nbsp;&nbsp;&nbsp;199261 |
| Next plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp;189941 |
| Ocado Group plc \* | &nbsp;&nbsp;&nbsp;&nbsp;334088 | 1811189 |
| Pearson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10062 | &nbsp;&nbsp;&nbsp;&nbsp;111216 |
| Pennon Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25735 |
| Pepco Group N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13230 |
| Persimmon plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9742 | &nbsp;&nbsp;&nbsp;&nbsp;145778 |
| Phoenix Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 |
| Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;355500 | 3302474 |
| Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28961 | 1921967 |
| RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33304 | &nbsp;&nbsp;&nbsp;&nbsp;894562 |
| Renishaw plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35191 |
| Rightmove plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27439 | &nbsp;&nbsp;&nbsp;&nbsp;154514 |
| Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35013 | 1829836 |
| Rolls-Royce Holdings plc \* | &nbsp;&nbsp;&nbsp;&nbsp;781333 | &nbsp;&nbsp;&nbsp;&nbsp;700748 |
| RS Group plc | &nbsp;&nbsp;&nbsp;&nbsp;240397 | 2645188 |
| Schroders plc | &nbsp;&nbsp;&nbsp;&nbsp;814341 | 3656396 |
| Segro plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39579 | &nbsp;&nbsp;&nbsp;&nbsp;356211 |
| Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;159491 | 4418153 |
| Smiths Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72936 | 1306469 |
| Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88876 | 3080351 |
| Spirax-Sarco Engineering plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865 | &nbsp;&nbsp;&nbsp;&nbsp;229830 |
| SSE plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16938 | &nbsp;&nbsp;&nbsp;&nbsp;302697 |
| SSP Group plc \* | &nbsp;&nbsp;&nbsp;&nbsp;981719 | 2282736 |
| St. James's Place plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20613 |
| Tate & Lyle plc | &nbsp;&nbsp;&nbsp;&nbsp;248965 | 2000479 |
| Taylor Wimpey plc | &nbsp;&nbsp;&nbsp;&nbsp;110342 | &nbsp;&nbsp;&nbsp;&nbsp;118632 |
| The British Land Co., plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27877 | &nbsp;&nbsp;&nbsp;&nbsp;116941 |
| The Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24743 | &nbsp;&nbsp;&nbsp;&nbsp;206226 |
| The Unite Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64007 |
| The Weir Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77112 | 1343585 |
| Tritax Big Box REIT plc | &nbsp;&nbsp;1436342 | 2309555 |
| Vesuvius plc | &nbsp;&nbsp;&nbsp;&nbsp;620099 | 2412150 |
| Victrex plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89473 | 1699341 |
| Vodafone Group plc | &nbsp;&nbsp;&nbsp;&nbsp;411885 | &nbsp;&nbsp;&nbsp;&nbsp;480835 |
| Watches of Switzerland Group plc \* | &nbsp;&nbsp;&nbsp;&nbsp;259609 | 2314839 |
| Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72374 |
| Wise plc, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;292497 | 2227888 |

---

<sub>23</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| WPP plc | &nbsp;&nbsp;&nbsp;346100 | &nbsp;&nbsp;&nbsp;&nbsp;3045731 |
|  |  | **112318790** |
| &nbsp;&nbsp;**United States 1.1%** | &nbsp;&nbsp;**United States 1.1%** | &nbsp;&nbsp;**United States 1.1%** |
| Ginkgo Bioworks Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;190149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519107 |
| Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10179 | &nbsp;&nbsp;&nbsp;&nbsp;2329159 |
| Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29399 | &nbsp;&nbsp;&nbsp;&nbsp;4419552 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584960 |
| Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11551 | &nbsp;&nbsp;&nbsp;&nbsp;2628314 |
|  |  | &nbsp;&nbsp;&nbsp;**10481092** |
| **Total Common Stocks<br> (Cost $1,037,392,513)** | **Total Common Stocks<br> (Cost $1,037,392,513)** | **905627098** |
| **PREFERRED STOCKS 0.5% OF NET ASSETS** | **PREFERRED STOCKS 0.5% OF NET ASSETS** | **PREFERRED STOCKS 0.5% OF NET ASSETS** |
| &nbsp;&nbsp;**Germany 0.1%** | &nbsp;&nbsp;**Germany 0.1%** | &nbsp;&nbsp;**Germany 0.1%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64305 |
| FUCHS PETROLUB SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60486 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219046 |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**543050** |
| &nbsp;&nbsp;**Italy 0.0%** | &nbsp;&nbsp;**Italy 0.0%** | &nbsp;&nbsp;**Italy 0.0%** |
| Telecom Italia S.p.A. - RSP \* | &nbsp;&nbsp;&nbsp;123110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23533** |
| &nbsp;&nbsp;**Republic of Korea 0.4%** | &nbsp;&nbsp;**Republic of Korea 0.4%** | &nbsp;&nbsp;**Republic of Korea 0.4%** |
| Hyundai Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16106 |
| Hyundai Motor Co., Ltd. 2nd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19357 |
| LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15201 |
| LG Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 |
| LG H&H Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16326 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;105876 | &nbsp;&nbsp;&nbsp;&nbsp;3956786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4028527** |
| **Total Preferred Stocks<br> (Cost $6,622,067)** | **Total Preferred Stocks<br> (Cost $6,622,067)** | &nbsp;&nbsp;&nbsp;&nbsp;**4595110** |
| **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** |
| &nbsp;&nbsp;**United States 4.0%** | &nbsp;&nbsp;**United States 4.0%** | &nbsp;&nbsp;**United States 4.0%** |
| Schwab Emerging Markets Equity ETF | 1804984 | &nbsp;&nbsp;&nbsp;**39114003** |
| **Total Affiliated Investment Companies<br> (Cost $53,555,600)** | **Total Affiliated Investment Companies<br> (Cost $53,555,600)** | &nbsp;&nbsp;&nbsp;**39114003** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBEROF SHARES | VALUE ($) |
| **SHORT-TERM INVESTMENTS 2.9% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 2.9% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 2.9% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(d)* | 28594419 | &nbsp;&nbsp;&nbsp;&nbsp;28594419 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(d)(e)* | &nbsp;&nbsp;&nbsp;&nbsp;400270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400270 |
|  |  | &nbsp;&nbsp;&nbsp;**28994689** |
| **Total Short-Term Investments<br> (Cost $28,994,689)** | **Total Short-Term Investments<br> (Cost $28,994,689)** | &nbsp;&nbsp;&nbsp;**28994689** |
| **Total Investments in Securities<br> (Cost $1,126,564,869)** | **Total Investments in Securities<br> (Cost $1,126,564,869)** | **978330900** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20895210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**767044** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $374,495.

*(b)* Security is traded on separate exchanges for the same issuer.

*(c)* Fair-valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CVA — | Dutch Certificate |
| ETF — | Exchange traded fund |
| GDR — | Global Depositary Receipt |
| NVDR — | Non-Voting Depositary Receipt |
| REIT — | Real Estate Investment Trust |
| RSP — | Risparmio (Savings Shares) |

---

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** | **AFFILIATED INVESTMENT COMPANIES 4.0% OF NET ASSETS** |
| **United States 4.0%** | **United States 4.0%** | **United States 4.0%** | **United States 4.0%** | **United States 4.0%** | **United States 4.0%** | **United States 4.0%** | **United States 4.0%** | **United States 4.0%** |
| Schwab Emerging Markets Equity ETF | $— | $59607100 | ($4916387) | ($1135113) | ($14441597) | **$39114003** | 1804984 | $151176 |

---

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the affiliated underlying fund.

<sub>24</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$393576748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$393576748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898191 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57954560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58136642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;14185796 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14185796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;70480925 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70480925 |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12457202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14772704 |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15667950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21667812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6388594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7254854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11038544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17701284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18954369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6797866 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6797866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45645755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52663594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | &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;410728 | &nbsp;&nbsp;&nbsp;&nbsp;40167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450895 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695811 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41251662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43153589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56564809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56604217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360919 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;16085124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96233666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;112318790 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10481092 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10481092 |
| Preferred Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595110 |
| Affiliated Investment Companies<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39114003 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39114003 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28994689 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28994689 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767044 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767044 |
| **Total** | **$229561646** | &nbsp;&nbsp;&nbsp;**$749496131** | &nbsp;&nbsp;&nbsp;**$40167** | &nbsp;&nbsp;&nbsp;**$979097944** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3.

<sub>25</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $53,555,600) |  | &nbsp;&nbsp;&nbsp;&nbsp;$39114003 |
| Investments in securities, at value - unaffiliated (cost $1,073,009,269) including securities on loan of $374,495 |  | &nbsp;&nbsp;&nbsp;&nbsp;939216897 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57437 |
| Foreign currency, at value (cost $630,110) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627102 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561920 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16048 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;**990579739** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400270 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535598 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8927845** |
| **Net assets** |  | &nbsp;&nbsp;**$981651894** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1122327758 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;(140675864) |
| **Net assets** |  | &nbsp;&nbsp;**$981651894** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $981651894 |  | 58073255 |  | $16.90 |

---

<sub>26</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $2,600,188) |  | &nbsp;&nbsp;&nbsp;&nbsp;$26797763 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338885 |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151176 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**27295882** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10582968 |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912725 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329873 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148553 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67317 <sup>1</sup> |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30274 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19302 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10225 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421 |
| Proxy fees<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96733 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**13203592** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039893 <sup>1</sup> |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12163699** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15132183** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1135113) |
| Net realized gains on sales of securities - unaffiliated (net of foreign capital gains tax paid of ($75691)) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35504750 |
| Net realized losses on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9817529) |
| Net realized gains on forward foreign currency exchange contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390863 |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489399) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24453572** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(14441597) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of ($329109)) |  | &nbsp;&nbsp;&nbsp;(559900963) |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900478 |
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71094) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76678) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(573589854)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(549136282)** |
| **Decrease in net assets resulting from operations** |  | **($534004099)** |

---

<sup>1</sup> Includes professional fees of $13,635 associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information).

<sup>2</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

<sub>27</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$15132183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$666951 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24453572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214727710 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(573589854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187355101 |
| **Increase (decrease) in net assets resulting from operations** |  | **($534004099)** | &nbsp;&nbsp;&nbsp;**$402749762** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($214877749)** | &nbsp;&nbsp;&nbsp;&nbsp;**($85551526)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;12166159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$258391714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74676320 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;7035847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170408203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68955738 |
| Shares redeemed | + | &nbsp;&nbsp;(9976603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192980903) | &nbsp;&nbsp;&nbsp;&nbsp;(7230462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208820997) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**9225403** | &nbsp;&nbsp;&nbsp;&nbsp;**$235819014** | &nbsp;&nbsp;&nbsp;&nbsp;**(2136543)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($65188939)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;48847852 | &nbsp;&nbsp;&nbsp;$1494714728 | &nbsp;&nbsp;&nbsp;&nbsp;50984395 | &nbsp;&nbsp;&nbsp;&nbsp;$1242705431 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;9225403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513062834) | &nbsp;&nbsp;&nbsp;&nbsp;(2136543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252009297 |
| **End of period** |  | **58073255** | &nbsp;&nbsp;&nbsp;&nbsp;**$981651894** | &nbsp;&nbsp;&nbsp;**48847852** | &nbsp;&nbsp;&nbsp;**$1494714728** |

---

<sub>28</sub>

Schwab International Opportunities Fund \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

Schwab International Opportunities Fund

## Financial Notes

------

1. Business Structure of the Fund:

Schwab International Opportunities Fund is a series of Schwab Capital Trust (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:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** | **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** |
| **Schwab International Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Fund |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Fund |
| Schwab Small-Cap Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Fund |
| Schwab Total Stock Market Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Fund |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Large Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Small Company Index Fund |
| Schwab International Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Large Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Small Company Index Fund |
| Schwab MarketTrack Growth Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Large Company Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Global Real Estate Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Income Payout |

---

Effective February 25, 2022, the Laudus International MarketMasters Fund changed its name to Schwab International Opportunities Fund.

The 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 the 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.

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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).

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

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## Financial Notes (continued)

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2. Significant Accounting Policies (continued):

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the 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;• **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of the fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of the fund's portfolio holdings and the NAV of the fund's shares and seeks to help ensure that the prices at which the fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;• **Futures contracts and forward foreign currency exchange contracts (forwards):** Futures contracts are valued at their settlement prices as of the close of their exchanges. Forwards are valued based on that day's forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.

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

&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 is de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that 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.

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2. Significant Accounting Policies (continued):

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

&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, ETFs and futures contracts. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

&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. In addition, international securities whose markets close hours before the valuation of the fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&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.

The levels associated with valuing the fund's investments as of October 31, 2022 are disclosed in the Portfolio Holdings.

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

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

**Passive Foreign Investment Companies: The fund may own shares in certain foreign corporations that meet the Internal Revenue Code definition of a Passive Foreign Investment Company (PFIC). The fund may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to- market gains (as well as any gains realized on sale).**

**Forward Foreign Currency Exchange Contracts: Forwards are contracts to buy and sell a currency at a set price on a future date. The value of the forwards is accounted for as unrealized appreciation or depreciation until the contracts settle, at which time the gains or losses are realized.**

**Securities Lending: Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with**

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2. Significant Accounting Policies (continued):

respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of October 31, 2022, the fund had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of October 31, 2022, are disclosed in the fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Central Securities Depositories Regulation: Effective February 1, 2022 the Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The fund may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities in the fund's Statement of Operations, if any.**

(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.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in the Statement of Operations. The fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Gains realized by the fund on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the fund records a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

(d) Investment Income:

Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the fund records certain foreign security dividends on the date the ex-dividend date is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

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2. Significant Accounting Policies (continued):

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees are non-contingent and non-routine fees which are subject to repayment to the investment adviser (see financial note 4 for additional information).

(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 makes distributions from net investment income and 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) Foreign Taxes:

The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the fund invests. These foreign taxes, if any, are paid by the fund and are disclosed in the Statement of Operations. Foreign taxes accrued as of October 31, 2022, if any, are reflected in the fund's Statement of Assets and Liabilities.

(j) 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.

(k) Regulatory Update:

In October 2022, 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 funds' streamlined shareholder reports 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 will be effective on January 24, 2023 and the compliance date will be 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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**3. Risk Factors:** 

Investing in the fund may involve certain risks, as discussed in the fund's prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

**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. 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 Style Risk. Schwab Asset Management may attempt to reduce the impact of the performance of any given investment style by allocating to investment managers who invest in both value and growth style stocks. But whenever value stocks fall out of favor with investors, they may underperform growth stocks, and vice versa.**

The portion of the fund that is invested in accordance with a particular index follows the securities included in that index during upturns as well as downturns. The fund does not take steps to reduce market exposure or to lessen the effects of a declining market with respect to this portion. In addition, because of the fund's expenses, the fund's performance with respect to this portion may be below that of the index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in the index's rebalancing schedule. Such errors and/or market disruptions may result in losses for the fund.

**Multi-Manager Risk. Schwab Asset Management and each investment manager makes investment decisions independently, and it is possible that the investment styles of Schwab Asset Management and the investment managers may not complement one another. As a result, the fund's exposure to a given stock, industry or investment style could unintentionally be smaller or larger than if the fund had a single manager.**

**Management Risk. As an actively managed mutual fund, the fund is subject to the risk that its investment adviser and investment managers will select investments or allocate assets in a manner that could cause the fund to underperform or otherwise not meet its investment objective. Poor stock selection or a focus on securities in a particular sector may cause the fund to underperform its benchmark or other funds with a similar investment objective.**

**Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.**

**Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, the fund's performance could be impacted.**

**Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.**

**Mid-Cap Company Risk. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.**

**Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.**

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3. Risk Factors (continued):

prohibit non-Chinese ownership of those companies. To the extent the fund's investments in a single country or a limited number of countries represent a large percentage of the fund's assets, the fund's performance may be adversely affected by the economic, political, regulatory and social conditions in those countries, and the fund's price may be more volatile than the price of a fund that is geographically diversified.

**Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with the fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.**

**Currency Risk. As a result of the fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the fund will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar. If such an event occurs, the dollar value of an investment in the fund would be adversely affected.**

**Sampling Index Tracking Risk. The portion of the fund that is invested in accordance with a particular index may not fully replicate the index and may hold securities not included in the index. As a result, the fund is subject to the risk that Schwab Asset Management's investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because Schwab Asset Management utilizes a sampling approach the portion of the fund it manages may not track the return of the index as well as it would if the fund purchased all of the securities in the index.**

**Derivatives Risk. The fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are options, futures, options on futures and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in which the seller agrees to make a payment to the buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.**

The fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk, market risk and management risk, are discussed elsewhere in this section. The fund's use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk and tax risk. Credit risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately large impact on the fund. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause the fund to realize higher amounts of short-term capital gains. The fund's use of derivatives could reduce the fund's performance, increase its volatility, and could cause the fund to lose more than the initial amount invested. The use of derivatives, that are subject to regulation by the Commodity Futures Trading Commission (CFTC), could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

**Liquidity Risk. The fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.**

**Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.**

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

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**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 0.63% of the fund's average daily net assets.

Prior to February 25, 2022, the advisory and administrative service fee of the fund was as follows:

---

| | |
|:---|:---|
| % OF AVERAGE DAILY NET ASSETS |  |
| First $500 million | &nbsp;&nbsp;&nbsp;1.29% |
| $500 million to $1 billion | 1.275% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;1.25% |

---

For the period ended October 31, 2022, the aggregate advisory fees paid to the investment adviser by the fund was 0.86% as a percentage of the fund's average daily net assets.

#### Shareholder Servicing
The Board has adopted a Shareholder Servicing 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 0.20%. 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 0.20% of the average annual daily net asset value of the fund shares owned by shareholders holding shares through such service provider. Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

#### Expense Limitation
Although these agreements specify certain fees for these services, 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 (including acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds), excluding interest, taxes and certain non-routine expenses to 0.86%. Prior to February 25, 2022, the expense limitation was 1.25%, excluding acquired fund fees and expenses, interest, taxes, and certain non-routine expenses.

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Schwab International Opportunities Fund

## Financial Notes (continued)

------

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 in this report that are owned by other funds in the Fund Complex as of October 31, 2022, as applicable:

---

| | |
|:---|:---|
| Schwab Balanced Fund | &nbsp;&nbsp;5.8% |
| Schwab Target 2010 Fund | &nbsp;&nbsp;0.2% |
| Schwab Target 2015 Fund | &nbsp;&nbsp;0.3% |
| Schwab Target 2020 Fund | &nbsp;&nbsp;2.5% |
| Schwab Target 2025 Fund | &nbsp;&nbsp;4.2% |
| Schwab Target 2030 Fund | &nbsp;&nbsp;9.5% |
| Schwab Target 2035 Fund | &nbsp;&nbsp;5.7% |
| Schwab Target 2040 Fund | 12.4% |
| Schwab Target 2045 Fund | &nbsp;&nbsp;2.9% |
| Schwab Target 2050 Fund | &nbsp;&nbsp;3.0% |
| Schwab Target 2055 Fund | &nbsp;&nbsp;2.0% |
| Schwab Target 2060 Fund | &nbsp;&nbsp;0.6% |
| Schwab Target 2065 Fund | &nbsp;&nbsp;0.1% |

---

#### Investments in Affiliates
The fund may engage in certain transactions involving related parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other related funds. As of October 31, 2022, the fund's ownership percentage of other related fund's shares is:

---

| | |
|:---|:---|
| Schwab Emerging Markets Equity ETF | 0.5% |

---

#### Other Affiliated Transactions
The professional fees related to foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine fees. The investment adviser agreed to pay these professional fees on behalf of the fund, subject to reimbursement to the extent the fund is able to successfully recover taxes withheld in the future.

For the period ended October 31, 2022, the professional fees incurred by the fund and paid by the investment adviser were $13,635, as shown as Professional fees in the Statement of Operations.

For the period ended October 31, 2022, the fund recovered previously withheld foreign taxes from France. The payments received by the fund amounted to $2,686,413, which includes $322,895 of interest income, and is recorded as Dividends received from securities — unaffiliated in the fund's Statement of Operations. The investment adviser had paid upfront professional fees associated with recovering these foreign taxes in the amount of $12,244 and is recorded as Dividends received from securities — unaffiliated in the fund's Statement of Operations. This amount has been reimbursed to the investment adviser by the fund.

As of October 31, 2022, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the fund to the investment adviser was $1,540.

No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

#### Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the 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.

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Schwab International Opportunities Fund

## Financial Notes (continued)

------

4. Affiliates and Affiliated Transactions (continued):

#### Interfund Transactions
The fund's investment adviser or sub-advisers may engage in transactions with certain other funds they manage in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When a 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, sub-adviser, trustees and/or officers. For the period ended October 31, 2022, the fund's purchases and sales of securities with other funds managed by the investment adviser or sub-advisers was $38,054,155 and $33,650,260 respectively, and includes realized losses of $8,463,367.

------

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 it 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.

------

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), 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 it 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.

------

7. Purchases and Sales of Investment Securities:

For the period ended October 31, 2022, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br> OF SECURITIES | &nbsp;&nbsp;SALES <br> OF SECURITIES |
| $991287110 | &nbsp;&nbsp;$956319513 |

---

------

8. Derivatives:

The fund entered into equity index futures contracts during the report period. The fund invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at October 31, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations. Refer to financial note 2(b) for the fund's accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended October 31, 2022, the month-end average notional amounts of futures contracts held by the fund and the month-end average number of contracts held were $34,080,308 and 329, respectively.

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Schwab International Opportunities Fund

## Financial Notes (continued)

------

8. Derivatives (continued):

The fund invested in forwards in connection with the purchase and sale of portfolio securities to minimize the uncertainty of changes in future foreign currency exchange rates and to hedge exposure to certain currencies. Refer to financial note 2(b) for the fund's accounting policies with respect to forwards and financial note 3 for disclosures concerning the risks of investing in forwards. During the period ended October 31, 2022, the month-end average forward foreign currency notional amount and the month-end average unrealized appreciation were $2,212,776 and $311,019, respectively.

As of October 31, 2022, the derivatives contracts held by the fund, categorized by primary risk exposure, were:

---

| | |
|:---|:---|
| ASSET DERIVATIVES | FAIR VALUE |
| Equity Index Futures Contracts<sup>1</sup> | $767044 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| LIABILITY DERIVATIVES | FAIR VALUE |
| Equity Index Futures Contracts<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Forward Foreign Currency Exchange Contracts<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in the Portfolio Holdings. Only current day's variation margin on futures contracts is reported within the Statement of Assets and Liabilities.

<sup>2</sup> Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

<sup>3</sup> Includes cumulative unrealized depreciation of futures contracts as reported in the Portfolio Holdings. Only current day's variation margin on futures contracts is reported within the Statement of Assets and Liabilities.

<sup>4</sup> Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

The effects of the derivatives held by the fund in the Statement of Operations for the period ended October 31, 2022 were:

---

| | |
|:---|:---|
| **Equity Index Futures Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized losses<sup>1</sup> | ($9817529) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900478 |
| **Forward Foreign Currency Exchange Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71094) |

---

<sup>1</sup> Statement of Operations location: Net realized losses on futures contracts and net realized gains on forward foreign currency exchange contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts and net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

------

9. Federal Income Taxes:

As of October 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;GROSS UNREALIZED<br> APPRECIATION | &nbsp;&nbsp;GROSS UNREALIZED<br> DEPRECIATION | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) |
| $1154118992 | &nbsp;&nbsp;&nbsp;$75759897 | &nbsp;&nbsp;($250780945) | &nbsp;&nbsp;($175021048) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| UNDISTRIBUTED <br> ORDINARY<br> INCOME | &nbsp;&nbsp;UNDISTRIBUTED <br> LONG-TERM<br> CAPITAL GAINS | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ON INVESTMENTS | &nbsp;&nbsp;NET OTHER UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | &nbsp;&nbsp;TOTAL |
| $8753846 | &nbsp;&nbsp;$26256614 | &nbsp;&nbsp;($175021048) | &nbsp;&nbsp;($665276) | &nbsp;&nbsp;($140675864) |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, and the realization for tax purposes of unrealized appreciation on investments in PFICs. The tax cost of the fund's investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

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9. Federal Income Taxes (continued):

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CURRENT FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;CURRENT FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS |
| &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS | &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS |
| &nbsp;&nbsp;$57006279 | &nbsp;&nbsp;$157871470 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$85551526 |

---

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 October 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 October 31, 2022, the fund did not incur any interest or penalties.

------

10. Subsequent Events:

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

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Schwab International Opportunities Fund

## Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund):

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of the Schwab International Opportunities Fund (the "Fund"), one of the funds constituting Schwab Capital Trust, as of October 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 October 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 October 31, 2019 were audited by other auditors, whose report, dated December 16, 2019, 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 audit, 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 October 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> December 16, 2022
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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Schwab International Opportunities Fund

## Other Federal Tax Information (unaudited)

------

The fund may elect to pass through, under section 853(a) of the Internal Revenue Code, the foreign tax credit of $432,276 to its shareholders for the fiscal year ended October 31, 2022. The respective foreign source income on the fund is $27,358,810.

For the fiscal year ended October 31, 2022, the fund designates $16,931,628 of the dividend distributions as qualified dividends for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

Under section 852(b)(3)(C) of the Internal Revenue Code, the fund hereby designates $157,871,470 as long-term capital gain dividends for the fiscal year ended October 31, 2022.

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Schwab International Opportunities Fund

## Shareholder Vote Results (unaudited)

------

A Special Meeting of Shareholders of Schwab Capital Trust (the "Trust") was held on June 1, 2022, for the purpose of seeking shareholder approval to elect the following individuals as trustees of the Trust: Walter W. Bettinger II, Richard A. Wurster, Michael J. Beer, Robert W. Burns, Nancy F. Heller, David L. Mahoney, Jane P. Moncreiff, Kiran M. Patel, Kimberly S. Patmore, and J. Derek Penn. The number of votes necessary to conduct the Special Meeting and approve the proposal was obtained. The results of the shareholder vote are listed below:

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095577106.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838980.968 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117598789.555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93817297.918 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116890447.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94525639.968 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117915860.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500227.363 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119878732.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91537355.339 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069125022.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142291065.039 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120187927.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228159.635 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116689111.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726975.902 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119941056.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91475031.414 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117666014.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93750073.352 |

---

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Schwab International Opportunities Fund

## Liquidity Risk Management Program (unaudited)

------

The fund has adopted and implemented a liquidity risk management program (the "program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund's Board of Trustees (the "Board") has designated the fund's investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. The program is reasonably designed to assess and manage a fund's liquidity risk, taking into consideration the fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser's process of determining the degree of liquidity of each fund's investments is supported by third-party liquidity assessment vendors.

The fund's Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity metrics. No significant liquidity events impacting the fund were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing the fund's liquidity risk.

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## Investment Advisory and Sub-Advisory Agreement Approval

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

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab International Opportunities Fund (formerly, Laudus International MarketMasters Fund) (the Fund), and the individual sub-advisory agreements between the investment adviser and American Century Investment Management, Inc., Baillie Gifford Overseas Limited (Baillie Gifford), Harris Associates L.P. (Harris), and Mondrian Investment Partners Limited (Mondrian) relating to the Fund (each, a Sub-Adviser and collectively, the Sub-Advisers). Such investment advisory and administration agreement and sub-advisory agreements are collectively referred to herein as the Agreements. The Trustees also review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser and the Sub-Advisers, including information about their affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser and the investment adviser sends an information request letter to each of the Sub-Advisers seeking certain relevant information. The responses by the investment adviser and the Sub-Advisers are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information

that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management. The Board also discusses with the investment adviser the Fund's operations and the investment adviser's ability, consistent with the "manager of managers" structure of the Fund, to (i) identify and recommend to the Trustees sub-advisers for the Fund, (ii) monitor and oversee the performance and investment capabilities of each Sub-Adviser, and (iii) recommend the termination and/or replacement of a Sub-Adviser when appropriate.

The Board, including a majority of the Independent Trustees, considered information relating specifically to the continuance of the Agreements with respect to the Fund at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreements with respect to the Fund for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval. The Board also noted that, at a meeting held on December 7, 2021, it had considered and approved amendments to the investment advisory and administration agreement and the sub-advisory agreements with each of American Century, Harris and Mondrian to reduce the advisory and sub-advisory fees with respect to the Fund.

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

1. the nature, extent and
quality of the services provided to the Fund under the Agreements, including the resources of the investment adviser and its affiliates, and the Sub-Advisers, dedicated to the Fund;

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

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

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

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

**Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided to the Fund and the resources of the investment adviser and its affiliates and the Sub-Advisers dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's and the Sub-Advisers' experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser and the Sub-Advisers relating to the services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, fund accounting and custody, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Fund and its shareholders. The Trustees considered Schwab's overall financial condition and its reputation as a full service brokerage firm as well as the wide range of products, services and account features that benefit Funds shareholders who are brokerage clients of Schwab. The Board also considered the nature, extent and quality of the sub-advisory services provided by the Sub-Advisers to the Fund and the resources each dedicates to the Fund. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser and the Sub-Advisers to the Fund and the resources of the investment adviser, its affiliates, and the Sub-Advisers dedicated to the Fund supported renewal of the Agreements with respect to the Fund.**

**Fund Performance. The Board considered the Fund's performance in determining whether to renew the Agreements with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and an applicable benchmark index, in light of total return and market trends, as well as in consideration of the Fund's investment style and strategy attributes and disclosures. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In addition, the Trustees considered whether irrespective of relative performance, each Sub-Adviser's absolute performance was**

consistent with expectations for such Sub-Adviser's unique investment methodology. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and adviser and Sub-Adviser profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreements with respect to the Fund.

**Fund Expenses. With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of the Fund from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to keep the Fund's expense cap for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser and the Sub-Advisers to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, as well as differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.**

**Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees also reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain fixed costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with**

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respect to the Fund under the Agreements and other service agreements were reasonable and justified in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund.

In addition, the Trustees also considered the compensation received by each Sub-Adviser, directly or indirectly. The Trustees also considered any other benefits derived by each Sub-Adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, such Sub-Adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. With respect to each Sub-Adviser, the Trustees considered whether the compensation and profitability under the applicable Agreement were reasonable and justified in light of the quality of all services rendered to the Fund by such Sub-Adviser, and its affiliates. The Board also considered the profitability of each Sub-Adviser with respect to the sub-advisory services it provides to the Fund, although, when doing so, the Board took into account the fact that the Sub-Advisers are compensated by the investment adviser, and not by the Fund directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and the investment adviser. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser and the Sub-Advisers is reasonable and supported renewal of the Agreements with respect to the Fund.

**Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through investments by the investment adviser in the investment adviser's infrastructure, including modernizing the investment**

adviser's technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; (ii) graduated investment advisory fee schedules or unitary fee structures, fee waivers, or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing the Fund to scale and keeping overall expenses down as the Fund grows. The Trustees acknowledged that, the investment adviser has shared any economies of scale with the Fund by investing in the investment adviser's infrastructure, as discussed above, over time and that the investment adviser's internal costs of providing investment management, technology, administrative, legal and compliance services to the Fund continue to increase as a result of regulatory or other developments. The Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from high fees, including, for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreements with respect to the Fund and concluded that the compensation under the Agreements with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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## Trustees and Officers

------

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

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Kiran M. Patel<br> 1948<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)** | Retired. | 105 | Director (2008 – present), KLA-Tencor Corporation |
| **Kimberly S. Patmore<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)** | Consultant (2008 – present), Patmore Management Consulting (management consulting). | 105 |  |
| **<br> J. Derek Penn<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 105 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Walter W. Bettinger II<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)** | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 105 | Director (2008 – present), The Charles Schwab Corporation |

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested 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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Richard A. Wurster<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)** | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 105 |  |

---

---

| | |
|:---|:---|
| **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>) | 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 Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)** | Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
| **Mark Fischer<br> 1970<br> Treasurer, Chief Financial Officer and Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)** | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc. |
| **Omar Aguilar<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **Brett Wander<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **William P. McMahon, Jr.<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |

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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>) | Principal Occupations During the Past Five Years |
| **Catherine MacGregor<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)** | Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |

---

<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.

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## Glossary

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#### asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage.

#### asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
**Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.**

**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 fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund's net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.**

#### cap, capitalization See "market cap."
**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 capital gain or loss is considered unrealized appreciation or depreciation.**

**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.**

#### market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
**MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**MSCI Emerging Markets Index (Net) A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**net asset value (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.**

#### outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
**price-to-book ratio (P/B) The market price of a company's stock compared with its "book value." A mutual fund's P/B is the weighted average of the P/B of all stocks in the fund's portfolio.**

**price-to-earnings ratio (P/E) The market price of a company's stock compared with earnings over the past year. A mutual fund's P/E is the weighted average of the P/E of all stocks in the fund's portfolio.**

**restricted and illiquid securities Restricted securities are securities that are subject to legal restrictions on their sale. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933 (the 1933 Act), or in a registered public offering. Certain restricted securities, such as Section 4(a)(2) commercial paper and Rule 144A securities under the 1933 Act, may be considered to be liquid if they meet the criteria for liquidity established by the Board. Illiquid securities generally are any securities that cannot be disposed of promptly and in the ordinary course of business at approximately the amount at which a fund has valued the instruments. The liquidity of a fund's investments is monitored under the supervision and direction of the Board. Investments currently not considered liquid include repurchase agreements not maturing within seven days and certain restricted securities.**

#### return on equity (ROE) The average yearly rate of return for each dollar of investors' money, measured over the past five years.
**Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

#### S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.

#### stock A share of ownership, or equity, in the issuing company.

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

#### weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund's portfolio.

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

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### 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© 2022 Charles Schwab & Co., Inc. All rights reserved.<br> Member SIPC<sup>®</sup><br> Printed on recycled paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| 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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[**Table of Contents**](#job_schwa_e58e7594-f625-4134-b382-5061f9e809a0_toc)

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20045img27bd65d11.jpg)

MFR13812-25<br> 00280553

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20748imgb9d1fb7b1.jpg)

#### Annual Report \| October 31, 2022

## Schwab Active Equity Funds

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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

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Schwab Active Equity Funds

In This Report

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_6dbe11e9-fd7a-441e-929f-6c0b338bcfd7_1) | 2 |
| [From the President](#xx_e4a0813a-098f-41a8-8cc7-33cbd7f1c341_1) | 3 |
| [The Investment Environment](#xx_f9359bf8-a4f3-4721-aaac-59b78724e8ad_1) | 4 |
| [Fund Management](#xx_97e10b4f-1cfc-42c0-86c4-ab0c7c411329_1) | 6 |
| [Performance and Fund Facts](#xx_a7ca0d07-bb35-4a93-af5d-a1e6c599d04c_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Core Equity Fund](#xx_a7ca0d07-bb35-4a93-af5d-a1e6c599d04c_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Dividend Equity Fund](#xx_158826e6-26bb-47df-99c5-dd326c858fd4_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Large-Cap Growth Fund](#xx_25ca3912-2619-4c3f-8389-d2077821a3cf_1) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Small-Cap Equity Fund](#xx_bdb91668-9af3-4b61-adaf-9d6f46f17352_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Health Care Fund](#xx_7a9452c0-0894-47d1-85dd-4322782f86cf_1) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab International Core Equity Fund](#xx_001dafa0-b824-4423-9898-e0534529ad37_1) | 23 |
| [Fund Expenses](#xx_96af9d9d-3acd-4a5f-8a47-0c69a775b783_1) | 26 |
| [Financial Statements and Portfolio Holdings](#xx_e021f218-12ce-4347-95b3-4d84f6c64974_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Core Equity Fund](#xx_e021f218-12ce-4347-95b3-4d84f6c64974_1) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Dividend Equity Fund](#xx_d34b9dff-bf27-4f89-bbef-6c25699c8358_1) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Large-Cap Growth Fund](#xx_391dee23-cee6-431d-aa45-e76d20a3390f_1) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Small-Cap Equity Fund](#xx_2ad29512-3f7c-4a56-9280-7a20e4e49c0f_1) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Health Care Fund](#xx_128061a6-58ad-4b0b-8020-76c5748bb4a5_1) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab International Core Equity Fund](#xx_18e043e0-1c58-4751-bef0-7c2ebe425b72_1) | 59 |
| [Financial Notes](#xx_b6041d6a-987f-41e2-a8de-c9495b46e91d_1) | 66 |
| [Report of Independent Registered Public Accounting Firm](#xx_d8bbfb2b-5b05-485b-ba7c-e89fdac49203_1) | 79 |
| [Other Federal Tax Information](#xx_6e592b59-0254-4e3f-b102-b31ded9bd8ae_1) | 80 |
| [Shareholder Vote Results](#xx_39b570e8-9c35-4b97-811d-70771ad62a09_1) | 81 |
| [Liquidity Risk Management Program](#xx_ee2d2486-c468-4b53-9113-e9617b223b05_1) | 82 |
| [Investment Advisory Agreement Approval](#xx_dd32610b-b074-4eb9-a1c2-f08d79965768_1) | 83 |
| [Trustees and Officers](#xx_fb8a5fa9-648b-49e7-a2cf-03e787f8936b_1) | 86 |
| [Glossary](#xx_c90bf899-9a48-4622-8dd3-deaebd82b29f_1) | 90 |

---

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

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

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

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Schwab Active Equity Funds

## Performance at a Glance

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

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab Core Equity Fund (Ticker Symbol: SWANX)** | -13.84% |
| S&P 500<sup>®</sup> Index | -14.61% |
| Fund Category: Morningstar Large Blend<sup>1</sup> | -14.48% |
| *Performance Details* | *pages 8-10* |
| **Schwab Dividend Equity Fund<sup>2</sup> (Ticker Symbol: SWDSX)** | &nbsp;&nbsp;&nbsp;-3.96% |
| Russell 1000<sup>®</sup> Value Index | &nbsp;&nbsp;&nbsp;-7.00% |
| Fund Category: Morningstar Large Value<sup>1</sup> | &nbsp;&nbsp;&nbsp;-4.53% |
| *Performance Details* | *pages 11-13* |
| **Schwab Large-Cap Growth Fund (Ticker Symbol: SWLSX)** | -22.45% |
| Russell 1000<sup>®</sup> Growth Index | -24.60% |
| Fund Category: Morningstar Large Growth<sup>1</sup> | -28.11% |
| *Performance Details* | *pages 14-16* |
| **Schwab Small-Cap Equity Fund (Ticker Symbol: SWSCX)** | -10.25% |
| Russell 2000<sup>®</sup> Index | -18.54% |
| Fund Category: Morningstar Small Blend<sup>1</sup> | -13.55% |
| *Performance Details* | *pages 17-19* |
| **Schwab Health Care Fund<sup>2</sup> (Ticker Symbol: SWHFX)** | &nbsp;&nbsp;&nbsp;-3.82% |
| Dow Jones Global Health Care Index | -10.03% |
| Fund Category: Morningstar Health<sup>1</sup> | -17.14% |
| *Performance Details* | *pages 20-22* |
| **Schwab International Core Equity Fund<sup>2</sup> (Ticker Symbol: SICNX)** | -22.40% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>3</sup> | -23.00% |
| Fund Category: Morningstar Foreign Large Blend<sup>1</sup> | -24.04% |
| *Performance Details* | *pages 23-25* |

---

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

For index definitions, please see the Glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, a fund's total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

<sup>1</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>2</sup> The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information.

<sup>3</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Active Equity Funds

## From the President<br>

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![](g20748img5e8a34e72.jpg)

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

Geopolitical, economic, and market challenges abounded during the 12-month reporting period ended October 31, 2022. Although the period started off strong, with markets reaching new highs in the final months of 2021, the subsequent 10 months were beset by rapidly rising inflation, sharply climbing interest rates, steeply declining stock prices, and the onset of a war in Europe as Russia invaded Ukraine. Economic growth in the United States and most of the world slowed. By the end of the period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, lost nearly 20% of its value from its early-January 2022 peak and returned -14.6% for the reporting period. The MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, declined by more than 25% between early-January 2022 highs and the end of the reporting period and returned -23.0% for the reporting period. During the reporting period, despite negative returns, each of the Schwab Active Equity Funds outperformed its respective index.

While we are pleased with the funds' performance relative to their indices, at Schwab Asset Management, we recognize that today's turbulent investment environment may be unsettling for many investors. Market declines and volatility can rattle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, even in the face of market turmoil and volatility, most investors are best served by maintaining a diversified portfolio that reflects their risk tolerance and goals.

The Schwab Active Equity Funds take on the job of sifting through the latest market developments and researching company fundamentals, identifying trends that could impact valuations, and factoring that analysis into investment decisions. The funds seek to deliver consistent, risk-adjusted returns over the long-term through a disciplined investment process that uses both quantitative and fundamental research.

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 Active Equity 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,

![](g20748img3d4985c33.jpg)

" *During the reporting period, despite negative returns, each of the Schwab Active Equity Funds outperformed its respective index.*"

Past performance is no guarantee of future results.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

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.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Active Equity Funds

## The Investment Environment

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For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -14.61%. U.S. small-cap stocks underperformed U.S. large-cap stocks, with the Russell 2000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Index returning -18.54% and -16.38%, respectively. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks, with the Russell 1000<sup>®</sup> Growth Index and Russell 1000<sup>®</sup> Value Index returning -24.60% and -7.00%, respectively. Among U.S. industry sectors, only energy generated strong positive returns, driven by soaring oil and gas prices. Traditionally defensive sectors, such as consumer staples, utilities, and health care, tended to outperform the market average, while cyclically sensitive sectors, such as consumer discretionary, real estate, and information technology, lagged. Outside the United States, the MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, returned -23.00% for the reporting period.

After a recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, U.S. gross domestic product (GDP) increased at an annualized rate of 6.9% for the fourth quarter. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% and -0.6% for the first and second quarters of 2022, respectively. GDP growth was positive for the third quarter of 2022, increasing at an annualized rate of 2.9%, driven primarily by energy exports. Consumer spending also grew but at a slower pace than in the second quarter. Inflation remained stubbornly

#### Asset Class Performance Comparison % returns during the 12 months ended October 31, 2022

#### <br>
![](g20748imgccedc2d84.jpg)

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

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

Management views may have changed since the report date.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Active Equity Funds

## The Investment Environment (continued)<br>

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high, hitting a 40-year high in June due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs, before falling slightly by the end of the reporting period. The unemployment rate remained low, ending the reporting period near pre-pandemic lows.

Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, high energy costs, rising inflation, and the war in Ukraine. After spiking in early March 2022 as sanctions were imposed on Russian imports—and again in June on supply-and-demand imbalances—oil prices generally fell through the rest of the reporting period, ending at just over $86 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for the fourth quarter of 2021 and first and second quarters of 2022, as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The United Kingdom also posted small gains in GDP growth for the fourth quarter of 2021 and first and second quarters of 2022. Among emerging markets, China's GDP growth rate remained positive but slowed notably as China dealt with numerous headwinds including the political landscape, an emphasis on domestic consumption over globalization, lockdowns and quarantines, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing mortgage payments on incomplete builds. India's GDP growth also remained positive over the reporting period, particularly in the second quarter of 2022, on rising consumer demand and a rapid decline in COVID-19 cases.

Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the U.S. Federal Reserve (Fed) shifted its stance. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate five times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—in its ongoing efforts to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 3.00% to 3.25%. In June, the Fed also began to reduce the $9 trillion in assets it held on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. Outside the United States, central banks were similarly responsive. After holding its policy rate unchanged since March 2015, at 0.00%, the European Central Bank raised its interest rate three times over the reporting period in an effort to dampen demand and control inflation, which in October 2022 rose into double-digits. The Bank of England raised its key official bank rate seven times during the reporting period, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but raised its inflation forecast at its October 2022 meeting.

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Schwab Active Equity Funds

## Fund Management

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| ![(Bill McMahon Photo)](g20748imgb98b83755.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Bill McMahon, CFA, Managing Director and Chief Investment Officer of Active Equity Strategies for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund, Schwab Core Equity Fund, and Schwab Dividend Equity Fund. Mr. McMahon has more than 20 years of experience in the financial services industry. Prior to his current role, Mr. McMahon was an SVP in Charles Schwab Investment Advisory, Inc. (CSIA), serving as CIO and as a member of the portfolio management team for the ThomasPartners Strategies. Mr. McMahon co-founded ThomasPartners, Inc. in 2001 and served as partner of the firm until its acquisition by the Charles Schwab Corporation in 2012 and subsequent merger with CSIA in 2018. Mr. McMahon began his career at State Street Corporation, with the latter half of his tenure with State Street Global Advisors.** |

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| ![](g20748imgbc60e9e26.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Iain Clayton, CFA, FRM, Senior Portfolio Manager and Head of Quantitative Portfolio Management for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Core Equity Fund, Schwab International Core Equity Fund, Schwab Small-Cap Equity Fund, and Schwab Health Care Fund. Prior to joining Schwab in 2013, Mr. Clayton spent more than five years at SSI Investment Management where he was a portfolio manager and the director of quantitative research. In these roles, Mr. Clayton co-managed multiple investment strategies and developed quantitative models and valuation approaches. From 2004 to 2008, he worked as a portfolio manager and director at RCM Capital Management (now known as Allianz Global Investors) and helped manage various equity portfolios and developed fundamental-based stock selection models. Prior to that, he was a vice president at Eureka Investment Advisors for almost three years and also served as a senior quantitative analyst and assistant portfolio manager. He has also worked as a quantitative research analyst at RCM Capital Management.** |

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| ![(Brian Hillburn Photo)](g20748img70d352317.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Brian Hillburn, CFA, Senior Portfolio Manager and the Director of Fundamental Research for Schwab Asset Management, is responsible for the day-to-day co-management of the Schwab Core Equity Fund. Mr. Hillburn also provides fundamental equity research coverage for the ThomasPartners Strategies and the Schwab Active Equity Funds. Previously, Mr. Hillburn was a senior equity research analyst for the ThomasPartners Strategies at Schwab Asset Management. Prior to joining the ThomasPartners Strategies, Mr. Hillburn was an equity analyst at Rockland Trust, and earlier positions include equity research analysis roles on mutual fund teams at Wells Capital and Morgan Stanley Investment Management.** |

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|:---|:---|
| ![](g20748img8064eb678.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Wei Li, Ph.D., CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Core Equity Fund, Schwab Dividend Equity Fund, Schwab Small-Cap Equity Fund, and Schwab Health Care Fund. Prior to joining Schwab in 2012, Ms. Li spent more than 10 years at Barclays Global Investors (now known as BlackRock), where she held a number of positions. From 2001 to 2009, she worked in various roles in the global advanced active group, including portfolio management and quantitative research for both U.S. and international equity markets. After 2009, she worked in the defined contribution research and product development area for almost two years.** |

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| ![(Gretchen Novak photo)](g20748img5a1de0b79.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Gretchen Novak, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund. Ms. Novak also provides fundamental equity research coverage of certain industry sectors for the ThomasPartners Strategies and the Schwab Active Equity Funds. Previously, Ms. Novak was a director and senior equity research analyst for the ThomasPartners Strategies at Schwab Asset Management. Prior to joining the ThomasPartners Strategies, Ms. Novak was a senior portfolio manager at Mazama Capital Management, Inc., where she oversaw the equity research and portfolio management of the firm's consumer discretionary and staples sectors. Prior to Mazama Capital, Ms. Novak was an equity analyst at Cramer Rosenthal McGlynn, LLC.** |

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| ![(Jim Serhant Photo)](g20748img7591375910.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Jim Serhant, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Dividend Equity Fund and the ThomasPartners Balanced Strategies. Mr. Serhant also provides fundamental equity research coverage of certain industry sectors for the ThomasPartners Strategies and the Schwab Active Equity Funds. Prior to joining Schwab in 2016, Mr. Serhant was an executive vice president at Hartford Investment Management where he was the head of high yield and a senior portfolio manager, overseeing the credit research and portfolio management of the firm's high yield strategies. Previously, he was a fixed income analyst at Delaware Investments and JP Morgan.** |

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Schwab Active Equity Funds

## Fund Management (continued)<br>

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|:---|:---|
| ![](g20748img779a8aa511.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Holly Emerson, CFA, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund and Schwab Small-Cap Equity Fund. Prior to joining Schwab in 2014, Ms. Emerson spent nearly 10 years at Algert Coldiron Investors LLC (now known as Algert Global), a quantitative market-neutral hedge fund manager. She held a number of positions at Algert, including assistant portfolio manager and director of operations. In her various roles, she acted as the lead portfolio manager for the Canadian fund, conducted macroeconomic research, and managed relationships with prime brokerage investment banks.** |

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## Schwab Core Equity Fund as of October 31, 2022

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**The Schwab Core Equity Fund (the fund) seeks long-term capital growth. To pursue its investment objective, the fund invests primarily in U.S. stocks. Under normal circumstances, the fund pursues its goal by investing at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in equity securities of U.S. companies. The fund typically invests in common stocks of U.S. companies that have market capitalizations of approximately $500 million or more at the time of purchase. To aid its stock selection, the fund uses Schwab Equity Ratings<sup>®</sup> and employs a research-driven, "bottom-up" approach focusing primarily on individual securities. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted.**

**Performance. The fund returned -13.84% for the 12-month reporting period ended October 31, 2022, outperforming the S&P 500<sup>®</sup> Index (the index), which the fund uses for performance comparisons. The index returned -14.61% for the reporting period.**

**Positioning and Strategies. The fund's overweight investment in EOG Resources, Inc., which explores, develops, produces, and markets natural gas and crude oil, enhanced the fund's relative performance. The fund's holdings of EOG Resources returned approximately 61% for the reporting period. EOG Resources benefitted from rising oil and gas prices as Russia invaded Ukraine and the Organization of the Petroleum Exporting Countries (OPEC) cut production.**

The fund's overweight investment in Exxon Mobil Corp., which operates petroleum and petro chemicals businesses, also contributed to the fund's relative performance as a result of rising oil and gas prices as Russia invaded Ukraine and OPEC cut production. The fund's holdings of Exxon Mobil returned approximately 80% for the reporting period.

The fund's overweight investment in Alphabet, Inc., which provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products, weighed on the fund's relative performance. The fund's Class A holdings of Alphabet returned approximately -36% for the reporting period. Alphabet was impacted by concerns about advertising spending on its platform amid fears of a recession.

The fund's overweight investment in VF Corp., an international lifestyle apparel and footwear company, also detracted from the fund's relative performance as a result of deteriorating sales and elevated inventories in some of its value-oriented brands. The fund's holdings of VF returned approximately -59% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>8</sub>

Schwab Active Equity Funds \| Annual Report

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g20748lg_2m33.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Core Equity Fund (7/1/96) | -13.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38% | &nbsp;&nbsp;&nbsp;&nbsp;10.87% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Fund Category: Morningstar Large Blend<sup>2</sup> | -14.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03% | &nbsp;&nbsp;&nbsp;&nbsp;11.44% |
| *Fund Expense Ratio<sup>3</sup>: 0.73%* | *Fund Expense Ratio<sup>3</sup>: 0.73%* | *Fund Expense Ratio<sup>3</sup>: 0.73%* | *Fund Expense Ratio<sup>3</sup>: 0.73%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.

<sub>9</sub>

Schwab Active Equity Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Weighted Average Market Cap (millions) | $563952 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g20748imgf7c418b112.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g20748imgc55ffb3813.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

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Schwab Active Equity Funds \| Annual Report

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

## Schwab Dividend Equity Fund as of October 31, 2022

------

**The Schwab Dividend Equity Fund (the fund) seeks current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in dividend paying common and preferred stocks. The fund uses Schwab Equity Ratings<sup>®</sup> to aid its U.S. stock selection and Schwab Equity Ratings International<sup>®</sup> to aid its international stock selection and employs a research-driven, "bottom-up" approach focusing primarily on individual securities. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. Over the reporting period, value stocks outperformed growth stocks, and interest rates rose, leading to outperformance of dividend-paying stocks compared to the broader stock market.**

**Performance. The fund returned -3.96% for the 12-month reporting period ended October 31, 2022, outperforming the Russell 1000<sup>®</sup> Value Index (the index), which the fund uses for performance comparisons. The index returned -7.00% for the reporting period.**

As of October 31, 2022, the fund's dividend yield was 2.10%, lower than the 2.27% dividend yield of the index. As of October 31, 2022, the fund's 30-Day SEC yield was 2.15%.

**Positioning and Strategies. The fund's overweight investment in Lockheed Martin Corp., a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services, enhanced the fund's relative performance. The fund's holdings of Lockheed Martin returned approximately 51% for the reporting period. Lockheed Martin benefitted as a result of the expectation of increased military spending following Russia's invasion of Ukraine and threats to Taiwan from China. The fund's holdings of Lockheed Martin returned approximately 51% for the reporting period.**

The fund's overweight investment in Amgen, Inc., an independent biotechnology medicines company that discovers, develops, manufactures, and markets medicines for illnesses, also contributed to the fund's relative performance as a result of optimism around forthcoming data on the company's obesity drug. The fund's holdings of Amgen returned approximately 35% for the reporting period.

The fund's position in Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products, weighed on the fund's relative performance. The fund's holdings of Microsoft returned approximately -29% for the reporting period. Rising interest rates weighed on Microsoft's earnings.

The overweight investment in T. Rowe Price Group, a financial services holding company, also detracted from the fund's relative performance as a result of outflows in assets under management and difficult market conditions that reduced fee earning assets. The fund sold its position in T. Rowe Price in May 2022. The fund's holdings of T. Rowe Price returned approximately -42% while held by the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>11</sub>

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------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2</sup>

![](g20748lg_2m34.jpg)

#### <br>
Average Annual Total Returns<sup>1,2</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Dividend Equity Fund (9/2/03) | &nbsp;&nbsp;&nbsp;-3.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59% |
| Russell 1000<sup>®</sup> Value Index | &nbsp;&nbsp;&nbsp;-7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21% | &nbsp;&nbsp;&nbsp;&nbsp;10.30% |
| Dividend Equity Spliced Index | &nbsp;&nbsp;&nbsp;-7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21% | &nbsp;&nbsp;&nbsp;&nbsp;10.46% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Fund Category: Morningstar Large Value<sup>3</sup> | &nbsp;&nbsp;&nbsp;-4.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.67% | &nbsp;&nbsp;&nbsp;&nbsp;10.21% |
| *Fund Expense Ratios<sup>4</sup>: Net 0.89%; Gross 0.90%* | *Fund Expense Ratios<sup>4</sup>: Net 0.89%; Gross 0.90%* | *Fund Expense Ratios<sup>4</sup>: Net 0.89%; Gross 0.90%* | *Fund Expense Ratios<sup>4</sup>: Net 0.89%; Gross 0.90%* |

---

Yields<sup>1</sup>

---

| | |
|:---|:---|
| 30-Day SEC Yield | 2.15% |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>3</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>4</sup> As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.

<sub>12</sub>

Schwab Active Equity Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Weighted Average Market Cap (millions) | $266208 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g20748imgae0479d014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g20748img781692b215.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sub>13</sub>

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------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

## Schwab Large-Cap Growth Fund as of October 31, 2022

------

**The Schwab Large-Cap Growth Fund (the fund) seeks long-term capital growth. To pursue its investment objective, the fund invests primarily in U.S. common stocks. Under normal circumstances, the fund invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in large-cap stocks of U.S. companies. To aid its stock selection, the fund uses Schwab Equity Ratings<sup>®</sup> and employs a research-driven, "bottom-up" approach focusing primarily on individual securities. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks.**

**Performance. The fund returned -22.45% for the 12-month reporting period ended October 31, 2022, outperforming the Russell 1000<sup>®</sup> Growth Index (the index), which the fund uses for performance comparisons. The index returned -24.60% for the reporting period.**

**Positioning and Strategies. The fund's overweight investment in EOG Resources, Inc., which explores, develops, produces, and markets natural gas and crude oil, enhanced the fund's relative performance. The fund's holdings of EOG Resources returned approximately 61% for the reporting period. EOG Resources benefitted from rising oil and gas prices as Russia invaded Ukraine and the Organization of the Petroleum Exporting Countries (OPEC) cut production.**

The fund's overweight investment in Lockheed Martin Corp., a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services, also contributed to the fund's relative performance as a result of the expectation of increased military spending following Russia's invasion of Ukraine and threats to Taiwan from China. The fund's holdings of Lockheed Martin returned approximately 51% for the reporting period.

The fund's overweight investment in Meta Platforms, Inc., which operates as a social technology company, weighed on the fund's relative performance. The fund's Class A holdings of Meta returned approximately -71% for the reporting period. Meta suffered from a deterioration of fundamentals of reduced growth coupled with intensive spending on its metaverse initiative.

The fund not holding AbbVie, Inc., which researches and develops pharmaceutical products, during the reporting period also detracted from the fund's relative performance. AbbVie returned approximately 33% for the index during the reporting period. AbbVie benefitted from strong sales of its immunology medications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>14</sub>

Schwab Active Equity Funds \| Annual Report

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g20748lg_2m39.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Large-Cap Growth Fund (10/3/05) | -22.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18% | &nbsp;&nbsp;&nbsp;&nbsp;12.34% |
| Russell 1000<sup>®</sup> Growth Index | -24.60% | &nbsp;&nbsp;&nbsp;&nbsp;12.59% | &nbsp;&nbsp;&nbsp;&nbsp;14.69% |
| Fund Category: Morningstar Large Growth<sup>2</sup> | -28.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51% | &nbsp;&nbsp;&nbsp;&nbsp;12.37% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.99%; Gross 1.02%* | *Fund Expense Ratios<sup>3</sup>: Net 0.99%; Gross 1.02%* | *Fund Expense Ratios<sup>3</sup>: Net 0.99%; Gross 1.02%* | *Fund Expense Ratios<sup>3</sup>: Net 0.99%; Gross 1.02%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.

<sub>15</sub>

Schwab Active Equity Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Weighted Average Market Cap (millions) | $794215 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

Sector Weightings % of Investments<sup>2</sup>

![](g20748imge1b087ea16.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>3</sup>

![](g20748imgf96fe6bb17.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

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------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

## Schwab Small-Cap Equity Fund as of October 31, 2022

------

**The Schwab Small-Cap Equity Fund (the fund) seeks long-term capital growth. Under normal circumstances, the fund invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in small-cap equity securities. To aid its stock selection, the fund uses Schwab Equity Ratings<sup>®</sup>. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks.**

**Performance. The fund returned -10.25% for the 12-month reporting period ended October 31, 2022, outperforming the Russell 2000<sup>®</sup> Index (the index), which the fund uses for performance comparisons. The index returned -18.54% for the reporting period.**

**Positioning and Strategies. The fund's overweight investment in Extreme Networks, Inc., which provides technology solutions, enhanced the fund's relative performance. The fund's holdings of Extreme Networks returned approximately 83% for the reporting period. Extreme Networks benefitted from strong demand trends and execution by management as well as easing of supply chain constraints.**

The fund's overweight investment in PBF Energy, Inc., which operates as an independent petroleum refiner and supplier, also contributed to the fund's relative performance as a result of rising oil prices as Russia invaded Ukraine and the Organization of the Petroleum Exporting Countries (OPEC) cut production. The fund's Class A holdings of PBF Energy returned approximately 155% for the reporting period.

The fund's overweight investment in Domo, Inc., which designs and develops enterprise software, weighed on the fund's relative performance. The fund's Class B holdings of Domo returned approximately -80% for the reporting period. Domo was impacted by turnover in its enterprise sales force as well as a lack of large deals.

The fund's overweight investment in Codexis, Inc., which develops biocatalysts for the pharmaceutical and fine chemicals industries, also detracted from the fund's relative performance as a result of scaled back research and development budgets from biotechnology partners. The fund's holdings of Codexis returned approximately -85% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>17</sub>

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------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g20748lg_2m35.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Small-Cap Equity Fund (7/1/03) | -10.25% | &nbsp;&nbsp;&nbsp;&nbsp;5.41% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% |
| Russell 2000<sup>®</sup> Index | -18.54% | &nbsp;&nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93% |
| Fund Category: Morningstar Small Blend<sup>2</sup> | -13.55% | &nbsp;&nbsp;&nbsp;&nbsp;5.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% |
| *Fund Expense Ratio<sup>3</sup>: 1.08%* | *Fund Expense Ratio<sup>3</sup>: 1.08%* | *Fund Expense Ratio<sup>3</sup>: 1.08%* | *Fund Expense Ratio<sup>3</sup>: 1.08%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.

<sub>18</sub>

Schwab Active Equity Funds \| Annual Report

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;328 |
| Weighted Average Market Cap (millions) | $3143 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g20748img6b9061b618.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g20748img40b2e1de19.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

Small-company stocks are subject to greater volatility than many other asset classes.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

## Schwab Health Care Fund as of October 31, 2022

------

**The Schwab Health Care Fund (the fund) seeks long-term capital growth. To pursue its goal, the fund primarily invests in equity securities issued by companies in the health care sector. The fund uses Schwab Equity Ratings<sup>®</sup> to aid its U.S. stock selection and Schwab Equity Ratings International<sup>®</sup> to aid its international stock selection. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger, and generally reducing the returns of overseas investments in U.S. dollar terms. U.S. health care stocks outperformed broader global stock markets, including the S&P 500<sup>®</sup> Index and MSCI EAFE<sup>®</sup> Index.**

**Performance. The fund returned -3.82% for the 12-month reporting period ended October 31, 2022, outperforming the Dow Jones Global Health Care Index (the index), which the fund uses for performance comparisons. The index returned -10.03% for the reporting period.**

**Positioning and Strategies. The fund's overweight investment in Vertex Pharmaceuticals, Inc., which discovers, develops, and commercializes pharmaceutical products, enhanced the fund's relative performance. The fund's holdings of Vertex Pharmaceuticals returned approximately 69% for the reporting period. Vertex Pharmaceuticals benefitted from growth in their cystic fibrosis franchise and an improving pipeline.**

The fund's overweight investment in Bristol-Myers Squibb Co., which develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products, also contributed to the fund's relative performance as a result of earnings growth and decent performance from new launches. The fund's holdings of Bristol-Myers Squibb returned approximately 37% for the reporting period.

The fund's overweight investment in Getinge AB, which provides hospitals and life science institutions with products and solutions that aim to improve clinical results and optimize workflows, weighed on the fund's relative performance. The fund gradually reduced its position in Getinge throughout the period. The fund's Class B shares of Getinge returned approximately -52% in U.S. dollar terms for the reporting period. Getinge was impacted by a normalization of sales following boosts in sales related to COVID-19.

The fund's overweight investment in Sonova Holding AG, which provides hearing care solutions, also detracted from the fund's relative performance as a result of changes in the hearing market as well as higher labor and material costs that have slowed the business. The fund's holdings of Sonova returned approximately -42% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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Schwab Health Care Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2</sup>

![](g20748lg_2m42.jpg)

#### <br>
Average Annual Total Returns<sup>1,2</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Health Care Fund (7/3/00) | &nbsp;&nbsp;&nbsp;-3.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% | &nbsp;&nbsp;&nbsp;&nbsp;12.87% |
| Dow Jones Global Health Care Index | -10.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.96% | &nbsp;&nbsp;&nbsp;&nbsp;11.52% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Fund Category: Morningstar Health<sup>3</sup> | -17.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.81% | &nbsp;&nbsp;&nbsp;&nbsp;12.76% |
| *Fund Expense Ratio<sup>4</sup>: 0.80%* | *Fund Expense Ratio<sup>4</sup>: 0.80%* | *Fund Expense Ratio<sup>4</sup>: 0.80%* | *Fund Expense Ratio<sup>4</sup>: 0.80%* |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

Since the Schwab Health Care Fund focuses its investments on companies involved in a specific sector, this fund may involve a greater degree of risk than an investment in mutual funds that do not concentrate their investments.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>3</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>4</sup> As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.

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Schwab Health Care Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Weighted Average Market Cap (millions) | $170955 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% |

---

Industry Weightings % of Investments

![](g20748img3558c73820.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>1</sup>

![](g20748img517036c721.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Industry Classification: S&P and MSCI.

<sup>1</sup> This list is not a recommendation of any security by the investment adviser.

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

## Schwab International Core Equity Fund as of October 31, 2022

------

**The Schwab International Core Equity Fund (the fund) seeks long-term capital growth. To pursue its investment objective, the fund invests primarily in the stocks of publicly traded companies located in developed market countries excluding the United States, however, the fund may also invest in stocks issued by companies located in emerging markets. To aid its stock selection, the fund uses Schwab Equity Ratings International<sup>®</sup>. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. The fund returned -22.40% for the 12-month reporting period ended October 31, 2022, outperforming the MSCI EAFE<sup>®</sup> Index (Net) (the index), which the fund uses for performance comparisons. The index returned -23.00%<sup>1</sup> for the reporting period.**

**Positioning and Strategies. The fund's overweight investment in OCI N.V., which produces and distributes of natural gas-based fertilizers and industrial chemicals, enhanced the fund's relative performance. The fund's holdings of OCI returned approximately 54% in U.S. dollar terms for the reporting period. OCI benefitted from strong demand for nitrogen fertilizers and industrial chemicals. The fund increased its position in OCI during the reporting period.**

The fund's overweight investment in Equinor A.S.A., an energy company, also contributed to the fund's relative performance as a result of its role as a gas provider to Europe as oil and gas prices rose as Russia invaded Ukraine and the Organization of the Petroleum Exporting Countries (OPEC) cut production. The fund's holdings of Equinor returned approximately 50% in U.S. dollar terms for the reporting period.

The fund's underweight position in Shell plc, which explores and refines petroleum products, weighed on the fund's relative performance. The fund's holdings of Shell returned approximately -1% in U.S. dollar terms for the reporting period. The fund trimmed its position in Shell in late 2021.

The fund's overweight position in Deutsche Post AG, a logistics company, also detracted from the fund's relative performance as a result of concerns about rising geopolitical and recession risks. The fund's holdings of Deutsche Post returned approximately -40% in U.S. dollar terms for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab International Core Equity Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2</sup>

![](g20748lg_2mc9.jpg)

#### <br>
Average Annual Total Returns<sup>1,2</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab International Core Equity Fund (5/30/08) | -22.40% | &nbsp;&nbsp;&nbsp;&nbsp;-2.55% | &nbsp;&nbsp;&nbsp;&nbsp;3.67% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>3</sup> | -23.00% | &nbsp;&nbsp;&nbsp;&nbsp;-0.09% | &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| Fund Category: Morningstar Foreign Large Blend<sup>4</sup> | -24.04% | &nbsp;&nbsp;&nbsp;&nbsp;-0.51% | &nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| *Fund Expense Ratio<sup>5</sup>: 0.86%* | *Fund Expense Ratio<sup>5</sup>: 0.86%* | *Fund Expense Ratio<sup>5</sup>: 0.86%* | *Fund Expense Ratio<sup>5</sup>: 0.86%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>3</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>4</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>5</sup> As stated in the prospectus. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| Weighted Average Market Cap (millions) | $82736 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |

---

Sector Weightings % of Investments

![](g20748img442b71b922.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>1</sup>

![](g20748img9e10bf7b23.jpg)

Top Country Weightings % of Investments<sup>2</sup>

![](g20748img6ea17c9a24.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</sup> This list is not a recommendation of any security by the investment adviser.

<sup>2</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.

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Active Equity 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 May 1, 2022 and held through October 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 a 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 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;<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;EXPENSE RATIO<br> (ANNUALIZED) <sup>1</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22 | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22 <sup>2</sup> |
| **Schwab Core Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$938.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.72 |
| **Schwab Dividend Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$990.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1020.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.53 |
| **Schwab Large-Cap Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$915.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1020.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.04 |
| **Schwab Small-Cap Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1009.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1019.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.55 |
| **Schwab Health Care Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.08 |
| **Schwab International Core Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$886.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1020.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.38 |

---

<sup>1</sup> Based on the most recent six-month expense ratio. <br> <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 the 184 days of the period, and divided by the 365 days of the fiscal year.

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;$29.22 | &nbsp;&nbsp;$22.24 | &nbsp;&nbsp;$21.87 | &nbsp;&nbsp;$22.40 | &nbsp;&nbsp;$24.36 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(6.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;(2.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.63) |
| Net asset value at end of period | &nbsp;&nbsp;$19.46 | &nbsp;&nbsp;$29.22 | &nbsp;&nbsp;$22.24 | &nbsp;&nbsp;$21.87 | &nbsp;&nbsp;$22.40 |
| Total return | &nbsp;&nbsp;&nbsp;(13.84%) | &nbsp;&nbsp;&nbsp;&nbsp;37.62% | &nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;12.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.71% |
| **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;0.73% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.73% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$1268 | &nbsp;&nbsp;$1860 | &nbsp;&nbsp;$1957 | &nbsp;&nbsp;$2182 | &nbsp;&nbsp;$2138 |

---

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

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

<sub>27</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.7% OF NET ASSETS** | **COMMON STOCKS 99.7% OF NET ASSETS** | **COMMON STOCKS 99.7% OF NET ASSETS** |
| &nbsp;&nbsp;**Banks 4.9%** | &nbsp;&nbsp;**Banks 4.9%** | &nbsp;&nbsp;**Banks 4.9%** |
| Bank of America Corp. | 600340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21636253 |
| East West Bancorp, Inc. | 311867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22320321 |
| Truist Financial Corp. | 419687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18797781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62754355** |
| &nbsp;&nbsp;**Capital Goods 4.9%** | &nbsp;&nbsp;**Capital Goods 4.9%** | &nbsp;&nbsp;**Capital Goods 4.9%** |
| A.O. Smith Corp. | 259182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14197990 |
| General Dynamics Corp. | &nbsp;&nbsp;45415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11344667 |
| Parker-Hannifin Corp. | 100411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29181445 |
| Watsco, Inc. | &nbsp;&nbsp;25796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6989684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61713786** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 2.0%** | &nbsp;&nbsp;**Consumer Durables & Apparel 2.0%** | &nbsp;&nbsp;**Consumer Durables & Apparel 2.0%** |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;18493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6471255 |
| PulteGroup, Inc. | 290887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11632571 |
| VF Corp. | 253575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7163494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25267320** |
| &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** |
| Starbucks Corp. | 295544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25591155** |
| &nbsp;&nbsp;**Diversified Financials 4.4%** | &nbsp;&nbsp;**Diversified Financials 4.4%** | &nbsp;&nbsp;**Diversified Financials 4.4%** |
| Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;91198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26911618 |
| CME Group, Inc. | 113889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19736964 |
| Moody's Corp. | &nbsp;&nbsp;35012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55922210** |
| &nbsp;&nbsp;**Energy 7.2%** | &nbsp;&nbsp;**Energy 7.2%** | &nbsp;&nbsp;**Energy 7.2%** |
| EOG Resources, Inc. | 357784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48844672 |
| Exxon Mobil Corp. | 377413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41821134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90665806** |
| &nbsp;&nbsp;**Food & Staples Retailing 3.2%** | &nbsp;&nbsp;**Food & Staples Retailing 3.2%** | &nbsp;&nbsp;**Food & Staples Retailing 3.2%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;26388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13233582 |
| Walmart, Inc. | 188952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26893538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40127120** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 4.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 4.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 4.7%** |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;77750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19210470 |
| Diageo plc, ADR | &nbsp;&nbsp;54716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135931 |
| The Coca-Cola Co. | 518913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31056943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59403344** |
| &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** |
| Abbott Laboratories | 186054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18408183 |
| Boston Scientific Corp. \* | 421563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18173581 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| CVS Health Corp. | 350654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33206934 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp;58916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14521026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84309724** |
| &nbsp;&nbsp;**Household & Personal Products 3.0%** | &nbsp;&nbsp;**Household & Personal Products 3.0%** | &nbsp;&nbsp;**Household & Personal Products 3.0%** |
| L'Oreal S.A., ADR | 141090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8851986 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;28288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671461 |
| The Procter & Gamble Co. | 170943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23020894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37544341** |
| &nbsp;&nbsp;**Materials 0.5%** | &nbsp;&nbsp;**Materials 0.5%** | &nbsp;&nbsp;**Materials 0.5%** |
| Linde plc | &nbsp;&nbsp;23368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6948475** |
| &nbsp;&nbsp;**Media & Entertainment 5.9%** | &nbsp;&nbsp;**Media & Entertainment 5.9%** | &nbsp;&nbsp;**Media & Entertainment 5.9%** |
| Alphabet, Inc., Class A \* | 649580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61391806 |
| Meta Platforms, Inc., Class A \* | 144501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13461713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74853519** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 9.7%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 9.7%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 9.7%** |
| Eli Lilly & Co. | &nbsp;&nbsp;51632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18695431 |
| Johnson & Johnson | 177193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30826266 |
| Pfizer, Inc. | 633044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29468198 |
| Roche Holding AG ADR | 288704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11935024 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;32190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16544694 |
| Zoetis, Inc. | 100333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15128210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**122597823** |
| &nbsp;&nbsp;**Real Estate 1.1%** | &nbsp;&nbsp;**Real Estate 1.1%** | &nbsp;&nbsp;**Real Estate 1.1%** |
| American Tower Corp. | &nbsp;&nbsp;67674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14021376** |
| &nbsp;&nbsp;**Retailing 6.9%** | &nbsp;&nbsp;**Retailing 6.9%** | &nbsp;&nbsp;**Retailing 6.9%** |
| Amazon.com, Inc. \* | 394176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40379389 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;17489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14641266 |
| The Home Depot, Inc. | &nbsp;&nbsp;36635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848723 |
| The TJX Cos., Inc. | 308204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22221508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88090886** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.1%** |
| ASML Holding N.V. NY Registry Shares | &nbsp;&nbsp;20750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9802715 |
| Broadcom, Inc. | &nbsp;&nbsp;62750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39302745** |
| &nbsp;&nbsp;**Software & Services 15.4%** | &nbsp;&nbsp;**Software & Services 15.4%** | &nbsp;&nbsp;**Software & Services 15.4%** |
| Accenture plc, Class A | &nbsp;&nbsp;37155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10548304 |
| Adobe, Inc. \* | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688500 |
| Fidelity National Information Services, Inc. | 217118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18018623 |
| Microsoft Corp. | 434007 | &nbsp;&nbsp;&nbsp;&nbsp;100746045 |
| PayPal Holdings, Inc. \* | 347411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29036611 |

---

<sub>28</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Visa, Inc., Class A | 146522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30353498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**195391581** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 7.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 7.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 7.7%** |
| Apple Inc. | 640588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98227764** |
| &nbsp;&nbsp;**Telecommunication Services 3.7%** | &nbsp;&nbsp;**Telecommunication Services 3.7%** | &nbsp;&nbsp;**Telecommunication Services 3.7%** |
| AT&T, Inc. | 921690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16802409 |
| Verizon Communications, Inc. | 795451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29726004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46528413** |
| &nbsp;&nbsp;**Transportation 1.3%** | &nbsp;&nbsp;**Transportation 1.3%** | &nbsp;&nbsp;**Transportation 1.3%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;95449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16013479** |
| &nbsp;&nbsp;**Utilities 1.5%** | &nbsp;&nbsp;**Utilities 1.5%** | &nbsp;&nbsp;**Utilities 1.5%** |
| Duke Energy Corp. | 209354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19507606** |
| **Total Common Stocks<br> (Cost $1,003,389,974)** | **Total Common Stocks<br> (Cost $1,003,389,974)** | **1264782828** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBEROF SHARES | VALUE ($) |
| **SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.4%** | &nbsp;&nbsp;**Money Market Funds 0.4%** | &nbsp;&nbsp;**Money Market Funds 0.4%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(a)* | 4883277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4883277** |
| **Total Short-Term Investments<br> (Cost $4,883,277)** | **Total Short-Term Investments<br> (Cost $4,883,277)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4883277** |
| **Total Investments in Securities<br> (Cost $1,008,273,251)** | **Total Investments in Securities<br> (Cost $1,008,273,251)** | **1269666105** |

---

\* Non-income producing security. <br> *(a)* The rate shown is the annualized 7-day yield.

ADR — American Depositary Receipt

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$1264782828 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1264782828 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883277 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883277 |
| **Total** | **$1269666105** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$1269666105** |

---

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>29</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $1,008,273,251) |  | &nbsp;&nbsp;$1269666105 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390386 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13526 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**1272345560** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240578 |
| &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;51 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181301 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4511333** |
| **Net assets** |  | **$1267834227** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;&nbsp;&nbsp;$831501272 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436332955 |
| **Net assets** |  | **$1267834227** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $1267834227 |  | 65142870 |  | $19.46 |

---

<sub>30</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| **Dividends received from securities - unaffiliated (net of foreign withholding tax of $82,597)** |  | &nbsp;&nbsp;&nbsp;**$28719565** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7063747 |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617715 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70453 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63794 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53939 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33722 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33556 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19882 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10948 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19851 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10994495** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10987607** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17731958** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;162404437 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461367) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**161943070** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated** | + | &nbsp;&nbsp;&nbsp;**(384220325)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(222277255)** |
| **Decrease in net assets resulting from operations** |  | **($204545297)** |

---

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

<sub>31</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Core Equity Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$17731958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15761570 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;161943070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425880076 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(384220325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181824785 |
| **Increase (decrease) in net assets resulting from operations** |  | **($204545297)** | &nbsp;&nbsp;&nbsp;**$623466431** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($439343161)** | &nbsp;&nbsp;&nbsp;&nbsp;**($97998756)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;2450800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60722098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92083552 |
| Shares reinvested |  | &nbsp;&nbsp;10780617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251727418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73440411 |
| Shares redeemed | + | (11757059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260849903) | &nbsp;&nbsp;&nbsp;&nbsp;(31031079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787773255) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**1474358** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51599613** | &nbsp;&nbsp;&nbsp;**(24329189)** | &nbsp;&nbsp;&nbsp;&nbsp;**($622249292)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;63668512 | &nbsp;&nbsp;&nbsp;&nbsp;$1860123072 | &nbsp;&nbsp;&nbsp;&nbsp;87997701 | &nbsp;&nbsp;&nbsp;&nbsp;$1956904689 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;1474358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592288845) | &nbsp;&nbsp;&nbsp;&nbsp;(24329189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96781617) |
| **End of period** |  | **65142870** | &nbsp;&nbsp;&nbsp;**$1267834227** | &nbsp;&nbsp;&nbsp;&nbsp;**63668512** | &nbsp;&nbsp;&nbsp;**$1860123072** |

---

<sub>32</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$16.92 | &nbsp;&nbsp;&nbsp;&nbsp;$12.14 | &nbsp;&nbsp;&nbsp;&nbsp;$15.07 | &nbsp;&nbsp;&nbsp;&nbsp;$15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.21 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.92 | &nbsp;&nbsp;&nbsp;&nbsp;$16.92 | &nbsp;&nbsp;&nbsp;&nbsp;$12.14 | &nbsp;&nbsp;&nbsp;&nbsp;$15.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.43 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63%) |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;0.89% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$524330 | &nbsp;&nbsp;$670765 | &nbsp;&nbsp;$576701 | &nbsp;&nbsp;$846955 | &nbsp;&nbsp;$1249124 |

---

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

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

<sub>33</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.4% OF NET ASSETS** | **COMMON STOCKS 99.4% OF NET ASSETS** | **COMMON STOCKS 99.4% OF NET ASSETS** |
| &nbsp;&nbsp;**Banks 9.2%** | &nbsp;&nbsp;**Banks 9.2%** | &nbsp;&nbsp;**Banks 9.2%** |
| Bank of America Corp. | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;10812000 |
| Citizens Financial Group, Inc. | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;6748500 |
| Huntington Bancshares, Inc. | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;5161200 |
| JPMorgan Chase & Co. | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;15735000 |
| Truist Financial Corp. | 215000 | &nbsp;&nbsp;&nbsp;&nbsp;9629850 |
|  |  | &nbsp;&nbsp;&nbsp;**48086550** |
| &nbsp;&nbsp;**Capital Goods 8.2%** | &nbsp;&nbsp;**Capital Goods 8.2%** | &nbsp;&nbsp;**Capital Goods 8.2%** |
| General Dynamics Corp. | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;5245800 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;&nbsp;3950305 |
| Lockheed Martin Corp. | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;18007160 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;4795230 |
| Raytheon Technologies Corp. | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;5499560 |
| Watsco, Inc. | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;5419200 |
|  |  | &nbsp;&nbsp;&nbsp;**42917255** |
| &nbsp;&nbsp;**Consumer Services 2.1%** | &nbsp;&nbsp;**Consumer Services 2.1%** | &nbsp;&nbsp;**Consumer Services 2.1%** |
| McDonald's Corp. | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;**10906400** |
| &nbsp;&nbsp;**Diversified Financials 4.5%** | &nbsp;&nbsp;**Diversified Financials 4.5%** | &nbsp;&nbsp;**Diversified Financials 4.5%** |
| BlackRock, Inc. | &nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;10657515 |
| Morgan Stanley | 155000 | &nbsp;&nbsp;&nbsp;&nbsp;12736350 |
|  |  | &nbsp;&nbsp;&nbsp;**23393865** |
| &nbsp;&nbsp;**Energy 8.9%** | &nbsp;&nbsp;**Energy 8.9%** | &nbsp;&nbsp;**Energy 8.9%** |
| Chevron Corp. | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;18994500 |
| Exxon Mobil Corp. | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;22162000 |
| Kinder Morgan, Inc. | 290000 | &nbsp;&nbsp;&nbsp;&nbsp;5254800 |
|  |  | &nbsp;&nbsp;&nbsp;**46411300** |
| &nbsp;&nbsp;**Food & Staples Retailing 2.0%** | &nbsp;&nbsp;**Food & Staples Retailing 2.0%** | &nbsp;&nbsp;**Food & Staples Retailing 2.0%** |
| Walmart, Inc. | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;**10674750** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 7.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 7.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 7.7%** |
| Altria Group, Inc. | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;6015100 |
| Philip Morris International, Inc. | 155000 | &nbsp;&nbsp;&nbsp;&nbsp;14236750 |
| The Coca-Cola Co. | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;20349000 |
|  |  | &nbsp;&nbsp;&nbsp;**40600850** |
| &nbsp;&nbsp;**Health Care Equipment & Services 7.7%** | &nbsp;&nbsp;**Health Care Equipment & Services 7.7%** | &nbsp;&nbsp;**Health Care Equipment & Services 7.7%** |
| Abbott Laboratories | &nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;7618380 |
| CVS Health Corp. | 103000 | &nbsp;&nbsp;&nbsp;&nbsp;9754100 |
| Medtronic plc | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;9170700 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;13878750 |
|  |  | &nbsp;&nbsp;&nbsp;**40421930** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Household & Personal Products 2.8%** | &nbsp;&nbsp;**Household & Personal Products 2.8%** | &nbsp;&nbsp;**Household & Personal Products 2.8%** |
| The Procter & Gamble Co. | 110000 | &nbsp;&nbsp;&nbsp;**14813700** |
| &nbsp;&nbsp;**Insurance 2.0%** | &nbsp;&nbsp;**Insurance 2.0%** | &nbsp;&nbsp;**Insurance 2.0%** |
| The Allstate Corp. | &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;**10731250** |
| &nbsp;&nbsp;**Materials 0.8%** | &nbsp;&nbsp;**Materials 0.8%** | &nbsp;&nbsp;**Materials 0.8%** |
| PPG Industries, Inc. | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;**4224660** |
| &nbsp;&nbsp;**Media & Entertainment 3.2%** | &nbsp;&nbsp;**Media & Entertainment 3.2%** | &nbsp;&nbsp;**Media & Entertainment 3.2%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;2912000 |
| Alphabet, Inc., Class A \* | &nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp;3997773 |
| Comcast Corp., Class A | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;6348000 |
| Omnicom Group, Inc. | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;3273750 |
|  |  | &nbsp;&nbsp;&nbsp;**16531523** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 11.5%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 11.5%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 11.5%** |
| Amgen, Inc. | &nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;15409950 |
| Johnson & Johnson | 103000 | &nbsp;&nbsp;&nbsp;&nbsp;17918910 |
| Pfizer, Inc. | 295000 | &nbsp;&nbsp;&nbsp;&nbsp;13732250 |
| Roche Holding AG | &nbsp;&nbsp;40663 | &nbsp;&nbsp;&nbsp;&nbsp;13491907 |
|  |  | &nbsp;&nbsp;&nbsp;**60553017** |
| &nbsp;&nbsp;**Real Estate 1.9%** | &nbsp;&nbsp;**Real Estate 1.9%** | &nbsp;&nbsp;**Real Estate 1.9%** |
| Crown Castle, Inc. | &nbsp;&nbsp;48750 | &nbsp;&nbsp;&nbsp;&nbsp;6496425 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;3689200 |
|  |  | &nbsp;&nbsp;&nbsp;**10185625** |
| &nbsp;&nbsp;**Retailing 5.0%** | &nbsp;&nbsp;**Retailing 5.0%** | &nbsp;&nbsp;**Retailing 5.0%** |
| Genuine Parts Co. | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;6225100 |
| The Home Depot, Inc. | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;10364550 |
| The TJX Cos., Inc. | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;9733500 |
|  |  | &nbsp;&nbsp;&nbsp;**26323150** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.5%** |
| Broadcom, Inc. | &nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;**12928300** |
| &nbsp;&nbsp;**Software & Services 7.8%** | &nbsp;&nbsp;**Software & Services 7.8%** | &nbsp;&nbsp;**Software & Services 7.8%** |
| Accenture plc, Class A | &nbsp;&nbsp;36500 | &nbsp;&nbsp;&nbsp;&nbsp;10362350 |
| International Business Machines Corp. | &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;11754650 |
| Microsoft Corp. | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;10445850 |
| Visa, Inc., Class A | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;8286400 |
|  |  | &nbsp;&nbsp;&nbsp;**40849250** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 3.6%** | &nbsp;&nbsp;**Technology Hardware & Equipment 3.6%** | &nbsp;&nbsp;**Technology Hardware & Equipment 3.6%** |
| Apple Inc. | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;5366900 |
| Cisco Systems, Inc. | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;13629000 |
|  |  | &nbsp;&nbsp;&nbsp;**18995900** |

---

<sub>34</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Telecommunication Services 2.7%** | &nbsp;&nbsp;**Telecommunication Services 2.7%** | &nbsp;&nbsp;**Telecommunication Services 2.7%** |
| BCE, Inc. | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;4510000 |
| Verizon Communications, Inc. | 260000 | &nbsp;&nbsp;&nbsp;&nbsp;9716200 |
|  |  | &nbsp;&nbsp;&nbsp;**14226200** |
| &nbsp;&nbsp;**Transportation 1.9%** | &nbsp;&nbsp;**Transportation 1.9%** | &nbsp;&nbsp;**Transportation 1.9%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;**9730660** |
| &nbsp;&nbsp;**Utilities 3.4%** | &nbsp;&nbsp;**Utilities 3.4%** | &nbsp;&nbsp;**Utilities 3.4%** |
| Duke Energy Corp. | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;10249800 |
| NRG Energy, Inc. | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;4884000 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| UGI Corp. | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;2473100 |
|  |  | &nbsp;&nbsp;&nbsp;**17606900** |
| **Total Common Stocks<br> (Cost $455,958,523)** | **Total Common Stocks<br> (Cost $455,958,523)** | **521113035** |
| **Total Investments in Securities<br> (Cost $455,958,523)** | **Total Investments in Securities<br> (Cost $455,958,523)** | **521113035** |

---

\* Non-income producing security.

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$460560018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$460560018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;47061110 | &nbsp;&nbsp;&nbsp;&nbsp;13491907 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60553017 |
| **Total** | **$507621128** | &nbsp;&nbsp;&nbsp;**$13491907** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$521113035** |

---

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

<sub>35</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $455,958,523) |  | &nbsp;&nbsp;$521113035 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757578 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235248 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15086 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**525215050** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147777 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**885037** |
| **Net assets** |  | **$524330013** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$435960897 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;88369116 |
| **Net assets** |  | **$524330013** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $524330013 |  | 37661284 |  | $13.92 |

---

<sub>36</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $87,227) |  | &nbsp;&nbsp;&nbsp;$17300671 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;**17305371** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724068 |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431584 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102287 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47494 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30627 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12010 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8422 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10686 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5434444** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60387 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5374057** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;**11931314** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;21838363 |
| Net realized gains on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412195 |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7747) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**22242811** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(57083526) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21732) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(57105258)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(34862447)** |
| **Decrease in net assets resulting from operations** |  | **($22931133)** |

---

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

<sub>37</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Dividend Equity Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;$11931314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12850464 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;22242811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115287705 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(57105258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90530602 |
| **Increase (decrease) in net assets resulting from operations** |  | **($22931133)** | &nbsp;&nbsp;&nbsp;**$218668771** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($97765390)** | &nbsp;&nbsp;&nbsp;&nbsp;**($13599106)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;2342249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34630897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56507561 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;5269146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79189907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10361404 |
| Shares redeemed | + | &nbsp;&nbsp;(9583602) | &nbsp;&nbsp;&nbsp;&nbsp;(139558823) | &nbsp;&nbsp;&nbsp;(12099793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177875463) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;**(1972207)** | &nbsp;&nbsp;&nbsp;&nbsp;**($25738019)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7885339)** | &nbsp;&nbsp;&nbsp;**($111006498)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;39633491 | &nbsp;&nbsp;&nbsp;&nbsp;$670764555 | &nbsp;&nbsp;&nbsp;&nbsp;47518830 | &nbsp;&nbsp;&nbsp;&nbsp;$576701388 |
| Total increase (decrease) | + | &nbsp;&nbsp;(1972207) | &nbsp;&nbsp;&nbsp;&nbsp;(146434542) | &nbsp;&nbsp;&nbsp;&nbsp;(7885339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94063167 |
| **End of period** |  | **37661284** | &nbsp;&nbsp;&nbsp;**$524330013** | &nbsp;&nbsp;&nbsp;**39633491** | &nbsp;&nbsp;&nbsp;&nbsp;**$670764555** |

---

<sub>38</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$28.96 | &nbsp;&nbsp;&nbsp;&nbsp;$20.85 | &nbsp;&nbsp;&nbsp;&nbsp;$18.07 | &nbsp;&nbsp;&nbsp;&nbsp;$18.04 | &nbsp;&nbsp;&nbsp;&nbsp;$18.65 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$20.80 | &nbsp;&nbsp;&nbsp;&nbsp;$28.96 | &nbsp;&nbsp;&nbsp;&nbsp;$20.85 | &nbsp;&nbsp;&nbsp;&nbsp;$18.07 | &nbsp;&nbsp;&nbsp;&nbsp;$18.04 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.45%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46% |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;0.99% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$218329 | &nbsp;&nbsp;$292447 | &nbsp;&nbsp;$210033 | &nbsp;&nbsp;$180809 | &nbsp;&nbsp;$242770 |

---

<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.

<sub>39</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 97.7% OF NET ASSETS** | **COMMON STOCKS 97.7% OF NET ASSETS** | **COMMON STOCKS 97.7% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 2.2%** | &nbsp;&nbsp;**Automobiles & Components 2.2%** | &nbsp;&nbsp;**Automobiles & Components 2.2%** |
| Tesla, Inc. \* | &nbsp;&nbsp;21393 | &nbsp;&nbsp;&nbsp;&nbsp;**4867763** |
| &nbsp;&nbsp;**Banks 0.7%** | &nbsp;&nbsp;**Banks 0.7%** | &nbsp;&nbsp;**Banks 0.7%** |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;38348 | &nbsp;&nbsp;&nbsp;&nbsp;**1568433** |
| &nbsp;&nbsp;**Capital Goods 4.8%** | &nbsp;&nbsp;**Capital Goods 4.8%** | &nbsp;&nbsp;**Capital Goods 4.8%** |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9743 | &nbsp;&nbsp;&nbsp;&nbsp;1209788 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4799 | &nbsp;&nbsp;&nbsp;&nbsp;1024731 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7652 | &nbsp;&nbsp;&nbsp;&nbsp;3724075 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;10673 | &nbsp;&nbsp;&nbsp;&nbsp;3101787 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9885 | &nbsp;&nbsp;&nbsp;&nbsp;1404066 |
|  |  | &nbsp;&nbsp;&nbsp;**10464447** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 3.2%** | &nbsp;&nbsp;**Consumer Durables & Apparel 3.2%** | &nbsp;&nbsp;**Consumer Durables & Apparel 3.2%** |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8287 | &nbsp;&nbsp;&nbsp;&nbsp;2899870 |
| Lululemon Athletica, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4211 | &nbsp;&nbsp;&nbsp;&nbsp;1385587 |
| NIKE, Inc., Class B | &nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp;2622844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6908301** |
| &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** |
| Starbucks Corp. | &nbsp;&nbsp;50583 | &nbsp;&nbsp;&nbsp;&nbsp;**4379982** |
| &nbsp;&nbsp;**Diversified Financials 1.8%** | &nbsp;&nbsp;**Diversified Financials 1.8%** | &nbsp;&nbsp;**Diversified Financials 1.8%** |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp;1408929 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp;1183174 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;1319841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3911944** |
| &nbsp;&nbsp;**Energy 2.0%** | &nbsp;&nbsp;**Energy 2.0%** | &nbsp;&nbsp;**Energy 2.0%** |
| EOG Resources, Inc. | &nbsp;&nbsp;31449 | &nbsp;&nbsp;&nbsp;&nbsp;**4293417** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.7%** | &nbsp;&nbsp;**Food & Staples Retailing 1.7%** | &nbsp;&nbsp;**Food & Staples Retailing 1.7%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7253 | &nbsp;&nbsp;&nbsp;&nbsp;**3637380** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 3.4%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.4%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.4%** |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7145 | &nbsp;&nbsp;&nbsp;&nbsp;1765386 |
| Diageo plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;8976 | &nbsp;&nbsp;&nbsp;&nbsp;1498723 |
| PepsiCo, Inc. | &nbsp;&nbsp;14805 | &nbsp;&nbsp;&nbsp;&nbsp;2688292 |
| Philip Morris International, Inc. | &nbsp;&nbsp;14946 | &nbsp;&nbsp;&nbsp;&nbsp;1372790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7325191** |
| &nbsp;&nbsp;**Health Care Equipment & Services 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.4%** |
| Abbott Laboratories | &nbsp;&nbsp;28139 | &nbsp;&nbsp;&nbsp;&nbsp;2784073 |
| IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3556 | &nbsp;&nbsp;&nbsp;&nbsp;1279022 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp;16517 | &nbsp;&nbsp;&nbsp;&nbsp;4070945 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;10514 | &nbsp;&nbsp;&nbsp;&nbsp;5836847 |
|  |  | &nbsp;&nbsp;&nbsp;**13970887** |
| &nbsp;&nbsp;**Household & Personal Products 1.5%** | &nbsp;&nbsp;**Household & Personal Products 1.5%** | &nbsp;&nbsp;**Household & Personal Products 1.5%** |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;16531 | &nbsp;&nbsp;&nbsp;&nbsp;**3314300** |
| &nbsp;&nbsp;**Materials 0.5%** | &nbsp;&nbsp;**Materials 0.5%** | &nbsp;&nbsp;**Materials 0.5%** |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;5335 | &nbsp;&nbsp;&nbsp;&nbsp;**1200535** |
| &nbsp;&nbsp;**Media & Entertainment 5.6%** | &nbsp;&nbsp;**Media & Entertainment 5.6%** | &nbsp;&nbsp;**Media & Entertainment 5.6%** |
| Alphabet, Inc., Class A \* | 120240 | &nbsp;&nbsp;&nbsp;&nbsp;11363882 |
| Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;10080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939053 |
|  |  | &nbsp;&nbsp;&nbsp;**12302935** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.0%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.0%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.0%** |
| Avantor, Inc. \* | &nbsp;&nbsp;50508 | &nbsp;&nbsp;&nbsp;&nbsp;1018746 |
| Eli Lilly & Co. | &nbsp;&nbsp;10599 | &nbsp;&nbsp;&nbsp;&nbsp;3837792 |
| Pfizer, Inc. | &nbsp;&nbsp;43226 | &nbsp;&nbsp;&nbsp;&nbsp;2012170 |
| Roche Holding AG ADR | &nbsp;&nbsp;34387 | &nbsp;&nbsp;&nbsp;&nbsp;1421559 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4939 | &nbsp;&nbsp;&nbsp;&nbsp;2538498 |
| Zoetis, Inc. | &nbsp;&nbsp;15542 | &nbsp;&nbsp;&nbsp;&nbsp;2343423 |
|  |  | &nbsp;&nbsp;&nbsp;**13172188** |
| &nbsp;&nbsp;**Real Estate 0.6%** | &nbsp;&nbsp;**Real Estate 0.6%** | &nbsp;&nbsp;**Real Estate 0.6%** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6424 | &nbsp;&nbsp;&nbsp;&nbsp;**1330989** |
| &nbsp;&nbsp;**Retailing 9.3%** | &nbsp;&nbsp;**Retailing 9.3%** | &nbsp;&nbsp;**Retailing 9.3%** |
| Amazon.com, Inc. \* | 118933 | &nbsp;&nbsp;&nbsp;&nbsp;12183497 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp;2718291 |
| The Home Depot, Inc. | &nbsp;&nbsp;12073 | &nbsp;&nbsp;&nbsp;&nbsp;3575177 |
| The TJX Cos., Inc. | &nbsp;&nbsp;25285 | &nbsp;&nbsp;&nbsp;&nbsp;1823048 |
|  |  | &nbsp;&nbsp;&nbsp;**20300013** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 5.5%** |
| Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;21181 | &nbsp;&nbsp;&nbsp;&nbsp;1272131 |
| ASML Holding N.V. NY Registry Shares | &nbsp;&nbsp;&nbsp;&nbsp;5852 | &nbsp;&nbsp;&nbsp;&nbsp;2764602 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9252 | &nbsp;&nbsp;&nbsp;&nbsp;4349550 |
| NVIDIA Corp. | &nbsp;&nbsp;27403 | &nbsp;&nbsp;&nbsp;&nbsp;3698583 |
|  |  | &nbsp;&nbsp;&nbsp;**12084866** |
| &nbsp;&nbsp;**Software & Services 24.8%** | &nbsp;&nbsp;**Software & Services 24.8%** | &nbsp;&nbsp;**Software & Services 24.8%** |
| Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;8194 | &nbsp;&nbsp;&nbsp;&nbsp;2326277 |
| Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8776 | &nbsp;&nbsp;&nbsp;&nbsp;2795156 |
| Fortinet, Inc. \* | &nbsp;&nbsp;27385 | &nbsp;&nbsp;&nbsp;&nbsp;1565327 |
| Gartner, Inc. \* | &nbsp;&nbsp;10548 | &nbsp;&nbsp;&nbsp;&nbsp;3184652 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4573 | &nbsp;&nbsp;&nbsp;&nbsp;1954958 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;11969 | &nbsp;&nbsp;&nbsp;&nbsp;3927986 |
| Microsoft Corp. | &nbsp;&nbsp;99364 | &nbsp;&nbsp;&nbsp;&nbsp;23065365 |
| Palo Alto Networks, Inc. \* | &nbsp;&nbsp;11676 | &nbsp;&nbsp;&nbsp;&nbsp;2003485 |
| Paychex, Inc. | &nbsp;&nbsp;13902 | &nbsp;&nbsp;&nbsp;&nbsp;1644746 |
| PayPal Holdings, Inc. \* | &nbsp;&nbsp;39156 | &nbsp;&nbsp;&nbsp;&nbsp;3272658 |

---

<sub>40</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp;1112857 |
| Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;1626578 |
| Visa, Inc., Class A | &nbsp;&nbsp;27048 | &nbsp;&nbsp;&nbsp;&nbsp;5603264 |
|  |  | &nbsp;&nbsp;&nbsp;**54083309** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 14.6%** | &nbsp;&nbsp;**Technology Hardware & Equipment 14.6%** | &nbsp;&nbsp;**Technology Hardware & Equipment 14.6%** |
| Apple Inc. | 207728 | &nbsp;&nbsp;&nbsp;**31853012** |
| &nbsp;&nbsp;**Transportation 1.1%** | &nbsp;&nbsp;**Transportation 1.1%** | &nbsp;&nbsp;**Transportation 1.1%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;14196 | &nbsp;&nbsp;&nbsp;&nbsp;**2381663** |
| **Total Common Stocks<br> (Cost $130,058,782)** | **Total Common Stocks<br> (Cost $130,058,782)** | **213351555** |
| **Total Investments in Securities<br> (Cost $130,058,782)** | **Total Investments in Securities<br> (Cost $130,058,782)** | **213351555** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> DEPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(61037)** |

---

\* Non-income producing security.

ADR — American Depositary Receipt

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$213351555 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$213351555 |
| **Liabilities** |  |  |  |  |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61037) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61037) |
| **Total** | **$213290518** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$213290518** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

<sub>41</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $130,058,782) |  | &nbsp;&nbsp;$213351555 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036144 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**218706195** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88240 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**376997** |
| **Net assets** |  | **$218329198** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$130825519 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;87503679 |
| **Net assets** |  | **$218329198** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $218329198 |  | 10494105 |  | $20.80 |

---

<sub>42</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $7,800) |  | &nbsp;&nbsp;&nbsp;&nbsp;$2378398 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18146 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2396544** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834685 |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609226 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50561 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33473 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28745 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17809 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11855 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7457 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2609708** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75161 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2534547** |
| **Net investment loss** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(138003)** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537319 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126575) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4410744** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(69103192) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89137) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(69192329)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(64781585)** |
| **Decrease in net assets resulting from operations** |  | **($64919588)** |

---

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

<sub>43</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Large-Cap Growth Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($138003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($577485) |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22809697 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(69192329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61527745 |
| **Increase (decrease) in net assets resulting from operations** |  | **($64919588)** | &nbsp;&nbsp;&nbsp;**$83759957** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($22163876)** | &nbsp;&nbsp;&nbsp;&nbsp;**($2530978)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;1374258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34040262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50557323 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;704838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19242083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163612 |
| Shares redeemed | + | &nbsp;&nbsp;(1681639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40316352) | &nbsp;&nbsp;&nbsp;&nbsp;(2086140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51536257) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**397457** | &nbsp;&nbsp;&nbsp;&nbsp;**$12965993** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25403** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1184678** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;10096648 | &nbsp;&nbsp;&nbsp;&nbsp;$292446669 | &nbsp;&nbsp;&nbsp;&nbsp;10071245 | &nbsp;&nbsp;&nbsp;&nbsp;$210033012 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;397457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74117471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82413657 |
| **End of period** |  | **10494105** | &nbsp;&nbsp;&nbsp;**$218329198** | &nbsp;&nbsp;&nbsp;**10096648** | &nbsp;&nbsp;&nbsp;**$292446669** |

---

<sub>44</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$23.77 | &nbsp;&nbsp;&nbsp;&nbsp;$15.02 | &nbsp;&nbsp;&nbsp;&nbsp;$16.68 | &nbsp;&nbsp;&nbsp;&nbsp;$20.87 | &nbsp;&nbsp;&nbsp;&nbsp;$23.58 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.04) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$18.94 | &nbsp;&nbsp;&nbsp;&nbsp;$23.77 | &nbsp;&nbsp;&nbsp;&nbsp;$15.02 | &nbsp;&nbsp;&nbsp;&nbsp;$16.68 | &nbsp;&nbsp;&nbsp;&nbsp;$20.87 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.86%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;1.09% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$542600 | &nbsp;&nbsp;$669489 | &nbsp;&nbsp;$491478 | &nbsp;&nbsp;$579143 | &nbsp;&nbsp;$573406 |

---

<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 sales and repurchases of fund shares in relation to fluctuating market values.

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

<sub>45</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.1% OF NET ASSETS** | **COMMON STOCKS 99.1% OF NET ASSETS** | **COMMON STOCKS 99.1% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 2.3%** | &nbsp;&nbsp;**Automobiles & Components 2.3%** | &nbsp;&nbsp;**Automobiles & Components 2.3%** |
| American Axle & Manufacturing Holdings, Inc. \* | 276405 | &nbsp;&nbsp;&nbsp;&nbsp;2678365 |
| LCI Industries | &nbsp;&nbsp;18783 | &nbsp;&nbsp;&nbsp;&nbsp;1993064 |
| Modine Manufacturing Co. \* | 123507 | &nbsp;&nbsp;&nbsp;&nbsp;2213245 |
| Patrick Industries, Inc. | &nbsp;&nbsp;39066 | &nbsp;&nbsp;&nbsp;&nbsp;1785707 |
| The Goodyear Tire & Rubber Co. \* | &nbsp;&nbsp;63926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811860 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;48238 | &nbsp;&nbsp;&nbsp;&nbsp;2879326 |
|  |  | &nbsp;&nbsp;&nbsp;**12361567** |
| &nbsp;&nbsp;**Banks 11.3%** | &nbsp;&nbsp;**Banks 11.3%** | &nbsp;&nbsp;**Banks 11.3%** |
| Associated Banc-Corp. | 258793 | &nbsp;&nbsp;&nbsp;&nbsp;6301610 |
| Axos Financial, Inc. \* | &nbsp;&nbsp;12857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500909 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589479 |
| Cathay General Bancorp | &nbsp;&nbsp;92606 | &nbsp;&nbsp;&nbsp;&nbsp;4222834 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245861 |
| Customers Bancorp, Inc. \* | &nbsp;&nbsp;34710 | &nbsp;&nbsp;&nbsp;&nbsp;1169380 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;36652 | &nbsp;&nbsp;&nbsp;&nbsp;1659603 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;24536 | &nbsp;&nbsp;&nbsp;&nbsp;1311940 |
| Essent Group Ltd. | &nbsp;&nbsp;27018 | &nbsp;&nbsp;&nbsp;&nbsp;1069372 |
| First BanCorp | 220731 | &nbsp;&nbsp;&nbsp;&nbsp;3485342 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;70177 | &nbsp;&nbsp;&nbsp;&nbsp;4349570 |
| Hancock Whitney Corp. | 114827 | &nbsp;&nbsp;&nbsp;&nbsp;6415385 |
| Hanmi Financial Corp. | &nbsp;&nbsp;55564 | &nbsp;&nbsp;&nbsp;&nbsp;1488004 |
| Hope Bancorp, Inc. | 127362 | &nbsp;&nbsp;&nbsp;&nbsp;1728302 |
| International Bancshares Corp. | 106880 | &nbsp;&nbsp;&nbsp;&nbsp;5301248 |
| Metropolitan Bank Holding Corp. \* | &nbsp;&nbsp;23146 | &nbsp;&nbsp;&nbsp;&nbsp;1527636 |
| MGIC Investment Corp. | &nbsp;&nbsp;95345 | &nbsp;&nbsp;&nbsp;&nbsp;1301459 |
| Northfield Bancorp, Inc. | 217924 | &nbsp;&nbsp;&nbsp;&nbsp;3495501 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;81549 | &nbsp;&nbsp;&nbsp;&nbsp;1841376 |
| Radian Group, Inc. | &nbsp;&nbsp;87198 | &nbsp;&nbsp;&nbsp;&nbsp;1819822 |
| Renasant Corp. | &nbsp;&nbsp;66293 | &nbsp;&nbsp;&nbsp;&nbsp;2676248 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp;30525 | &nbsp;&nbsp;&nbsp;&nbsp;1414834 |
| UMB Financial Corp. | &nbsp;&nbsp;34705 | &nbsp;&nbsp;&nbsp;&nbsp;2888150 |
| Washington Federal, Inc. | 106704 | &nbsp;&nbsp;&nbsp;&nbsp;4129445 |
| Western New England Bancorp, Inc. | &nbsp;&nbsp;44667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390836 |
|  |  | &nbsp;&nbsp;&nbsp;**61324146** |
| &nbsp;&nbsp;**Capital Goods 10.4%** | &nbsp;&nbsp;**Capital Goods 10.4%** | &nbsp;&nbsp;**Capital Goods 10.4%** |
| AAR Corp. \* | &nbsp;&nbsp;53345 | &nbsp;&nbsp;&nbsp;&nbsp;2364250 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787574 |
| Atkore, Inc. \* | &nbsp;&nbsp;68169 | &nbsp;&nbsp;&nbsp;&nbsp;6496506 |
| AZZ, Inc. | &nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp;1551720 |
| Boise Cascade Co. | &nbsp;&nbsp;21256 | &nbsp;&nbsp;&nbsp;&nbsp;1419263 |
| Ducommun, Inc. \* | &nbsp;&nbsp;24724 | &nbsp;&nbsp;&nbsp;&nbsp;1167220 |
| EMCOR Group, Inc. | &nbsp;&nbsp;36702 | &nbsp;&nbsp;&nbsp;&nbsp;5178652 |
| Encore Wire Corp. | &nbsp;&nbsp;23614 | &nbsp;&nbsp;&nbsp;&nbsp;3249050 |
| GrafTech International Ltd. | 241374 | &nbsp;&nbsp;&nbsp;&nbsp;1228594 |
| Helios Technologies, Inc. | &nbsp;&nbsp;19804 | &nbsp;&nbsp;&nbsp;&nbsp;1122689 |
| Herc Holdings, Inc. | &nbsp;&nbsp;13090 | &nbsp;&nbsp;&nbsp;&nbsp;1539515 |
| Hillenbrand, Inc. | &nbsp;&nbsp;24439 | &nbsp;&nbsp;&nbsp;&nbsp;1079715 |
| IES Holdings, Inc. \* | &nbsp;&nbsp;16376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541063 |
| Maxar Technologies, Inc. | &nbsp;&nbsp;17709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395619 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Moog, Inc., Class A | &nbsp;&nbsp;70232 | &nbsp;&nbsp;&nbsp;&nbsp;5952162 |
| Mueller Industries, Inc. | &nbsp;&nbsp;80718 | &nbsp;&nbsp;&nbsp;&nbsp;5056175 |
| MYR Group, Inc. \* | &nbsp;&nbsp;11863 | &nbsp;&nbsp;&nbsp;&nbsp;1038131 |
| NV5 Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9232 | &nbsp;&nbsp;&nbsp;&nbsp;1338178 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;9869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783303 |
| Proto Labs, Inc. \* | &nbsp;&nbsp;13625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520339 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291108 |
| Sterling Infrastructure, Inc. \* | &nbsp;&nbsp;93342 | &nbsp;&nbsp;&nbsp;&nbsp;2519301 |
| Terex Corp. | &nbsp;&nbsp;40650 | &nbsp;&nbsp;&nbsp;&nbsp;1647951 |
| Titan International, Inc. \* | &nbsp;&nbsp;86118 | &nbsp;&nbsp;&nbsp;&nbsp;1288325 |
| Titan Machinery, Inc. \* | &nbsp;&nbsp;20665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710463 |
| UFP Industries, Inc. | &nbsp;&nbsp;37001 | &nbsp;&nbsp;&nbsp;&nbsp;2635581 |
| V2X, Inc. \* | &nbsp;&nbsp;64236 | &nbsp;&nbsp;&nbsp;&nbsp;2633034 |
| Wabash National Corp. | &nbsp;&nbsp;42901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928807 |
| Zurn Water Solutions Corp. | &nbsp;&nbsp;45113 | &nbsp;&nbsp;&nbsp;&nbsp;1059704 |
|  |  | &nbsp;&nbsp;&nbsp;**56523992** |
| &nbsp;&nbsp;**Commercial & Professional Services 2.4%** | &nbsp;&nbsp;**Commercial & Professional Services 2.4%** | &nbsp;&nbsp;**Commercial & Professional Services 2.4%** |
| ACCO Brands Corp. | &nbsp;&nbsp;41872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192611 |
| Casella Waste Systems, Inc., Class A \* | &nbsp;&nbsp;14668 | &nbsp;&nbsp;&nbsp;&nbsp;1199989 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;21602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608312 |
| Kforce, Inc. | &nbsp;&nbsp;38447 | &nbsp;&nbsp;&nbsp;&nbsp;2432542 |
| Korn Ferry | &nbsp;&nbsp;30082 | &nbsp;&nbsp;&nbsp;&nbsp;1672258 |
| Mastech Digital, Inc. \* | &nbsp;&nbsp;28042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423715 |
| SP Plus Corp. \* | &nbsp;&nbsp;82548 | &nbsp;&nbsp;&nbsp;&nbsp;3056752 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp;1347811 |
| The GEO Group, Inc. \* | &nbsp;&nbsp;30437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257497 |
| TriNet Group, Inc. \* | &nbsp;&nbsp;26525 | &nbsp;&nbsp;&nbsp;&nbsp;1723595 |
|  |  | &nbsp;&nbsp;&nbsp;**12915082** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 0.7%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.7%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.7%** |
| MasterCraft Boat Holdings, Inc. \* | &nbsp;&nbsp;44820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975283 |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991562 |
| Skyline Champion Corp. \* | &nbsp;&nbsp;17212 | &nbsp;&nbsp;&nbsp;&nbsp;1001911 |
| Vista Outdoor, Inc. \* | &nbsp;&nbsp;36811 | &nbsp;&nbsp;&nbsp;&nbsp;1068992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4037748** |
| &nbsp;&nbsp;**Consumer Services 4.4%** | &nbsp;&nbsp;**Consumer Services 4.4%** | &nbsp;&nbsp;**Consumer Services 4.4%** |
| Bloomin' Brands, Inc. | 119304 | &nbsp;&nbsp;&nbsp;&nbsp;2864489 |
| Bluegreen Vacations Holding Corp. | &nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192141 |
| Boyd Gaming Corp. | &nbsp;&nbsp;34708 | &nbsp;&nbsp;&nbsp;&nbsp;2004734 |
| Dave & Buster's Entertainment, Inc. \* | &nbsp;&nbsp;54281 | &nbsp;&nbsp;&nbsp;&nbsp;2163098 |
| Everi Holdings, Inc. \* | &nbsp;&nbsp;91398 | &nbsp;&nbsp;&nbsp;&nbsp;1734734 |
| Golden Entertainment, Inc. \* | &nbsp;&nbsp;34712 | &nbsp;&nbsp;&nbsp;&nbsp;1465541 |
| Hilton Grand Vacations, Inc. \* | &nbsp;&nbsp;69546 | &nbsp;&nbsp;&nbsp;&nbsp;2728985 |
| PlayAGS, Inc. \* | 102958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691878 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;35663 | &nbsp;&nbsp;&nbsp;&nbsp;1485364 |
| Scientific Games Corp., Class A \* | &nbsp;&nbsp;22522 | &nbsp;&nbsp;&nbsp;&nbsp;1264385 |
| SeaWorld Entertainment, Inc. \* | &nbsp;&nbsp;40447 | &nbsp;&nbsp;&nbsp;&nbsp;2352398 |
| Stride, Inc. \* | &nbsp;&nbsp;77210 | &nbsp;&nbsp;&nbsp;&nbsp;2587307 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;23691 | &nbsp;&nbsp;&nbsp;&nbsp;2344224 |
|  |  | &nbsp;&nbsp;&nbsp;**23879278** |

---

<sub>46</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Diversified Financials 2.7%** | &nbsp;&nbsp;**Diversified Financials 2.7%** | &nbsp;&nbsp;**Diversified Financials 2.7%** |
| Donnelley Financial Solutions, Inc. \* | &nbsp;&nbsp;28342 | &nbsp;&nbsp;&nbsp;&nbsp;1145867 |
| Enova International, Inc. \* | &nbsp;&nbsp;49221 | &nbsp;&nbsp;&nbsp;&nbsp;1845295 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;80201 | &nbsp;&nbsp;&nbsp;&nbsp;3092551 |
| Oportun Financial Corp. \* | &nbsp;&nbsp;64300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353650 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;6029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771531 |
| Regional Management Corp. | &nbsp;&nbsp;56991 | &nbsp;&nbsp;&nbsp;&nbsp;1935414 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp;38659 | &nbsp;&nbsp;&nbsp;&nbsp;1141214 |
| Stifel Financial Corp. | &nbsp;&nbsp;42385 | &nbsp;&nbsp;&nbsp;&nbsp;2622360 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;11410 | &nbsp;&nbsp;&nbsp;&nbsp;1956701 |
|  |  | &nbsp;&nbsp;&nbsp;**14864583** |
| &nbsp;&nbsp;**Energy 6.6%** | &nbsp;&nbsp;**Energy 6.6%** | &nbsp;&nbsp;**Energy 6.6%** |
| Arch Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911151 |
| Callon Petroleum Co. \* | &nbsp;&nbsp;13910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611484 |
| ChampionX Corp. | &nbsp;&nbsp;10647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304717 |
| CONSOL Energy, Inc. | &nbsp;&nbsp;19809 | &nbsp;&nbsp;&nbsp;&nbsp;1248363 |
| CVR Energy, Inc. | &nbsp;&nbsp;77969 | &nbsp;&nbsp;&nbsp;&nbsp;3045469 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;89594 | &nbsp;&nbsp;&nbsp;&nbsp;2657358 |
| Equitrans Midstream Corp. | 175127 | &nbsp;&nbsp;&nbsp;&nbsp;1474569 |
| Liberty Energy, Inc., Class A \* | &nbsp;&nbsp;96622 | &nbsp;&nbsp;&nbsp;&nbsp;1633878 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;68725 | &nbsp;&nbsp;&nbsp;&nbsp;1764858 |
| Matador Resources Co. | &nbsp;&nbsp;44260 | &nbsp;&nbsp;&nbsp;&nbsp;2941077 |
| NexTier Oilfield Solutions, Inc. \* | &nbsp;&nbsp;32212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324697 |
| Oceaneering International, Inc. \* | &nbsp;&nbsp;93370 | &nbsp;&nbsp;&nbsp;&nbsp;1306246 |
| Ovintiv, Inc. | &nbsp;&nbsp;28257 | &nbsp;&nbsp;&nbsp;&nbsp;1431217 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;44997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794197 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;74207 | &nbsp;&nbsp;&nbsp;&nbsp;3283660 |
| PDC Energy, Inc. | &nbsp;&nbsp;14829 | &nbsp;&nbsp;&nbsp;&nbsp;1069764 |
| Peabody Energy Corp. \* | &nbsp;&nbsp;27391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654645 |
| REX American Resources Corp. \* | &nbsp;&nbsp;68575 | &nbsp;&nbsp;&nbsp;&nbsp;2056564 |
| SM Energy Co. | &nbsp;&nbsp;64847 | &nbsp;&nbsp;&nbsp;&nbsp;2916818 |
| Southwestern Energy Co. \* | 289338 | &nbsp;&nbsp;&nbsp;&nbsp;2005112 |
| Teekay Corp. \* | 150033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586629 |
| Teekay Tankers Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203048 |
| US Silica Holdings, Inc. \* | 100940 | &nbsp;&nbsp;&nbsp;&nbsp;1452527 |
| W&T Offshore, Inc. \* | 126667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961403 |
|  |  | &nbsp;&nbsp;&nbsp;**35639451** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.4%** | &nbsp;&nbsp;**Food & Staples Retailing 1.4%** | &nbsp;&nbsp;**Food & Staples Retailing 1.4%** |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;62320 | &nbsp;&nbsp;&nbsp;&nbsp;4823568 |
| United Natural Foods, Inc. \* | &nbsp;&nbsp;67928 | &nbsp;&nbsp;&nbsp;&nbsp;2880827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7704395** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 2.9%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.9%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.9%** |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7603 | &nbsp;&nbsp;&nbsp;&nbsp;3702737 |
| Darling Ingredients, Inc. \* | &nbsp;&nbsp;33562 | &nbsp;&nbsp;&nbsp;&nbsp;2633946 |
| National Beverage Corp. | &nbsp;&nbsp;34764 | &nbsp;&nbsp;&nbsp;&nbsp;1648509 |
| Primo Water Corp. | 189849 | &nbsp;&nbsp;&nbsp;&nbsp;2769897 |
| The Simply Good Foods Co. \* | &nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp;1087720 |
| Vector Group Ltd. | 355243 | &nbsp;&nbsp;&nbsp;&nbsp;3772680 |
|  |  | &nbsp;&nbsp;&nbsp;**15615489** |
| &nbsp;&nbsp;**Health Care Equipment & Services 7.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 7.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 7.3%** |
| Accuray, Inc. \* | 283668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578683 |
| Addus HomeCare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254309 |
| AirSculpt Technologies, Inc. | &nbsp;&nbsp;44104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299025 |
| Alignment Healthcare, Inc. \* | &nbsp;&nbsp;54831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725962 |
| Allscripts Healthcare Solutions, Inc. \* | &nbsp;&nbsp;85456 | &nbsp;&nbsp;&nbsp;&nbsp;1256203 |
| AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;40201 | &nbsp;&nbsp;&nbsp;&nbsp;5045226 |
| Apollo Medical Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224426 |
| Avanos Medical, Inc. \* | &nbsp;&nbsp;97721 | &nbsp;&nbsp;&nbsp;&nbsp;2164520 |
| Cerus Corp. \* | 270093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988540 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Cross Country Healthcare, Inc. \* | &nbsp;&nbsp;17202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638022 |
| Evolent Health, Inc., Class A \* | &nbsp;&nbsp;65652 | &nbsp;&nbsp;&nbsp;&nbsp;2088390 |
| Inspire Medical Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5549 | &nbsp;&nbsp;&nbsp;&nbsp;1081778 |
| Lantheus Holdings, Inc. \* | &nbsp;&nbsp;36689 | &nbsp;&nbsp;&nbsp;&nbsp;2714619 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;13251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575093 |
| LivaNova plc \* | &nbsp;&nbsp;18242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859198 |
| Merit Medical Systems, Inc. \* | &nbsp;&nbsp;52497 | &nbsp;&nbsp;&nbsp;&nbsp;3610219 |
| ModivCare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482408 |
| NextGen Healthcare, Inc. \* | &nbsp;&nbsp;54903 | &nbsp;&nbsp;&nbsp;&nbsp;1100256 |
| NuVasive, Inc. \* | &nbsp;&nbsp;11539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509216 |
| Option Care Health, Inc. \* | &nbsp;&nbsp;60660 | &nbsp;&nbsp;&nbsp;&nbsp;1835572 |
| Progyny, Inc. \* | &nbsp;&nbsp;19342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860139 |
| Shockwave Medical, Inc. \* | &nbsp;&nbsp;12663 | &nbsp;&nbsp;&nbsp;&nbsp;3712158 |
| STAAR Surgical Co. \* | &nbsp;&nbsp;25572 | &nbsp;&nbsp;&nbsp;&nbsp;1812288 |
| Tenet Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352307 |
| The Ensign Group, Inc. | &nbsp;&nbsp;42417 | &nbsp;&nbsp;&nbsp;&nbsp;3808198 |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446049 |
| Varex Imaging Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155367 |
| Zynex, Inc. | 116814 | &nbsp;&nbsp;&nbsp;&nbsp;1331680 |
|  |  | &nbsp;&nbsp;&nbsp;**39509851** |
| &nbsp;&nbsp;**Household & Personal Products 0.3%** | &nbsp;&nbsp;**Household & Personal Products 0.3%** | &nbsp;&nbsp;**Household & Personal Products 0.3%** |
| BellRing Brands, Inc. \* | &nbsp;&nbsp;23135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560330 |
| Nature's Sunshine Products, Inc. \* | &nbsp;&nbsp;94898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1361269** |
| &nbsp;&nbsp;**Insurance 2.2%** | &nbsp;&nbsp;**Insurance 2.2%** | &nbsp;&nbsp;**Insurance 2.2%** |
| American Equity Investment Life Holding Co. | &nbsp;&nbsp;64756 | &nbsp;&nbsp;&nbsp;&nbsp;2789689 |
| CNO Financial Group, Inc. | 201889 | &nbsp;&nbsp;&nbsp;&nbsp;4453671 |
| Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273033 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862305 |
| National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp;1166734 |
| Stewart Information Services Corp. | &nbsp;&nbsp;42339 | &nbsp;&nbsp;&nbsp;&nbsp;1649527 |
| United Fire Group, Inc. | &nbsp;&nbsp;26505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718286 |
|  |  | &nbsp;&nbsp;&nbsp;**11913245** |
| &nbsp;&nbsp;**Materials 2.6%** | &nbsp;&nbsp;**Materials 2.6%** | &nbsp;&nbsp;**Materials 2.6%** |
| AdvanSix, Inc. | &nbsp;&nbsp;17366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631775 |
| Alcoa Corp. | &nbsp;&nbsp;15260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595598 |
| Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649735 |
| Avient Corp. | &nbsp;&nbsp;71456 | &nbsp;&nbsp;&nbsp;&nbsp;2464518 |
| Constellium SE \* | 125507 | &nbsp;&nbsp;&nbsp;&nbsp;1383087 |
| Ecovyst, Inc. \* | 151979 | &nbsp;&nbsp;&nbsp;&nbsp;1512191 |
| Ingevity Corp. \* | &nbsp;&nbsp;14245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958261 |
| LSB Industries, Inc. \* | &nbsp;&nbsp;39787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701445 |
| Rayonier Advanced Materials, Inc. \* | 105791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481349 |
| Ryerson Holding Corp. | &nbsp;&nbsp;64864 | &nbsp;&nbsp;&nbsp;&nbsp;2176187 |
| Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017 |
| TimkenSteel Corp. \* | &nbsp;&nbsp;40991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714883 |
| Tronox Holdings plc, Class A | &nbsp;&nbsp;84904 | &nbsp;&nbsp;&nbsp;&nbsp;1018848 |
| Valhi, Inc. | &nbsp;&nbsp;26078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712451 |
|  |  | &nbsp;&nbsp;&nbsp;**14007345** |
| &nbsp;&nbsp;**Media & Entertainment 2.1%** | &nbsp;&nbsp;**Media & Entertainment 2.1%** | &nbsp;&nbsp;**Media & Entertainment 2.1%** |
| Cargurus, Inc. \* | &nbsp;&nbsp;30336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441692 |
| Cars.com, Inc. \* | 141524 | &nbsp;&nbsp;&nbsp;&nbsp;1964353 |
| Entravision Communications Corp., Class A | 227618 | &nbsp;&nbsp;&nbsp;&nbsp;1065252 |
| Gaia, Inc. \* | &nbsp;&nbsp;84982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198858 |
| Gannett Co., Inc. \* | 148450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215253 |
| iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;97406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806522 |
| Outbrain, Inc. \* | &nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308160 |
| Shutterstock, Inc. | &nbsp;&nbsp;29062 | &nbsp;&nbsp;&nbsp;&nbsp;1453972 |
| Yelp, Inc. \* | &nbsp;&nbsp;87001 | &nbsp;&nbsp;&nbsp;&nbsp;3341708 |

---

<sub>47</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ziff Davis, Inc. \* | &nbsp;&nbsp;20224 | &nbsp;&nbsp;&nbsp;&nbsp;1565135 |
|  |  | &nbsp;&nbsp;&nbsp;**11360905** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 11.1%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 11.1%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 11.1%** |
| 2seventy bio, Inc. \* | &nbsp;&nbsp;39172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622051 |
| ACADIA Pharmaceuticals, Inc. \* | &nbsp;&nbsp;80050 | &nbsp;&nbsp;&nbsp;&nbsp;1283202 |
| Agios Pharmaceuticals, Inc. \* | &nbsp;&nbsp;22874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629950 |
| Alkermes plc \* | 157317 | &nbsp;&nbsp;&nbsp;&nbsp;3571096 |
| Amicus Therapeutics, Inc. \* | 152254 | &nbsp;&nbsp;&nbsp;&nbsp;1522540 |
| Amneal Pharmaceuticals, Inc. \* | 447489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984476 |
| Amphastar Pharmaceuticals, Inc. \* | &nbsp;&nbsp;35764 | &nbsp;&nbsp;&nbsp;&nbsp;1105108 |
| Arrowhead Pharmaceuticals, Inc. \* | &nbsp;&nbsp;32572 | &nbsp;&nbsp;&nbsp;&nbsp;1133831 |
| Beam Therapeutics, Inc. \* | &nbsp;&nbsp;12397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546212 |
| BioCryst Pharmaceuticals, Inc. \* | &nbsp;&nbsp;37920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506232 |
| C4 Therapeutics, Inc. \* | &nbsp;&nbsp;40507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389677 |
| CareDx, Inc. \* | &nbsp;&nbsp;31127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619739 |
| Catalyst Pharmaceuticals, Inc. \* | 160588 | &nbsp;&nbsp;&nbsp;&nbsp;2227356 |
| Chinook Therapeutics, Inc. \* | &nbsp;&nbsp;42118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916067 |
| Codexis, Inc. \* | 145726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818980 |
| Corcept Therapeutics, Inc. \* | &nbsp;&nbsp;88465 | &nbsp;&nbsp;&nbsp;&nbsp;2530099 |
| Cytokinetics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283790 |
| Denali Therapeutics, Inc. \* | &nbsp;&nbsp;22087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633455 |
| Dynavax Technologies Corp. \* | &nbsp;&nbsp;58385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668508 |
| Dyne Therapeutics, Inc. \* | &nbsp;&nbsp;25035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285399 |
| Eagle Pharmaceuticals, Inc. \* | &nbsp;&nbsp;15172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477463 |
| Emergent BioSolutions, Inc. \* | &nbsp;&nbsp;38740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808116 |
| FibroGen, Inc. \* | &nbsp;&nbsp;20833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339161 |
| Halozyme Therapeutics, Inc. \* | &nbsp;&nbsp;31584 | &nbsp;&nbsp;&nbsp;&nbsp;1510031 |
| Harmony Biosciences Holdings, Inc. \* | &nbsp;&nbsp;10880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565760 |
| Harrow Health, Inc. \* | 108046 | &nbsp;&nbsp;&nbsp;&nbsp;1299793 |
| Harvard Bioscience, Inc. \* | 182521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490982 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;32557 | &nbsp;&nbsp;&nbsp;&nbsp;2028952 |
| ImmunoGen, Inc. \* | &nbsp;&nbsp;46972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279014 |
| Inhibrx, Inc. \* | &nbsp;&nbsp;19120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615282 |
| Intercept Pharmaceuticals, Inc. \* | &nbsp;&nbsp;96998 | &nbsp;&nbsp;&nbsp;&nbsp;1345362 |
| Ironwood Pharmaceuticals, Inc. \* | &nbsp;&nbsp;75889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830226 |
| Jounce Therapeutics, Inc. \* | 133701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291468 |
| Karuna Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp;&nbsp;1165792 |
| Kiniksa Pharmaceuticals Ltd., Class A \* | 125336 | &nbsp;&nbsp;&nbsp;&nbsp;1431337 |
| Kymera Therapeutics, Inc. \* | &nbsp;&nbsp;11109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337047 |
| Ligand Pharmaceuticals, Inc. \* | &nbsp;&nbsp;14524 | &nbsp;&nbsp;&nbsp;&nbsp;1273029 |
| Medpace Holdings, Inc. \* | &nbsp;&nbsp;25005 | &nbsp;&nbsp;&nbsp;&nbsp;5550610 |
| MiMedx Group, Inc. \* | &nbsp;&nbsp;91031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269452 |
| NeoGenomics, Inc. \* | &nbsp;&nbsp;26010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197806 |
| NGM Biopharmaceuticals, Inc. \* | &nbsp;&nbsp;39957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213370 |
| Nkarta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125696 |
| Nurix Therapeutics, Inc. \* | &nbsp;&nbsp;50141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638295 |
| Organogenesis Holdings, Inc. \* | 265465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870725 |
| Phibro Animal Health Corp., Class A | 112016 | &nbsp;&nbsp;&nbsp;&nbsp;1645515 |
| Prestige Consumer Healthcare, Inc. \* | &nbsp;&nbsp;39968 | &nbsp;&nbsp;&nbsp;&nbsp;2177457 |
| Prothena Corp. plc \* | &nbsp;&nbsp;19242 | &nbsp;&nbsp;&nbsp;&nbsp;1182228 |
| PTC Therapeutics, Inc. \* | &nbsp;&nbsp;30085 | &nbsp;&nbsp;&nbsp;&nbsp;1137815 |
| Repligen Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446371 |
| Rigel Pharmaceuticals, Inc. \* | 407364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296805 |
| Syneos Health, Inc. \* | &nbsp;&nbsp;48296 | &nbsp;&nbsp;&nbsp;&nbsp;2433152 |
| Theravance Biopharma, Inc. \* | &nbsp;&nbsp;73922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737002 |
| Travere Therapeutics, Inc. \* | &nbsp;&nbsp;50236 | &nbsp;&nbsp;&nbsp;&nbsp;1089116 |
| Vanda Pharmaceuticals, Inc. \* | 196999 | &nbsp;&nbsp;&nbsp;&nbsp;2062580 |
| Veracyte, Inc. \* | &nbsp;&nbsp;31001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623430 |
| Vericel Corp. \* | &nbsp;&nbsp;18406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494753 |
| Vir Biotechnology, Inc. \* | &nbsp;&nbsp;36407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800226 |
| Xencor, Inc. \* | &nbsp;&nbsp;34439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964292 |
|  |  | &nbsp;&nbsp;&nbsp;**60323279** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Real Estate 7.0%** | &nbsp;&nbsp;**Real Estate 7.0%** | &nbsp;&nbsp;**Real Estate 7.0%** |
| Apple Hospitality REIT, Inc. | 393403 | &nbsp;&nbsp;&nbsp;&nbsp;6735059 |
| Armada Hoffler Properties, Inc. | 222938 | &nbsp;&nbsp;&nbsp;&nbsp;2606145 |
| BRT Apartments Corp. | 104014 | &nbsp;&nbsp;&nbsp;&nbsp;2304950 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;38134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712343 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;26644 | &nbsp;&nbsp;&nbsp;&nbsp;4174848 |
| eXp World Holdings, Inc. | &nbsp;&nbsp;63942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844674 |
| Global Medical REIT, Inc. | &nbsp;&nbsp;57377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524426 |
| National Storage Affiliates Trust | &nbsp;&nbsp;72860 | &nbsp;&nbsp;&nbsp;&nbsp;3108208 |
| Paramount Group, Inc. | 502627 | &nbsp;&nbsp;&nbsp;&nbsp;3251997 |
| Piedmont Office Realty Trust, Inc., Class A | 377224 | &nbsp;&nbsp;&nbsp;&nbsp;3941991 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;28440 | &nbsp;&nbsp;&nbsp;&nbsp;1265296 |
| RPT Realty | 107553 | &nbsp;&nbsp;&nbsp;&nbsp;1000243 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;65306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892080 |
| SITE Centers Corp. | 172722 | &nbsp;&nbsp;&nbsp;&nbsp;2138298 |
| The Necessity Retail REIT, Inc. | 488060 | &nbsp;&nbsp;&nbsp;&nbsp;3338330 |
| Uniti Group, Inc. | 115959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899842 |
|  |  | &nbsp;&nbsp;&nbsp;**37738730** |
| &nbsp;&nbsp;**Retailing 2.4%** | &nbsp;&nbsp;**Retailing 2.4%** | &nbsp;&nbsp;**Retailing 2.4%** |
| AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967953 |
| Caleres, Inc. | &nbsp;&nbsp;52750 | &nbsp;&nbsp;&nbsp;&nbsp;1441658 |
| Duluth Holdings, Inc., Class B \* | 119269 | &nbsp;&nbsp;&nbsp;&nbsp;1037640 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;12089 | &nbsp;&nbsp;&nbsp;&nbsp;2091397 |
| Macy's, Inc. | 182154 | &nbsp;&nbsp;&nbsp;&nbsp;3797911 |
| Revolve Group, Inc. \* | &nbsp;&nbsp;22446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538704 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;14784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964508 |
| The Buckle, Inc. | &nbsp;&nbsp;19762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777239 |
| The Children's Place, Inc. \* | &nbsp;&nbsp;35151 | &nbsp;&nbsp;&nbsp;&nbsp;1422912 |
|  |  | &nbsp;&nbsp;&nbsp;**13039922** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.9%** |
| Ambarella, Inc. \* | &nbsp;&nbsp;11827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647292 |
| Amkor Technology, Inc. | &nbsp;&nbsp;38926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809271 |
| Axcelis Technologies, Inc. \* | &nbsp;&nbsp;52597 | &nbsp;&nbsp;&nbsp;&nbsp;3050626 |
| Diodes, Inc. \* | &nbsp;&nbsp;18066 | &nbsp;&nbsp;&nbsp;&nbsp;1294790 |
| Lattice Semiconductor Corp. \* | 117988 | &nbsp;&nbsp;&nbsp;&nbsp;5723598 |
| MaxLinear, Inc. \* | &nbsp;&nbsp;41976 | &nbsp;&nbsp;&nbsp;&nbsp;1296219 |
| Semtech Corp. \* | &nbsp;&nbsp;53218 | &nbsp;&nbsp;&nbsp;&nbsp;1473606 |
| Synaptics, Inc. \* | &nbsp;&nbsp;17031 | &nbsp;&nbsp;&nbsp;&nbsp;1508947 |
|  |  | &nbsp;&nbsp;&nbsp;**15804349** |
| &nbsp;&nbsp;**Software & Services 7.7%** | &nbsp;&nbsp;**Software & Services 7.7%** | &nbsp;&nbsp;**Software & Services 7.7%** |
| 8x8, Inc. \* | 110988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469479 |
| A10 Networks, Inc. | 162526 | &nbsp;&nbsp;&nbsp;&nbsp;2730437 |
| Agilysys, Inc. \* | &nbsp;&nbsp;38914 | &nbsp;&nbsp;&nbsp;&nbsp;2497111 |
| American Software, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169553 |
| Box, Inc., Class A \* | 151386 | &nbsp;&nbsp;&nbsp;&nbsp;4397763 |
| CommVault Systems, Inc. \* | &nbsp;&nbsp;76423 | &nbsp;&nbsp;&nbsp;&nbsp;4653397 |
| CoreCard Corp. \* | &nbsp;&nbsp;25317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620267 |
| Domo, Inc., Class B \* | &nbsp;&nbsp;65005 | &nbsp;&nbsp;&nbsp;&nbsp;1148638 |
| eGain Corp. \* | 193849 | &nbsp;&nbsp;&nbsp;&nbsp;1560484 |
| EngageSmart, Inc. \* | &nbsp;&nbsp;26596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522345 |
| EVERTEC, Inc. | &nbsp;&nbsp;35373 | &nbsp;&nbsp;&nbsp;&nbsp;1266707 |
| ExlService Holdings, Inc. \* | &nbsp;&nbsp;16836 | &nbsp;&nbsp;&nbsp;&nbsp;3061627 |
| LiveRamp Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150607 |
| Model N, Inc. \* | &nbsp;&nbsp;31812 | &nbsp;&nbsp;&nbsp;&nbsp;1208856 |
| Progress Software Corp. | &nbsp;&nbsp;18295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933594 |
| Qualys, Inc. \* | &nbsp;&nbsp;45840 | &nbsp;&nbsp;&nbsp;&nbsp;6534950 |
| Sprout Social, Inc., Class A \* | &nbsp;&nbsp;38659 | &nbsp;&nbsp;&nbsp;&nbsp;2332297 |
| Tenable Holdings, Inc. \* | &nbsp;&nbsp;16251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660441 |
| The Hackett Group, Inc. | 105303 | &nbsp;&nbsp;&nbsp;&nbsp;2299818 |
| Unisys Corp. \* | 105652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898042 |
| Verra Mobility Corp. \* | &nbsp;&nbsp;76334 | &nbsp;&nbsp;&nbsp;&nbsp;1303021 |

---

<sub>48</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Workiva, Inc. \* | &nbsp;&nbsp;27481 | &nbsp;&nbsp;&nbsp;&nbsp;2138297 |
| Zuora, Inc., Class A \* | &nbsp;&nbsp;63916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491514 |
|  |  | &nbsp;&nbsp;&nbsp;**42049245** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 3.8%** | &nbsp;&nbsp;**Technology Hardware & Equipment 3.8%** | &nbsp;&nbsp;**Technology Hardware & Equipment 3.8%** |
| Avid Technology, Inc. \* | &nbsp;&nbsp;80856 | &nbsp;&nbsp;&nbsp;&nbsp;2222731 |
| Belden, Inc. | &nbsp;&nbsp;31827 | &nbsp;&nbsp;&nbsp;&nbsp;2216114 |
| Calix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270848 |
| Cambium Networks Corp. \* | &nbsp;&nbsp;36173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699947 |
| Casa Systems, Inc. \* | 179731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566153 |
| CommScope Holding Co., Inc. \* | 103478 | &nbsp;&nbsp;&nbsp;&nbsp;1370049 |
| Extreme Networks, Inc. \* | 241441 | &nbsp;&nbsp;&nbsp;&nbsp;4331451 |
| Fabrinet \* | &nbsp;&nbsp;12842 | &nbsp;&nbsp;&nbsp;&nbsp;1469125 |
| Super Micro Computer, Inc. \* | &nbsp;&nbsp;22120 | &nbsp;&nbsp;&nbsp;&nbsp;1539331 |
| Vishay Intertechnology, Inc. | 293538 | &nbsp;&nbsp;&nbsp;&nbsp;6137880 |
|  |  | &nbsp;&nbsp;&nbsp;**20823629** |
| &nbsp;&nbsp;**Telecommunication Services 1.4%** | &nbsp;&nbsp;**Telecommunication Services 1.4%** | &nbsp;&nbsp;**Telecommunication Services 1.4%** |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;16173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849244 |
| Iridium Communications, Inc. \* | &nbsp;&nbsp;67554 | &nbsp;&nbsp;&nbsp;&nbsp;3481058 |
| Liberty Latin America Ltd., Class A \* | 353075 | &nbsp;&nbsp;&nbsp;&nbsp;2746923 |
| Ooma, Inc. \* | &nbsp;&nbsp;32459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7604035** |
| &nbsp;&nbsp;**Transportation 1.2%** | &nbsp;&nbsp;**Transportation 1.2%** | &nbsp;&nbsp;**Transportation 1.2%** |
| ArcBest Corp. | &nbsp;&nbsp;10697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849663 |
| Forward Air Corp. | &nbsp;&nbsp;31808 | &nbsp;&nbsp;&nbsp;&nbsp;3367513 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Hub Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103674 |
| Matson, Inc. | &nbsp;&nbsp;21713 | &nbsp;&nbsp;&nbsp;&nbsp;1597642 |
| Radiant Logistics, Inc. \* | &nbsp;&nbsp;69136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6338147** |
| &nbsp;&nbsp;**Utilities 2.0%** | &nbsp;&nbsp;**Utilities 2.0%** | &nbsp;&nbsp;**Utilities 2.0%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527744 |
| Clearway Energy, Inc., Class A | &nbsp;&nbsp;97753 | &nbsp;&nbsp;&nbsp;&nbsp;3160354 |
| Consolidated Water Co., Ltd. | &nbsp;&nbsp;35962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660262 |
| Genie Energy Ltd., Class B | &nbsp;&nbsp;99801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975056 |
| Otter Tail Corp. | &nbsp;&nbsp;63730 | &nbsp;&nbsp;&nbsp;&nbsp;4296677 |
| Via Renewables, Inc. | 192739 | &nbsp;&nbsp;&nbsp;&nbsp;1347246 |
|  |  | &nbsp;&nbsp;&nbsp;**10967339** |
| **Total Common Stocks<br> (Cost $520,280,153)** | **Total Common Stocks<br> (Cost $520,280,153)** | **537707021** |
| **Total Investments in Securities<br> (Cost $520,280,153)** | **Total Investments in Securities<br> (Cost $520,280,153)** | **537707021** |

---

\* Non-income producing security.

REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$537707021 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$537707021 |
| **Total** | **$537707021** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$537707021** |

---

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

<sub>49</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $520,280,153) |  | &nbsp;&nbsp;$537707021 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;14734558 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720005 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12280 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**553495373** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;10133410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115653 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10895029** |
| **Net assets** |  | **$542600344** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$478067479 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;64532865 |
| **Net assets** |  | **$542600344** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $542600344 |  | 28651758 |  | $18.94 |

---

<sub>50</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $18,223) |  | &nbsp;&nbsp;&nbsp;&nbsp;$7181711 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60972 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19952 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7262635** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823124 |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464356 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57787 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34916 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28240 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27583 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26876 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26131 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10115 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6510434** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6507535** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**755100** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;48206692 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;(1094071) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**47112621** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;(116646799) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87707) |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(116734506)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(69621885)** |
| **Decrease in net assets resulting from operations** |  | **($68866785)** |

---

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

<sub>51</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Small-Cap Equity Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$755100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$674136 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;47112621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163410747 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;(116734506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107558534 |
| **Increase (decrease) in net assets resulting from operations** |  | **($68866785)** | &nbsp;&nbsp;&nbsp;**$271643417** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($73439993)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($1114839)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;2182967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45773419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42785760 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;2701118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55345927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820369 |
| Shares redeemed | + | &nbsp;&nbsp;(4395790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85701441) | &nbsp;&nbsp;&nbsp;&nbsp;(6658460) | &nbsp;&nbsp;&nbsp;&nbsp;(136123410) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**488295** | &nbsp;&nbsp;&nbsp;&nbsp;**$15417905** | &nbsp;&nbsp;&nbsp;&nbsp;**(4565017)** | &nbsp;&nbsp;&nbsp;&nbsp;**($92517281)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;28163463 | &nbsp;&nbsp;&nbsp;&nbsp;$669489217 | &nbsp;&nbsp;&nbsp;&nbsp;32728480 | &nbsp;&nbsp;&nbsp;&nbsp;$491477920 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;488295 | &nbsp;&nbsp;&nbsp;&nbsp;(126888873) | &nbsp;&nbsp;&nbsp;&nbsp;(4565017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178011297 |
| **End of period** |  | **28651758** | &nbsp;&nbsp;&nbsp;**$542600344** | &nbsp;&nbsp;&nbsp;**28163463** | &nbsp;&nbsp;&nbsp;**$669489217** |

---

<sub>52</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Health Care Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$30.58 | &nbsp;&nbsp;&nbsp;&nbsp;$26.27 | &nbsp;&nbsp;&nbsp;&nbsp;$25.08 | &nbsp;&nbsp;&nbsp;&nbsp;$25.85 | &nbsp;&nbsp;&nbsp;&nbsp;$25.44 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$26.08 | &nbsp;&nbsp;&nbsp;&nbsp;$30.58 | &nbsp;&nbsp;&nbsp;&nbsp;$26.27 | &nbsp;&nbsp;&nbsp;&nbsp;$25.08 | &nbsp;&nbsp;&nbsp;&nbsp;$25.85 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13% |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;0.80% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$829028 | &nbsp;&nbsp;$901637 | &nbsp;&nbsp;$745705 | &nbsp;&nbsp;$778753 | &nbsp;&nbsp;$825769 |

---

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

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

<sub>53</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Health Care Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.6% OF NET ASSETS** | **COMMON STOCKS 99.6% OF NET ASSETS** | **COMMON STOCKS 99.6% OF NET ASSETS** |
| &nbsp;&nbsp;**Australia 0.3%** | &nbsp;&nbsp;**Australia 0.3%** | &nbsp;&nbsp;**Australia 0.3%** |
| Ansell Ltd. | &nbsp;&nbsp;&nbsp;151541 | &nbsp;&nbsp;&nbsp;&nbsp;**2735784** |
| &nbsp;&nbsp;**Denmark 2.5%** | &nbsp;&nbsp;**Denmark 2.5%** | &nbsp;&nbsp;**Denmark 2.5%** |
| Genmab A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884822 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;178806 | &nbsp;&nbsp;&nbsp;&nbsp;19441800 |
|  |  | &nbsp;&nbsp;&nbsp;**20326622** |
| &nbsp;&nbsp;**France 2.3%** | &nbsp;&nbsp;**France 2.3%** | &nbsp;&nbsp;**France 2.3%** |
| EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;&nbsp;10206 | &nbsp;&nbsp;&nbsp;&nbsp;1613856 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;54470 | &nbsp;&nbsp;&nbsp;&nbsp;5597762 |
| Sanofi | &nbsp;&nbsp;&nbsp;137712 | &nbsp;&nbsp;&nbsp;&nbsp;11851191 |
|  |  | &nbsp;&nbsp;&nbsp;**19062809** |
| &nbsp;&nbsp;**Germany 0.3%** | &nbsp;&nbsp;**Germany 0.3%** | &nbsp;&nbsp;**Germany 0.3%** |
| Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;42629 | &nbsp;&nbsp;&nbsp;&nbsp;**2241477** |
| &nbsp;&nbsp;**Hong Kong 0.4%** | &nbsp;&nbsp;**Hong Kong 0.4%** | &nbsp;&nbsp;**Hong Kong 0.4%** |
| CSPC Pharmaceutical Group Ltd. | 3632000 | &nbsp;&nbsp;&nbsp;&nbsp;**3730650** |
| &nbsp;&nbsp;**Ireland 2.1%** | &nbsp;&nbsp;**Ireland 2.1%** | &nbsp;&nbsp;**Ireland 2.1%** |
| Medtronic plc | &nbsp;&nbsp;&nbsp;197227 | &nbsp;&nbsp;&nbsp;**17225806** |
| &nbsp;&nbsp;**Japan 3.7%** | &nbsp;&nbsp;**Japan 3.7%** | &nbsp;&nbsp;**Japan 3.7%** |
| Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;189600 | &nbsp;&nbsp;&nbsp;&nbsp;2616135 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;137300 | &nbsp;&nbsp;&nbsp;&nbsp;3181496 |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3201076 |
| Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;1326669 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91800 | &nbsp;&nbsp;&nbsp;&nbsp;8533851 |
| JEOL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;1061202 |
| Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847861 |
| Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85700 | &nbsp;&nbsp;&nbsp;&nbsp;1919005 |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;&nbsp;&nbsp;1537059 |
| Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;280400 | &nbsp;&nbsp;&nbsp;&nbsp;6598807 |
|  |  | &nbsp;&nbsp;&nbsp;**30823161** |
| &nbsp;&nbsp;**Switzerland 5.5%** | &nbsp;&nbsp;**Switzerland 5.5%** | &nbsp;&nbsp;**Switzerland 5.5%** |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;12762 | &nbsp;&nbsp;&nbsp;&nbsp;6569672 |
| Novartis AG | &nbsp;&nbsp;&nbsp;158884 | &nbsp;&nbsp;&nbsp;&nbsp;12852240 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;57464 | &nbsp;&nbsp;&nbsp;&nbsp;19066447 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;30701 | &nbsp;&nbsp;&nbsp;&nbsp;7256600 |
|  |  | &nbsp;&nbsp;&nbsp;**45744959** |
| &nbsp;&nbsp;**United Kingdom 3.3%** | &nbsp;&nbsp;**United Kingdom 3.3%** | &nbsp;&nbsp;**United Kingdom 3.3%** |
| AstraZeneca plc | &nbsp;&nbsp;&nbsp;147669 | &nbsp;&nbsp;&nbsp;&nbsp;17326316 |
| GSK plc | &nbsp;&nbsp;&nbsp;619632 | &nbsp;&nbsp;&nbsp;&nbsp;10150238 |
|  |  | &nbsp;&nbsp;&nbsp;**27476554** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**United States 79.2%** | &nbsp;&nbsp;**United States 79.2%** | &nbsp;&nbsp;**United States 79.2%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;295112 | &nbsp;&nbsp;&nbsp;&nbsp;29198381 |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;104205 | &nbsp;&nbsp;&nbsp;&nbsp;15255612 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;110469 | &nbsp;&nbsp;&nbsp;&nbsp;15283386 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73265 | &nbsp;&nbsp;&nbsp;&nbsp;19807193 |
| AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866703 |
| Avanos Medical, Inc. \* | &nbsp;&nbsp;&nbsp;118742 | &nbsp;&nbsp;&nbsp;&nbsp;2630135 |
| Axonics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;1448172 |
| BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;53423 | &nbsp;&nbsp;&nbsp;&nbsp;4628035 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20178 | &nbsp;&nbsp;&nbsp;&nbsp;5977934 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;421465 | &nbsp;&nbsp;&nbsp;&nbsp;32650894 |
| Catalyst Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;364830 | &nbsp;&nbsp;&nbsp;&nbsp;5060192 |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56278 | &nbsp;&nbsp;&nbsp;&nbsp;18181171 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;245493 | &nbsp;&nbsp;&nbsp;&nbsp;23248187 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;107240 | &nbsp;&nbsp;&nbsp;&nbsp;26989091 |
| Edwards Lifesciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666718 |
| Elanco Animal Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;93844 | &nbsp;&nbsp;&nbsp;&nbsp;1237802 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32134 | &nbsp;&nbsp;&nbsp;&nbsp;17569907 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;88884 | &nbsp;&nbsp;&nbsp;&nbsp;32184008 |
| Exelixis, Inc. \* | &nbsp;&nbsp;&nbsp;222178 | &nbsp;&nbsp;&nbsp;&nbsp;3683711 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;301607 | &nbsp;&nbsp;&nbsp;&nbsp;23664085 |
| Halozyme Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;174247 | &nbsp;&nbsp;&nbsp;&nbsp;8330749 |
| Harmony Biosciences Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440856 |
| Hologic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;84520 | &nbsp;&nbsp;&nbsp;&nbsp;5730456 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;&nbsp;&nbsp;45644 | &nbsp;&nbsp;&nbsp;&nbsp;2844534 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10857 | &nbsp;&nbsp;&nbsp;&nbsp;6059075 |
| Integra LifeSciences Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;35979 | &nbsp;&nbsp;&nbsp;&nbsp;1807945 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36759 | &nbsp;&nbsp;&nbsp;&nbsp;9059991 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;59038 | &nbsp;&nbsp;&nbsp;&nbsp;12378497 |
| Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp;13255 | &nbsp;&nbsp;&nbsp;&nbsp;1905936 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;241917 | &nbsp;&nbsp;&nbsp;&nbsp;42086301 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;13434 | &nbsp;&nbsp;&nbsp;&nbsp;2980467 |
| Lantheus Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14993 | &nbsp;&nbsp;&nbsp;&nbsp;1109332 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14150 | &nbsp;&nbsp;&nbsp;&nbsp;5509586 |
| Medpace Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;3329700 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;390307 | &nbsp;&nbsp;&nbsp;&nbsp;39499068 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9751 | &nbsp;&nbsp;&nbsp;&nbsp;12334332 |
| Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;90338 | &nbsp;&nbsp;&nbsp;&nbsp;13580512 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18418 | &nbsp;&nbsp;&nbsp;&nbsp;6609484 |
| NuVasive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;97199 | &nbsp;&nbsp;&nbsp;&nbsp;4289392 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;542651 | &nbsp;&nbsp;&nbsp;&nbsp;25260404 |
| Prestige Consumer Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;105946 | &nbsp;&nbsp;&nbsp;&nbsp;5771938 |
| QIAGEN N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;31352 | &nbsp;&nbsp;&nbsp;&nbsp;1365693 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23885 | &nbsp;&nbsp;&nbsp;&nbsp;3431080 |
| Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14980 | &nbsp;&nbsp;&nbsp;&nbsp;11216275 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304 | &nbsp;&nbsp;&nbsp;&nbsp;1633832 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7001 | &nbsp;&nbsp;&nbsp;&nbsp;1208233 |
| Tenet Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;13425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595533 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35421 | &nbsp;&nbsp;&nbsp;&nbsp;18205331 |
| United Therapeutics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;18983 | &nbsp;&nbsp;&nbsp;&nbsp;4376151 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;101293 | &nbsp;&nbsp;&nbsp;&nbsp;56232809 |
| Veracyte, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;89093 | &nbsp;&nbsp;&nbsp;&nbsp;1791660 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;72451 | &nbsp;&nbsp;&nbsp;&nbsp;22604712 |
| Vir Biotechnology, Inc. \* | &nbsp;&nbsp;&nbsp;129400 | &nbsp;&nbsp;&nbsp;&nbsp;2844212 |
| Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;37131 | &nbsp;&nbsp;&nbsp;&nbsp;11108481 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;109212 | &nbsp;&nbsp;&nbsp;&nbsp;12379180 |

---

<sub>54</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Health Care Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;108276 | &nbsp;&nbsp;&nbsp;&nbsp;16325855 |
|  |  | **656468909** |
| **Total Common Stocks<br> (Cost $559,065,545)** | **Total Common Stocks<br> (Cost $559,065,545)** | **825836731** |
| **Total Investments in Securities<br> (Cost $559,065,545)** | **Total Investments in Securities<br> (Cost $559,065,545)** | **825836731** |

---

\* Non-income producing security.

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$673694715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$673694715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735784 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20326622 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20326622 |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19062809 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19062809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241477 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730650 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30823161 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30823161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45744959 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45744959 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27476554 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27476554 |
| **Total** | **$673694715** | &nbsp;&nbsp;&nbsp;**$152142016** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$825836731** |

---

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

<sub>55</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Health Care Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $559,065,545) |  | &nbsp;&nbsp;$825836731 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897669 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14362 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**830388554** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to sub-custodian |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176818 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1360492** |
| **Net assets** |  | **$829028062** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$529862905 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;299165157 |
| **Net assets** |  | **$829028062** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $829028062 |  | 31782891 |  | $26.08 |

---

<sub>56</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Health Care Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $353,130) |  | &nbsp;&nbsp;&nbsp;$13251924 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9004 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;**13260928** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489115 |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994351 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99353 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51237 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50392 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38730 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37482 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33222 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7984 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15815 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6826739** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7984 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6818755** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6442173** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;27132567 |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2417) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**27130150** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(67488611) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117591) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(67606202)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(40476052)** |
| **Decrease in net assets resulting from operations** |  | **($34033879)** |

---

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

<sub>57</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Health Care Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6442173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6385761 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27130150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98827356 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;&nbsp;(67606202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109531575 |
| **Increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp;&nbsp;**($34033879)** | &nbsp;&nbsp;&nbsp;**$214744692** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($104700574)** | &nbsp;&nbsp;&nbsp;&nbsp;**($84424068)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;2461080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66220931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80007562 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;3264406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91174878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73390942 |
| Shares redeemed | + | &nbsp;&nbsp;(3426455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91270455) | &nbsp;&nbsp;&nbsp;&nbsp;(4601633) | &nbsp;&nbsp;&nbsp;&nbsp;(127787260) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**2299031** | &nbsp;&nbsp;&nbsp;&nbsp;**$66125354** | &nbsp;&nbsp;&nbsp;&nbsp;**1098318** | &nbsp;&nbsp;&nbsp;&nbsp;**$25611244** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;29483860 | &nbsp;&nbsp;&nbsp;&nbsp;$901637161 | &nbsp;&nbsp;&nbsp;&nbsp;28385542 | &nbsp;&nbsp;&nbsp;&nbsp;$745705293 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;2299031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72609099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155931868 |
| **End of period** |  | **31782891** | &nbsp;&nbsp;&nbsp;**$829028062** | &nbsp;&nbsp;&nbsp;**29483860** | &nbsp;&nbsp;&nbsp;**$901637161** |

---

<sub>58</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$11.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.11 | &nbsp;&nbsp;&nbsp;&nbsp;$10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.27 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &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;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.71 | &nbsp;&nbsp;&nbsp;&nbsp;$11.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.11 | &nbsp;&nbsp;&nbsp;&nbsp;$10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.64 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.40%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.01%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.18%) |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;0.86% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$507380 | &nbsp;&nbsp;$692619 | &nbsp;&nbsp;$664487 | &nbsp;&nbsp;$975511 | &nbsp;&nbsp;$1166280 |

---

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

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

<sub>59</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 97.4% OF NET ASSETS** | **COMMON STOCKS 97.4% OF NET ASSETS** | **COMMON STOCKS 97.4% OF NET ASSETS** |
| &nbsp;&nbsp;**Australia 7.3%** | &nbsp;&nbsp;**Australia 7.3%** | &nbsp;&nbsp;**Australia 7.3%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;195174 | &nbsp;&nbsp;&nbsp;&nbsp;4632638 |
| Australia & New Zealand Banking Group Ltd. | &nbsp;&nbsp;&nbsp;308667 | &nbsp;&nbsp;&nbsp;&nbsp;5057119 |
| BHP Group Ltd. | &nbsp;&nbsp;&nbsp;264228 | &nbsp;&nbsp;&nbsp;&nbsp;6346810 |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;38688 | &nbsp;&nbsp;&nbsp;&nbsp;2593905 |
| Fortescue Metals Group Ltd. | &nbsp;&nbsp;&nbsp;103861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978475 |
| Genworth Mortgage Insurance Australia Ltd. | &nbsp;&nbsp;&nbsp;321522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558112 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60314 | &nbsp;&nbsp;&nbsp;&nbsp;1653324 |
| Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;346914 | &nbsp;&nbsp;&nbsp;&nbsp;1239377 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;176098 | &nbsp;&nbsp;&nbsp;&nbsp;1379721 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78202 | &nbsp;&nbsp;&nbsp;&nbsp;4437932 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;147750 | &nbsp;&nbsp;&nbsp;&nbsp;3093218 |
| South32 Ltd. | 1131324 | &nbsp;&nbsp;&nbsp;&nbsp;2595560 |
| Suncorp Group Ltd. | &nbsp;&nbsp;&nbsp;316867 | &nbsp;&nbsp;&nbsp;&nbsp;2317885 |
|  |  | &nbsp;&nbsp;&nbsp;**36884076** |
| &nbsp;&nbsp;**Austria 0.6%** | &nbsp;&nbsp;**Austria 0.6%** | &nbsp;&nbsp;**Austria 0.6%** |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;33073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815082 |
| Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;99268 | &nbsp;&nbsp;&nbsp;&nbsp;2269148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3084230** |
| &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** | &nbsp;&nbsp;**Brazil 0.1%** |
| JBS S.A. | &nbsp;&nbsp;&nbsp;136300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**658610** |
| &nbsp;&nbsp;**Canada 1.9%** | &nbsp;&nbsp;**Canada 1.9%** | &nbsp;&nbsp;**Canada 1.9%** |
| Cenovus Energy, Inc. | &nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;2183228 |
| CGI, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38509 | &nbsp;&nbsp;&nbsp;&nbsp;3101977 |
| Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37160 | &nbsp;&nbsp;&nbsp;&nbsp;3044591 |
| Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45200 | &nbsp;&nbsp;&nbsp;&nbsp;1554719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9884515** |
| &nbsp;&nbsp;**Denmark 4.1%** | &nbsp;&nbsp;**Denmark 4.1%** | &nbsp;&nbsp;**Denmark 4.1%** |
| AP Moller - Maersk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;1742369 |
| Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;17452 | &nbsp;&nbsp;&nbsp;&nbsp;2054896 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;154198 | &nbsp;&nbsp;&nbsp;&nbsp;16766141 |
|  |  | &nbsp;&nbsp;&nbsp;**20563406** |
| &nbsp;&nbsp;**Finland 0.2%** | &nbsp;&nbsp;**Finland 0.2%** | &nbsp;&nbsp;**Finland 0.2%** |
| Sampo Oyj, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;19928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**911262** |
| &nbsp;&nbsp;**France 14.6%** | &nbsp;&nbsp;**France 14.6%** | &nbsp;&nbsp;**France 14.6%** |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;&nbsp;19938 | &nbsp;&nbsp;&nbsp;&nbsp;2608163 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;35323 | &nbsp;&nbsp;&nbsp;&nbsp;1656432 |
| Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;17943 | &nbsp;&nbsp;&nbsp;&nbsp;2940691 |
| Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;118432 | &nbsp;&nbsp;&nbsp;&nbsp;4841610 |
| Credit Agricole S.A. | &nbsp;&nbsp;&nbsp;&nbsp;75415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684290 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;34141 | &nbsp;&nbsp;&nbsp;&nbsp;5070564 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Eiffage S.A. | &nbsp;&nbsp;&nbsp;&nbsp;61687 | &nbsp;&nbsp;&nbsp;&nbsp;5577848 |
| Engie S.A. | &nbsp;&nbsp;&nbsp;476133 | &nbsp;&nbsp;&nbsp;&nbsp;6186564 |
| Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;1568795 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669018 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;19511 | &nbsp;&nbsp;&nbsp;&nbsp;6126535 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;23682 | &nbsp;&nbsp;&nbsp;&nbsp;14943214 |
| Pernod-Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;21211 | &nbsp;&nbsp;&nbsp;&nbsp;3722767 |
| Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;24076 | &nbsp;&nbsp;&nbsp;&nbsp;2071927 |
| Societe Generale S.A. | &nbsp;&nbsp;&nbsp;111673 | &nbsp;&nbsp;&nbsp;&nbsp;2561446 |
| Thales S.A. | &nbsp;&nbsp;&nbsp;&nbsp;28605 | &nbsp;&nbsp;&nbsp;&nbsp;3637981 |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;167289 | &nbsp;&nbsp;&nbsp;&nbsp;9126176 |
|  |  | &nbsp;&nbsp;&nbsp;**73994021** |
| &nbsp;&nbsp;**Germany 6.1%** | &nbsp;&nbsp;**Germany 6.1%** | &nbsp;&nbsp;**Germany 6.1%** |
| Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;22689 | &nbsp;&nbsp;&nbsp;&nbsp;1193011 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;42033 | &nbsp;&nbsp;&nbsp;&nbsp;3299249 |
| Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;57879 | &nbsp;&nbsp;&nbsp;&nbsp;2046010 |
| Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;565352 | &nbsp;&nbsp;&nbsp;&nbsp;10671293 |
| Hugo Boss AG | &nbsp;&nbsp;&nbsp;&nbsp;52088 | &nbsp;&nbsp;&nbsp;&nbsp;2399035 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;73492 | &nbsp;&nbsp;&nbsp;&nbsp;4253831 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;17342 | &nbsp;&nbsp;&nbsp;&nbsp;2826139 |
| RWE AG | &nbsp;&nbsp;&nbsp;114374 | &nbsp;&nbsp;&nbsp;&nbsp;4402843 |
|  |  | &nbsp;&nbsp;&nbsp;**31091411** |
| &nbsp;&nbsp;**Greece 0.6%** | &nbsp;&nbsp;**Greece 0.6%** | &nbsp;&nbsp;**Greece 0.6%** |
| Hellenic Telecommunications Organization S.A. | &nbsp;&nbsp;&nbsp;204286 | &nbsp;&nbsp;&nbsp;&nbsp;**3208218** |
| &nbsp;&nbsp;**Hong Kong 0.8%** | &nbsp;&nbsp;**Hong Kong 0.8%** | &nbsp;&nbsp;**Hong Kong 0.8%** |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;2896969 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479823 |
| Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3867987** |
| &nbsp;&nbsp;**Italy 1.6%** | &nbsp;&nbsp;**Italy 1.6%** | &nbsp;&nbsp;**Italy 1.6%** |
| Assicurazioni Generali S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;61244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919095 |
| Eni S.p.A. | &nbsp;&nbsp;&nbsp;351371 | &nbsp;&nbsp;&nbsp;&nbsp;4614807 |
| UniCredit S.p.A. | &nbsp;&nbsp;&nbsp;187662 | &nbsp;&nbsp;&nbsp;&nbsp;2327246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7861148** |
| &nbsp;&nbsp;**Japan 19.9%** | &nbsp;&nbsp;**Japan 19.9%** | &nbsp;&nbsp;**Japan 19.9%** |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;1526606 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;1916983 |
| Central Glass Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;2077912 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3494204 |
| DMG Mori Co., Ltd. | &nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;2870010 |
| Electric Power Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;1056985 |
| Fujikura Ltd. | &nbsp;&nbsp;&nbsp;208800 | &nbsp;&nbsp;&nbsp;&nbsp;1236300 |
| Hokkaido Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;159300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484746 |
| Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;1596173 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52003 | &nbsp;&nbsp;&nbsp;&nbsp;4834268 |
| Inpex Corp. | &nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;2694670 |
| Invincible Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460 | &nbsp;&nbsp;&nbsp;&nbsp;1713967 |

---

<sub>60</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;777300 | &nbsp;&nbsp;&nbsp;&nbsp;5227013 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;382782 | &nbsp;&nbsp;&nbsp;&nbsp;6410614 |
| KDDI Corp. | &nbsp;&nbsp;&nbsp;137200 | &nbsp;&nbsp;&nbsp;&nbsp;4055216 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp;4864139 |
| Lawson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674082 |
| Marubeni Corp. | &nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;2109693 |
| Meitec Corp. | &nbsp;&nbsp;&nbsp;160500 | &nbsp;&nbsp;&nbsp;&nbsp;2703428 |
| NGK Spark Plug Co., Ltd. | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;2079822 |
| Nikon Corp. | &nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;1905213 |
| Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;3004333 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;3551749 |
| Nippon Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;130700 | &nbsp;&nbsp;&nbsp;&nbsp;1898679 |
| Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;83500 | &nbsp;&nbsp;&nbsp;&nbsp;1965051 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;399700 | &nbsp;&nbsp;&nbsp;&nbsp;5870670 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;111200 | &nbsp;&nbsp;&nbsp;&nbsp;3421754 |
| Sankyu, Inc. | &nbsp;&nbsp;&nbsp;114200 | &nbsp;&nbsp;&nbsp;&nbsp;3405067 |
| SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45900 | &nbsp;&nbsp;&nbsp;&nbsp;2519309 |
| Seino Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;2166834 |
| Senko Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;1122224 |
| Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;1164490 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp;4333878 |
| Sumitomo Forestry Co., Ltd. | &nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;1595644 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;&nbsp;&nbsp;2559436 |
| Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78500 | &nbsp;&nbsp;&nbsp;&nbsp;2073106 |
| Tokyotokeiba Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp;1247287 |
| Tokyu REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;2280371 |
| Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;101800 | &nbsp;&nbsp;&nbsp;&nbsp;1412434 |
|  |  | **101124360** |
| &nbsp;&nbsp;**Netherlands 5.4%** | &nbsp;&nbsp;**Netherlands 5.4%** | &nbsp;&nbsp;**Netherlands 5.4%** |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;16157 | &nbsp;&nbsp;&nbsp;&nbsp;7579032 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;283787 | &nbsp;&nbsp;&nbsp;&nbsp;7914327 |
| OCI N.V. | &nbsp;&nbsp;&nbsp;121433 | &nbsp;&nbsp;&nbsp;&nbsp;4644556 |
| Stellantis N.V. | &nbsp;&nbsp;&nbsp;148492 | &nbsp;&nbsp;&nbsp;&nbsp;2003390 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;&nbsp;49762 | &nbsp;&nbsp;&nbsp;&nbsp;5287636 |
|  |  | &nbsp;&nbsp;&nbsp;**27428941** |
| &nbsp;&nbsp;**Norway 1.8%** | &nbsp;&nbsp;**Norway 1.8%** | &nbsp;&nbsp;**Norway 1.8%** |
| DNO A.S.A. | 1660442 | &nbsp;&nbsp;&nbsp;&nbsp;2159792 |
| Equinor A.S.A. | &nbsp;&nbsp;&nbsp;197347 | &nbsp;&nbsp;&nbsp;&nbsp;7190085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9349877** |
| &nbsp;&nbsp;**Republic of Korea 1.8%** | &nbsp;&nbsp;**Republic of Korea 1.8%** | &nbsp;&nbsp;**Republic of Korea 1.8%** |
| Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52747 | &nbsp;&nbsp;&nbsp;&nbsp;2451195 |
| Samsung Electro-Mechanics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508488 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;112168 | &nbsp;&nbsp;&nbsp;&nbsp;4668412 |
| Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 | &nbsp;&nbsp;&nbsp;&nbsp;1678787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9306882** |
| &nbsp;&nbsp;**Singapore 0.6%** | &nbsp;&nbsp;**Singapore 0.6%** | &nbsp;&nbsp;**Singapore 0.6%** |
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;&nbsp;145500 | &nbsp;&nbsp;&nbsp;&nbsp;**3056032** |
| &nbsp;&nbsp;**Spain 2.5%** | &nbsp;&nbsp;**Spain 2.5%** | &nbsp;&nbsp;**Spain 2.5%** |
| Banco Santander S.A. *(a)* | 1956502 | &nbsp;&nbsp;&nbsp;&nbsp;5074140 |
| Iberdrola S.A. | &nbsp;&nbsp;&nbsp;506451 | &nbsp;&nbsp;&nbsp;&nbsp;5150239 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;169613 | &nbsp;&nbsp;&nbsp;&nbsp;2307494 |
|  |  | &nbsp;&nbsp;&nbsp;**12531873** |
| &nbsp;&nbsp;**Sweden 1.3%** | &nbsp;&nbsp;**Sweden 1.3%** | &nbsp;&nbsp;**Sweden 1.3%** |
| Atlas Copco AB, A Shares | &nbsp;&nbsp;&nbsp;110418 | &nbsp;&nbsp;&nbsp;&nbsp;1178519 |
| Nordea Bank Abp | &nbsp;&nbsp;&nbsp;488290 | &nbsp;&nbsp;&nbsp;&nbsp;4664398 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Telefonaktiebolaget LM Ericsson, B Shares | &nbsp;&nbsp;&nbsp;126417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6545713** |
| &nbsp;&nbsp;**Switzerland 10.1%** | &nbsp;&nbsp;**Switzerland 10.1%** | &nbsp;&nbsp;**Switzerland 10.1%** |
| Cie Financiere Richemont S.A., Class A | &nbsp;&nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;4837809 |
| Mobilezone Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;37011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586982 |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;106712 | &nbsp;&nbsp;&nbsp;&nbsp;11616540 |
| Novartis AG | &nbsp;&nbsp;&nbsp;122819 | &nbsp;&nbsp;&nbsp;&nbsp;9934916 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;48873 | &nbsp;&nbsp;&nbsp;&nbsp;16215970 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 | &nbsp;&nbsp;&nbsp;&nbsp;1408964 |
| UBS Group AG | &nbsp;&nbsp;&nbsp;432276 | &nbsp;&nbsp;&nbsp;&nbsp;6853369 |
|  |  | &nbsp;&nbsp;&nbsp;**51454550** |
| &nbsp;&nbsp;**Taiwan 0.4%** | &nbsp;&nbsp;**Taiwan 0.4%** | &nbsp;&nbsp;**Taiwan 0.4%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;**2115908** |
| &nbsp;&nbsp;**United Kingdom 15.7%** | &nbsp;&nbsp;**United Kingdom 15.7%** | &nbsp;&nbsp;**United Kingdom 15.7%** |
| Airtel Africa plc | 1296071 | &nbsp;&nbsp;&nbsp;&nbsp;1677640 |
| Anglo American plc | &nbsp;&nbsp;&nbsp;114396 | &nbsp;&nbsp;&nbsp;&nbsp;3426641 |
| AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;64895 | &nbsp;&nbsp;&nbsp;&nbsp;7614268 |
| BAE Systems plc | &nbsp;&nbsp;&nbsp;645680 | &nbsp;&nbsp;&nbsp;&nbsp;6039409 |
| Centrica plc | 5648329 | &nbsp;&nbsp;&nbsp;&nbsp;4963249 |
| Diageo plc | &nbsp;&nbsp;&nbsp;229839 | &nbsp;&nbsp;&nbsp;&nbsp;9458441 |
| Glencore plc | &nbsp;&nbsp;&nbsp;252972 | &nbsp;&nbsp;&nbsp;&nbsp;1450306 |
| GSK plc | &nbsp;&nbsp;&nbsp;307590 | &nbsp;&nbsp;&nbsp;&nbsp;5038656 |
| Howden Joinery Group plc | &nbsp;&nbsp;&nbsp;292851 | &nbsp;&nbsp;&nbsp;&nbsp;1725066 |
| HSBC Holdings plc | 1381205 | &nbsp;&nbsp;&nbsp;&nbsp;7088412 |
| Imperial Brands plc | &nbsp;&nbsp;&nbsp;267305 | &nbsp;&nbsp;&nbsp;&nbsp;6511301 |
| Investec plc | &nbsp;&nbsp;&nbsp;921614 | &nbsp;&nbsp;&nbsp;&nbsp;4618846 |
| Land Securities Group plc | &nbsp;&nbsp;&nbsp;194625 | &nbsp;&nbsp;&nbsp;&nbsp;1272630 |
| Legal & General Group plc | &nbsp;&nbsp;&nbsp;996297 | &nbsp;&nbsp;&nbsp;&nbsp;2665353 |
| Man Group plc | 1472933 | &nbsp;&nbsp;&nbsp;&nbsp;3664078 |
| Plus500 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55752 | &nbsp;&nbsp;&nbsp;&nbsp;1154051 |
| Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;48920 | &nbsp;&nbsp;&nbsp;&nbsp;3246525 |
| RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;18767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504091 |
| Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;31784 | &nbsp;&nbsp;&nbsp;&nbsp;1661083 |
| Shell plc | &nbsp;&nbsp;&nbsp;122004 | &nbsp;&nbsp;&nbsp;&nbsp;3379704 |
| Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;49748 | &nbsp;&nbsp;&nbsp;&nbsp;2261262 |
|  |  | &nbsp;&nbsp;&nbsp;**79421012** |
| **Total Common Stocks<br> (Cost $512,004,437)** | **Total Common Stocks<br> (Cost $512,004,437)** | **494344032** |

---

<sub>61</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBEROF SHARES | VALUE ($) |
| **SHORT-TERM INVESTMENTS 3.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 3.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 3.5% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 3.5%** | &nbsp;&nbsp;**Money Market Funds 3.5%** | &nbsp;&nbsp;**Money Market Funds 3.5%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(b)* | 12946847 | &nbsp;&nbsp;&nbsp;&nbsp;12946847 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(b)(c)* | &nbsp;&nbsp;4656400 | &nbsp;&nbsp;&nbsp;&nbsp;4656400 |
|  |  | &nbsp;&nbsp;&nbsp;**17603247** |
| **Total Short-Term Investments<br> (Cost $17,603,247)** | **Total Short-Term Investments<br> (Cost $17,603,247)** | &nbsp;&nbsp;&nbsp;**17603247** |
| **Total Investments in Securities<br> (Cost $529,607,684)** | **Total Investments in Securities<br> (Cost $529,607,684)** | **511947279** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $4,312,951.

*(b)* The rate shown is the annualized 7-day yield.

*(c)* Security purchased with cash collateral received for securities on loan.

REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$404379895 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$404379895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658610 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9884515 | &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;&nbsp;&nbsp;&nbsp;&nbsp;9884515 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1154051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78266961 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79421012 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;17603247 | &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;&nbsp;&nbsp;&nbsp;17603247 |
| **Total** | **$29300423** | &nbsp;&nbsp;&nbsp;**$482646856** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$511947279** |

---

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>62</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $529,607,684) including securities on loan of $4,312,951 |  | &nbsp;&nbsp;$511947279 |
| Foreign currency, at value (cost $544,231) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543425 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830882 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12762 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**516008526** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656400 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234992 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8628479** |
| **Net assets** |  | **$507380047** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$618882093 |
| Total distributable loss | + | &nbsp;&nbsp;(111502046) |
| **Net assets** |  | **$507380047** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $507380047 |  | 58267915 |  | $8.71 |

---

<sub>63</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $2,344,443) |  | &nbsp;&nbsp;&nbsp;&nbsp;$25628161 |
| Interest received from securities - unaffiliated (net of foreign withholding tax of $4) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163645 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111106 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25902912** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525060 |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501221 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97400 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94011 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47631 <sup>1</sup> |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31057 |
| Proxy fees<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28666 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27326 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14996 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8446 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14237 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5390051** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133495 <sup>1</sup> |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5256556** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20646356** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(33748621) |
| Net realized losses on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212919) |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772637) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(34734177)** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(139410764) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155194) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(139565958)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(174300135)** |
| **Decrease in net assets resulting from operations** |  | **($153653779)** |

---

<sup>1</sup> Includes professional fees of $8,059 associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information).

<sup>2</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

<sub>64</sub>

Schwab Active Equity Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab International Core Equity Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$20646356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13811857 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;(34734177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108593613 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(139565958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55427976 |
| **Increase (decrease) in net assets resulting from operations** |  | **($153653779)** | &nbsp;&nbsp;&nbsp;**$177833446** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($19624124)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($7674015)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;7796290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80239327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53723390 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;1446960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16191478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235261 |
| Shares redeemed | + | (10921575) | &nbsp;&nbsp;&nbsp;&nbsp;(108391973) | &nbsp;&nbsp;&nbsp;&nbsp;(18494429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201985524) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;**(1678325)** | &nbsp;&nbsp;&nbsp;&nbsp;**($11961168)** | &nbsp;&nbsp;&nbsp;**(13025479)** | &nbsp;&nbsp;&nbsp;**($142026873)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;59946240 | &nbsp;&nbsp;&nbsp;&nbsp;$692619118 | &nbsp;&nbsp;&nbsp;&nbsp;72971719 | &nbsp;&nbsp;&nbsp;&nbsp;$664486560 |
| Total increase (decrease) | + | &nbsp;&nbsp;(1678325) | &nbsp;&nbsp;&nbsp;&nbsp;(185239071) | &nbsp;&nbsp;&nbsp;&nbsp;(13025479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28132558 |
| **End of period** |  | **58267915** | &nbsp;&nbsp;&nbsp;**$507380047** | &nbsp;&nbsp;&nbsp;&nbsp;**59946240** | &nbsp;&nbsp;&nbsp;&nbsp;**$692619118** |

---

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Schwab Active Equity Funds

## Financial Notes

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1. Business Structure of the Funds:

Each of the funds in this report is a series of Schwab Capital Trust (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:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** | **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** |
| **Schwab Core Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Fund |
| **Schwab Dividend Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Fund |
| **Schwab Large-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Fund |
| **Schwab Small-Cap Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Fund |
| **Schwab Health Care Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Fund |
| **Schwab International Core Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Large Company Index Fund |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Small Company Index Fund |
| Schwab Small-Cap Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Large Company Index Fund |
| Schwab Total Stock Market Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Small Company Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Large Company Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Global Real Estate Index Fund |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2010 Index Fund |
| Schwab International Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Index Fund |
| Schwab International Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Index Fund |
| Schwab Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Target Payout |
| Schwab Target 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Income Payout |

---

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

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

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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).

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

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities 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.

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Schwab Active Equity Funds

## Financial Notes (continued)

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2. Significant Accounting Policies (continued):

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the NAV of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash management sweep time deposits:** Balances held in cash management sweep time deposits were accounted for on a cost basis, which approximates fair value.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

&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. In addition, international securities whose markets close hours before the valuation of a fund's holdings

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Schwab Active Equity Funds

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2. Significant Accounting Policies (continued):

may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&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 funds' results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2022 are disclosed in the Portfolio Holdings.

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

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

**Passive Foreign Investment Companies: Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked to-market gains (as well as any gains realized on sale).**

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

As of October 31, 2022, Schwab International Core Equity Fund had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of October 31, 2022, are disclosed in the fund's Portfolio Holdings and Statement of Assets and Liabilities.

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Schwab Active Equity Funds

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2. Significant Accounting Policies (continued):

**Cash Management Transactions: Effective May 23, 2022 Brown Brothers Harriman & Co. (BBH) was replaced by Citibank, N.A as custodian of the funds, except for Schwab Core Equity Fund and Schwab International Core Equity Fund. The funds no longer subscribe to the BBH Cash Management Service Sweep (CMS Sweep). The BBH CMS Sweep was an investment product that automatically swept the funds' cash balances into overnight offshore time deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allowed the funds to earn interest on cash balances. Excess cash invested with deposit institutions domiciled outside of the U.S., as with any offshore deposit, was subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. The funds assumed the risk associated with the repayment of principal and payment of interest on such instruments by the institution with which the deposit was ultimately placed. The funds terminated the CMS Sweep program and cash was returned to the funds prior to terminating services with BBH.**

**Cash Investments: The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds, except for Schwab Core Equity Fund and Schwab International Core Equity Fund.**

**Central Securities Depositories Regulation: The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The Schwab Dividend Equity Fund, Schwab Health Care Fund and Schwab International Core Equity Fund may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities in each fund's Statement of Operations, if any.**

(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.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in the Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

(d) Investment Income:

Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

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Schwab Active Equity Funds

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2. Significant Accounting Policies (continued):

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab International Core Equity Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees are non-contingent and non-routine fees which are subject to repayment to the investment adviser (see financial note 4 for additional information).

(e) Expenses:

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

(f) Distributions to Shareholders:

The funds make distributions from net investment income, if any, once a year, with the exception of Schwab Dividend Equity Fund which typically pays quarterly distributions. 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) Foreign Taxes:

The funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in the Statement of Operations. Foreign taxes accrued as of October 31, 2022, if any, are reflected in each fund's Statement of Assets and Liabilities.

(j) Indemnification:

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

(k) Regulatory Update:

In October 2022, 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 funds' streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a

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Schwab Active Equity Funds

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2. Significant Accounting Policies (continued):

semiannual basis on Form N-CSR. The rule and form amendments will be effective on January 24, 2023 and the compliance date will be 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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3. Risk Factors:

Investing in the funds may involve certain risks, as discussed in the funds' prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

**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. 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.**

**Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.**

**Management Risk. The investment techniques, risk analyses and portfolio optimization process the investment adviser may use in constructing the fund's portfolio do not assure successful investment outcomes. Securities selected with the assistance of the investment process may be negatively impacted by factors or events not foreseen in developing the process. The fund's investment adviser may make investment decisions using historical information that may not produce the desired results in the future. As a result, a fund may have a lower return than if it were managed using another process or strategy.**

**Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund's performance could be impacted.**

**Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.**

**Mid-Cap Company Risk. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.**

**Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.**

**Growth Investing Risk. Growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer's future earnings and revenues. If a company's earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.**

**Dividend Paying Stock Risk. To the extent that a fund invests in dividend paying stocks, the fund's performance will correlate with the performance of the dividend paying stock segment of the stock market, and the fund may underperform funds that do not limit their investments to dividend paying stocks. If stocks held by a fund reduce or stop paying dividends, the fund's ability to generate income may be affected.**

**Derivatives Risk. The principal type of derivative used by a fund is a futures contract. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. The use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC), could cause a fund to become a commodity pool, which would require the fund to comply with certain CFTC rules. A fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk, market risk and management risk, are discussed elsewhere in this section. A fund's use of derivatives is also subject to lack of availability risk, counterparty risk, leverage risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Counterparty risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately large impact on a fund. Valuation risk is the risk that**

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Schwab Active Equity Funds

------

3. Risk Factors (continued):

a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund's use of derivatives could reduce the fund's performance, increase its volatility, and could cause the fund to lose more than the initial amount invested.

**Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.**

**Exchange-Traded Fund (ETF) Risk. When a fund invests in an ETF, it will bear a proportionate share of the ETF's expenses. In addition, lack of liquidity in the market for an ETF's shares can result in its value being more volatile than the underlying portfolio of securities.**

**REITs Risk. A fund's investments in real estate investment trusts (REITs) will be subject to the risks associated with the direct ownership of real estate, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. REITs are also subject to certain additional risks; for example, REITs are dependent upon specialized management skills and cash flows, and may have their investments in relatively few properties, a small geographic area or a single property type. Failure of a company to qualify as a REIT under federal tax law may have adverse consequences on a fund. In addition, REITs have their own expenses, and a fund will bear a proportionate share of those expenses.**

**Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with a fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.**

**Concentration Risk. The investments of certain funds are concentrated in issuers doing business in the same sector, and therefore, the companies in which a fund invests will be affected by many of the same factors, such as legislative or regulatory changes, intense competition for market share and other competitive challenges. In addition, a fund is subject to the risks that stocks of these companies may underperform other segments of the equity market or stock market as a whole and are likely to have above-average volatility.**

**Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.**

**Portfolio Turnover Risk. The funds buy and sell portfolio securities actively. This may cause a fund's portfolio turnover rate and transaction costs to rise, which may lower a fund's performance and may increase the likelihood of capital gains distributions.**

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

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Schwab Active Equity Funds

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**4. Affiliates and Affiliated Transactions:** 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| % OF AVERAGE DAILY NET ASSETS | &nbsp;&nbsp;SCHWAB <br> CORE<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> DIVIDEND<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> LARGE-CAP<br> GROWTH FUND | &nbsp;&nbsp;SCHWAB <br> SMALL-CAP<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> INTERNATIONAL<br> CORE<br> EQUITY FUND |
| Flat rate | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;0.58% |

---

---

| | |
|:---|:---|
| % OF AVERAGE DAILY NET ASSETS | SCHWAB <br> HEALTH CARE<br> FUND |
| First $500 million | &nbsp;&nbsp;&nbsp;0.54% |
| $500 million to $1 billion | 0.515% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;0.49% |

---

For the period ended October 31, 2022, the aggregate advisory fee paid to the investment adviser by the Schwab Health Care Fund was 0.53%, as a percentage of the fund's average daily net assets.

#### Shareholder Servicing
The Board has adopted a Shareholder Servicing 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 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 0.25%. 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 a fund will pay no more than 0.25% of the average annual daily net asset value of the fund shares owned by shareholders holding shares through such service provider. Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

#### Expense Limitation
Although these agreements specify certain fees for these services, the investment adviser and its affiliates have made an additional agreement with the funds, 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). The below expense limitation also excludes paying acquired fund fees and expenses, which are indirect expenses incurred by the funds through their investments in underlying funds. The expense limitation as a percentage of average daily net assets is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SCHWAB <br> CORE<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> DIVIDEND<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> LARGE-CAP<br> GROWTH FUND | &nbsp;&nbsp;SCHWAB <br> SMALL-CAP<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> HEALTH CARE<br> FUND | &nbsp;&nbsp;SCHWAB <br> INTERNATIONAL<br> CORE<br> EQUITY FUND |
| 0.75% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;0.82% | &nbsp;&nbsp;0.86% |

---

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Schwab Active Equity Funds

## Financial Notes (continued)

------

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 percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of October 31, 2022, as applicable:

---

| | | | |
|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB <br> CORE<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> SMALL-CAP<br> EQUITY FUND | &nbsp;&nbsp;SCHWAB <br> INTERNATIONAL<br> CORE<br> EQUITY FUND |
| Schwab Balanced Fund | 13.3% | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2010 Fund | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;0.3% |
| Schwab Target 2015 Fund | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;0.5% |
| Schwab Target 2020 Fund | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;3.4% |
| Schwab Target 2025 Fund | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;2.0% | &nbsp;&nbsp;&nbsp;5.7% |
| Schwab Target 2030 Fund | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;&nbsp;5.0% | &nbsp;&nbsp;12.9% |
| Schwab Target 2035 Fund | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;&nbsp;7.8% |
| Schwab Target 2040 Fund | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;&nbsp;8.0% | &nbsp;&nbsp;16.4% |
| Schwab Target 2045 Fund | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;3.7% |
| Schwab Target 2050 Fund | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;4.0% |
| Schwab Target 2055 Fund | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;1.5% | &nbsp;&nbsp;&nbsp;2.8% |
| Schwab Target 2060 Fund | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;0.8% |
| Schwab Target 2065 Fund | &nbsp;&nbsp;0.0%\* | &nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;0.1% |

---

\* Less than 0.05%

#### Other Affiliated Transactions
The professional fees related to foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine fees. The investment adviser agreed to pay these professional fees on behalf of the Schwab International Core Equity Fund, subject to reimbursement to the extent the fund is able to successfully recover taxes withheld in the future.

For the period ended October 31, 2022, the professional fees incurred by the Schwab International Core Equity Fund and paid by the investment adviser were $8,059, as shown as Professional fees in the Statement of Operations.

For the period ended October 31, 2022, the Schwab International Core Equity Fund recovered previously withheld foreign taxes from France. The payments received by Schwab International Core Equity Fund amounted to $2,081,405, which includes $193,735 of interest income, and is recorded as Dividends received from securities — unaffiliated in the fund's Statement of Operations. The investment adviser had paid upfront professional fees associated with recovering these foreign taxes in the amount of $5,978 and is recorded as Dividends received from securities — unaffiliated in the fund's Statement of Operations. This amount has been reimbursed to the investment adviser by the Schwab International Core Equity Fund.

As of October 31, 2022, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the Schwab International Core Equity Fund to the investment adviser was $2,258.

No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

#### Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the 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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Schwab Active Equity Funds

## Financial Notes (continued)

------

4. Affiliates and Affiliated Transactions (continued):

#### Interfund Transactions
The funds may engage in direct 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 October 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:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | &nbsp;&nbsp;SALE PROCEEDS | &nbsp;&nbsp;REALIZED GAINS (LOSSES) |
| Schwab Core Equity Fund | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;897419 | &nbsp;&nbsp;(215231) |
| Schwab Large-Cap Growth Fund | &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;— |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp;22309 |
| Schwab Health Care Fund | &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;— |
| Schwab International Core Equity Fund | &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;— |

---

------

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 it 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.

------

6. 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 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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Schwab Active Equity Funds

## Financial Notes (continued)

------

**7. Purchases and Sales of Investment Securities:** 

For the period ended October 31, 2022, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br> OF SECURITIES | &nbsp;&nbsp;SALES <br> OF SECURITIES |
| Schwab Core Equity Fund | $414349370 | &nbsp;&nbsp;$780574609 |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;159028506 | &nbsp;&nbsp;&nbsp;&nbsp;267387267 |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;47256269 | &nbsp;&nbsp;&nbsp;&nbsp;51705048 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;435754313 | &nbsp;&nbsp;&nbsp;&nbsp;492042044 |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;500492097 | &nbsp;&nbsp;&nbsp;&nbsp;532816624 |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;557678033 | &nbsp;&nbsp;&nbsp;&nbsp;580244949 |

---

------

8. Derivatives:

Certain funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at October 31, 2022, if any, are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations. Refer to financial note 2(b) for the funds' accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended October 31, 2022, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS | &nbsp;&nbsp;NUMBER OF CONTRACTS |
| Schwab Core Equity Fund | $20,417,452\* | &nbsp;&nbsp;88\* |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;2,891,277\* | &nbsp;&nbsp;14\* |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1268019 | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1922402 | &nbsp;&nbsp;17 |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;2738123 | &nbsp;&nbsp;24 |

---

\* During the period, the fund did not hold futures contracts at any month-end. The average value and number of contracts were calculated by aggregating the highest daily values held each month during the period.

------

9. Federal Income Taxes:

As of October 31, 2022, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | &nbsp;&nbsp;GROSS UNREALIZED<br> APPRECIATION | &nbsp;&nbsp;GROSS UNREALIZED<br> DEPRECIATION | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) |
| Schwab Core Equity Fund | $1008324332 | &nbsp;&nbsp;$355219915 | &nbsp;&nbsp;($93878142) | &nbsp;&nbsp;$261341773 |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;457126283 | &nbsp;&nbsp;&nbsp;&nbsp;86608054 | &nbsp;&nbsp;&nbsp;(22621302) | &nbsp;&nbsp;&nbsp;&nbsp;63986752 |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;129997745 | &nbsp;&nbsp;&nbsp;&nbsp;95136345 | &nbsp;&nbsp;&nbsp;(11843572) | &nbsp;&nbsp;&nbsp;&nbsp;83292773 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;520891682 | &nbsp;&nbsp;&nbsp;&nbsp;91998452 | &nbsp;&nbsp;&nbsp;(75183113) | &nbsp;&nbsp;&nbsp;&nbsp;16815339 |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;561027188 | &nbsp;&nbsp;&nbsp;283715176 | &nbsp;&nbsp;&nbsp;(18905633) | &nbsp;&nbsp;&nbsp;264809543 |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;530565748 | &nbsp;&nbsp;&nbsp;&nbsp;37834286 | &nbsp;&nbsp;&nbsp;(56452755) | &nbsp;&nbsp;&nbsp;&nbsp;(18618469) |

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Schwab Active Equity Funds

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9. Federal Income Taxes (continued):

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br> ORDINARY<br> INCOME | &nbsp;&nbsp;UNDISTRIBUTED <br> LONG-TERM<br> CAPITAL GAINS | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ON INVESTMENTS | &nbsp;&nbsp;NET OTHER UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | &nbsp;&nbsp;CAPITAL LOSS<br> CARRYFORWARDS<br> AND OTHER LOSSES | &nbsp;&nbsp;TOTAL |
| Schwab Core Equity Fund | $13779061 | &nbsp;&nbsp;$161212121 | &nbsp;&nbsp;$261341773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$436332955 |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1165643 | &nbsp;&nbsp;&nbsp;&nbsp;23230303 | &nbsp;&nbsp;&nbsp;&nbsp;63986752 | &nbsp;&nbsp;&nbsp;(13582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;88369116 |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291751 | &nbsp;&nbsp;&nbsp;&nbsp;83292773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80845) | &nbsp;&nbsp;&nbsp;&nbsp;87503679 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216053 | &nbsp;&nbsp;&nbsp;&nbsp;47501473 | &nbsp;&nbsp;&nbsp;&nbsp;16815339 | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;64532865 |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;6001093 | &nbsp;&nbsp;&nbsp;&nbsp;28428704 | &nbsp;&nbsp;&nbsp;264809543 | &nbsp;&nbsp;&nbsp;(74183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;299165157 |
| Schwab International Core Equity Fund | &nbsp;&nbsp;16771074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18618469) | &nbsp;&nbsp;(133208) | &nbsp;&nbsp;(109521443) | &nbsp;&nbsp;(111502046) |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. 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.

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

---

| | |
|:---|:---|
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab International Core Equity Fund | 109521443 |

---

For tax purposes, late-year ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal year ended October 31, 2022, the Schwab Large-Cap Growth Fund had late-year ordinary losses deferred of $80,845.

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 | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS | &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS |
| Schwab Core Equity Fund | $194345554 | &nbsp;&nbsp;$244997607 | &nbsp;&nbsp;$17230074 | &nbsp;&nbsp;$80768682 |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;30011611 | &nbsp;&nbsp;&nbsp;&nbsp;67753779 | &nbsp;&nbsp;&nbsp;13599106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5704425 | &nbsp;&nbsp;&nbsp;&nbsp;16459451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2530978 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825168 | &nbsp;&nbsp;&nbsp;&nbsp;72614825 | &nbsp;&nbsp;&nbsp;&nbsp;1114839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;28840838 | &nbsp;&nbsp;&nbsp;&nbsp;75859736 | &nbsp;&nbsp;&nbsp;&nbsp;6419244 | &nbsp;&nbsp;&nbsp;78004824 |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;19624124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7674015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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.

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9. Federal Income Taxes (continued):

As of October 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 October 31, 2022, the funds did not incur any interest or penalties.

------

10. Subsequent Events:

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

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## Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab Core Equity Fund, Schwab Dividend Equity Fund, Schwab Large-Cap Growth Fund, Schwab Small-Cap Equity Fund, Schwab Health Care Fund, and Schwab International Core Equity 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 Core Equity Fund, Schwab Dividend Equity Fund, Schwab Large-Cap Growth Fund, Schwab Small-Cap Equity Fund, Schwab Health Care Fund, and Schwab International Core Equity Fund (the "Funds"), six of the funds constituting Schwab Capital Trust, as of October 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 October 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 October 31, 2019 were audited by other auditors, whose report, dated December 16, 2019, 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 October 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> December 16, 2022
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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## Other Federal Tax Information (unaudited)

------

Schwab International Core Equity Fund elects to pass through under section 853(a) of the Internal Revenue Code foreign tax credit of $0 to its shareholders for the fiscal year ended October 31, 2022. The respective foreign source income on the fund is $26,027,388.

For corporate shareholders, the following percentage of the funds' dividend distributions paid during the fiscal year ended October 31, 2022, qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;15.52% |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;68.73% |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;29.12% |
| Schwab Small-Cap Equity Fund | 100.00% |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;37.88% |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab Core Equity Fund | $31580500 |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;21729739 |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1863412 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825168 |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;13467930 |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;19624124 |

---

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

---

| | |
|:---|:---|
| Schwab Core Equity Fund | $244997607 |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;67753779 |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;16459451 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;72614825 |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;75859736 |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab Core Equity Fund | $1271668 |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;981810 |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;110998 |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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Schwab Active Equity Funds

## Shareholder Vote Results (unaudited)

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A Special Meeting of Shareholders of Schwab Capital Trust (the "Trust") was held on June 1, 2022, for the purpose of seeking shareholder approval to elect the following individuals as trustees of the Trust: Walter W. Bettinger II, Richard A. Wurster, Michael J. Beer, Robert W. Burns, Nancy F. Heller, David L. Mahoney, Jane P. Moncreiff, Kiran M. Patel, Kimberly S. Patmore, and J. Derek Penn. The number of votes necessary to conduct the Special Meeting and approve the proposal was obtained. The results of the shareholder vote are listed below:

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095577106.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838980.968 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117598789.555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93817297.918 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116890447.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94525639.968 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117915860.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500227.363 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119878732.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91537355.339 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069125022.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142291065.039 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120187927.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228159.635 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116689111.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726975.902 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119941056.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91475031.414 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117666014.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93750073.352 |

---

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## Liquidity Risk Management Program (unaudited)

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The funds have adopted and implemented a liquidity risk management program (the "program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The funds' Board of Trustees (the "Board") has designated the funds' investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. The program is reasonably designed to assess and manage a fund's liquidity risk, taking into consideration the fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser's process of determining the degree of liquidity of each fund's investments is supported by third-party liquidity assessment vendors.

The funds' Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity risk metrics. No significant liquidity events impacting any of the funds were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each fund's liquidity risk.

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## Investment Advisory Agreement Approval

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

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

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

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval.

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

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

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

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

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

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

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

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

**Fund Performance. The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and market trends, as well as in consideration of each Fund's investment style and strategy attributes and disclosures. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Although Schwab Dividend Equity Fund and Schwab International Core Equity Fund each had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board concluded that other factors relevant to performance supported renewal of the Agreement with respect to each Fund, including that the underperformance was attributable, to a significant extent, to investment decisions by the investment adviser that were reasonable and consistent with each Fund's investment objective and policies and that the investment adviser had taken steps designed to help improve performance. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.**

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

Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of each Fund from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to keep each Fund's expense cap for so long as it serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, and any differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

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

**Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided**

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to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; (ii) graduated investment advisory fee schedules or unitary fee structures, fee waivers, or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has shared any economies of scale with the Funds by investing in the investment adviser's infrastructure, as discussed above, over time and that the investment adviser's internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. The

Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from high fees, including for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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Schwab Active Equity Funds

## Trustees and Officers

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The tables below give information about the trustees and officers of Schwab Capital Trust, 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.

---

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

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Kiran M. Patel<br> 1948<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)** | Retired. | 105 | Director (2008 – present), KLA-Tencor Corporation |
| **Kimberly S. Patmore<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)** | Consultant (2008 – present), Patmore Management Consulting (management consulting). | 105 |  |
| **<br> J. Derek Penn<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 105 |  |

---

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Walter W. Bettinger II<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)** | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 105 | Director (2008 – present), The Charles Schwab Corporation |

---

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Schwab Active Equity Funds

---

| | | | |
|:---|:---|:---|:---|
| **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested 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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Richard A. Wurster<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)** | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 105 |  |

---

---

| | |
|:---|:---|
| **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>) | 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 Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)** | Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
| **Mark Fischer<br> 1970<br> Treasurer, Chief Financial Officer and Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)** | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc. |
| **Omar Aguilar<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **Brett Wander<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **William P. McMahon, Jr.<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |

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Schwab Active Equity Funds

---

| | |
|:---|:---|
| **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>) | Principal Occupations During the Past Five Years |
| **Catherine MacGregor<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)** | Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |

---

<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.

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Schwab Active Equity Funds

## Glossary

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#### asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage.

#### asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
**Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.**

**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 fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund's net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.**

#### cap, capitalization See "market cap."
**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 capital gain or loss is considered unrealized appreciation or depreciation.**

**Dividend Equity Spliced Index An internally calculated index, comprised of the S&P 500 Index from inception of the Schwab Dividend Equity Fund until the close of business on February 27, 2015, and the Russell 1000 Value Index thereafter.**

**Dow Jones Global Health Care Index An index that measures the performance of healthcare providers, researchers, and supplies producers around the world. The index is quoted in U.S. dollars.**

**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.**

#### market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
**MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**net asset value (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.**

#### outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
**price-to-book ratio (P/B) The market price of a company's stock compared with its "book value." A mutual fund's P/B is the weighted average of the P/B of all stocks in the fund's portfolio.**

**price-to-earnings ratio (P/E) The market price of a company's stock compared with earnings over the past year. A mutual fund's P/E is the weighted average of the P/E of all stocks in the fund's portfolio.**

#### return on equity (ROE) The average yearly rate of return for each dollar of investors' money, measured over the past five years.

#### Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
**Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell 1000 Value Index An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.**

**Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

#### S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.

#### stock A share of ownership, or equity, in the issuing company.

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

#### weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund's portfolio.

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

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[**Table of Contents**](#job_schwa_fa373a88-a66f-4a6d-8ee9-6667c6427e1b_toc)

Schwab Active Equity Funds

## 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>

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### 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© 2022 Charles Schwab & Co., Inc. All rights reserved.<br> Member SIPC<sup>®</sup><br> Printed on recycled paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| 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)](g20748imgb9d1fb7b1.jpg)

MFR26298-19<br> 00280549

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g21046imga29b03e61.jpg)

#### Annual Report \| October 31, 2022

## Schwab Balanced Fund<br>

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Schwab Balanced Fund

In This Report

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_27e8fbb1-fd87-4612-9dbf-d64e37dd4cae_1) | 2 |
| [From the President](#xx_d8307d17-8728-4239-811b-a2c92b23d4a5_1) | 3 |
| [The Investment Environment](#xx_751e3166-5af7-4a3d-b568-3dbc6df59860_1) | 4 |
| [Fund Management](#xx_62e28fcb-6d8f-4f41-8fb7-fa7db475098a_1) | 6 |
| [Performance and Fund Facts](#xx_aa95ce68-ddb5-48c9-9f68-2277742d2eab_1) | 7 |
| [Fund Expenses](#xx_e6f1678f-4df4-4f4f-b240-04a2653b68ae_1) | 10 |
| [Financial Statements and Portfolio Holdings](#xx_b8974d99-05dd-421f-8a7d-e96f1271c748_1) | 11 |
| [Financial Notes](#xx_9a190508-4cfc-4205-8f86-be5c19366504_1) | 17 |
| [Report of Independent Registered Public Accounting Firm](#xx_8653cb9e-79d4-4470-8491-4ba7db387fbf_1) | 26 |
| [Other Federal Tax Information](#xx_4e8d13c6-03e1-48d6-94fb-d7704afe7e47_1) | 27 |
| [Shareholder Vote Results](#xx_144556f5-3ca3-403a-b9e1-76c4d7ad2086_1) | 28 |
| [Liquidity Risk Management Program](#xx_9fa6942d-40b9-4659-bcd2-89240c913715_1) | 29 |
| [Investment Advisory Agreement Approval](#xx_3ddd604e-0551-495b-b0ef-0800243b0548_1) | 30 |
| [Trustees and Officers](#xx_a6b93028-a160-4752-b784-df6b434c1f10_1) | 33 |
| [Glossary](#xx_cad8a6a2-4e43-4791-b5b3-985aa0454580_1) | 37 |

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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)

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Schwab Balanced Fund

## Performance at a Glance

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

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab Balanced Fund (Ticker Symbol: SWOBX)** | -18.51% |
| Balanced Blended Index | -15.32% |
| Fund Category: Morningstar Allocation—50% to 70% Equity<sup>1</sup> | -14.00% |
| *Performance Details* | *pages 7-9* |

---

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

The components that make up the composite index may vary over time. For index definition, please see the Glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

<sup>1</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

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Schwab Balanced Fund

## From the President<br>

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![](g21046imgfc3c53d72.jpg)

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

Geopolitical, economic, and market challenges abounded during the 12-month reporting period ended October 31, 2022. Although the period started off strong, with markets reaching new highs in the final months of 2021, the subsequent 10 months were beset by rapidly rising inflation, sharply climbing interest rates, steeply declining stock prices, and the onset of a war in Europe as Russia invaded Ukraine. Economic growth in the United States and most of the world slowed. By the end of the period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, lost nearly 20% of its value from its early-January 2022 peak and returned -14.6% for the reporting period. The MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, declined by more than 25% between early-January 2022 highs and the end of the reporting period and returned -23.0% for the reporting period. U.S. fixed-income markets slumped in the face of inflationary pressures, with the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, returning -15.7% for the reporting period.

At Schwab Asset Management, we recognize that today's turbulent investment environment may be unsettling for many investors. Market declines and volatility can rattle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, even in the face of market turmoil and volatility, most investors are best served by maintaining a diversified portfolio that reflects their risk tolerance and goals.

The Schwab Balanced Fund provides diversified exposure to actively managed U.S. equity funds, fixed-income funds, and cash and cash equivalents in a convenient portfolio solution. The portfolio management team balances exposures between asset classes and the fund seeks to provide investors access to the growth opportunities of stock investing along with the income opportunities of bonds and other fixed-income securities.

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 Balanced Fund, please continue reading this report. In addition, you can find further details about the fund by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g21046img973ebe0a3.jpg)

" *The Schwab Balanced Fund provides diversified exposure to actively managed U.S. equity funds, fixed-income funds, and cash and cash equivalents in a convenient portfolio solution.*"

Past performance is no guarantee of future results.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

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.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Balanced Fund

## The Investment Environment

------

For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -14.61%. U.S. small-cap stocks underperformed U.S. large-cap stocks, with the Russell 2000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Index returning -18.54% and -16.38%, respectively. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks, with the Russell 1000<sup>®</sup> Growth Index and Russell 1000<sup>®</sup> Value Index returning -24.60% and -7.00%, respectively. Among U.S. industry sectors, only energy generated strong positive returns, driven by soaring oil and gas prices. Traditionally defensive sectors, such as consumer staples, utilities, and health care, tended to outperform the market average, while cyclically sensitive sectors, such as consumer discretionary, real estate, and information technology, lagged. Outside the United States, the MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, returned -23.00% and the MSCI Emerging Markets Index (Net)\* returned -31.03%. U.S. and international bonds were also weak for the reporting period as economic uncertainty and rising interest rates by many central banks drove bond yields up and bond prices down. (Bond yields and bond prices typically move in opposite directions.) The Bloomberg US Aggregate Bond Index returned -15.68% and the FTSE non-US Dollar World Government Bond Index returned -27.64%.

After a recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, U.S. gross domestic product (GDP) increased at an annualized rate of 6.9% for the fourth quarter. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% and -0.6% for the first and second quarters of 2022, respectively. GDP growth was positive for the third quarter of 2022, increasing at an annualized rate of 2.9%, driven primarily by energy

#### Asset Class Performance Comparison % returns during the 12 months ended October 31, 2022

#### <br>
![](g21046imga4b3c4a34.jpg)

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

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

Management views may have changed since the report date.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Balanced Fund

## The Investment Environment (continued)<br>

------

exports. Consumer spending also grew but at a slower pace than in the second quarter. Inflation remained stubbornly high, hitting a 40-year high in June due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs, before falling slightly by the end of the reporting period. The unemployment rate remained low, ending the reporting period near pre-pandemic lows.

Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, high energy costs, rising inflation, and the war in Ukraine. After spiking in early March 2022 as sanctions were imposed on Russian imports—and again in June on supply-and-demand imbalances—oil prices generally fell through the rest of the reporting period, ending at just over $86 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for the fourth quarter of 2021 and first and second quarters of 2022, as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The United Kingdom also posted small gains in GDP growth for the fourth quarter of 2021 and first and second quarters of 2022. Among emerging markets, China's GDP growth rate remained positive but slowed notably as China dealt with numerous headwinds including lockdowns and quarantines, declining domestic consumption, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing mortgage payments on incomplete builds. India's GDP growth also remained positive over the reporting period, particularly in the second quarter of 2022, on rising consumer demand and a rapid decline in COVID-19 cases.

Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the U.S. Federal Reserve (Fed) shifted its stance. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate five times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—in its ongoing efforts to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 3.00% to 3.25%. In June, the Fed also began to reduce the $9 trillion in assets it held on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. Outside the United States, central banks were similarly responsive. After holding its policy rate unchanged since March 2015, at 0.00%, the European Central Bank raised its interest rate three times over the reporting period in an effort to dampen demand and control inflation, which in October 2022 rose into double-digits. The Bank of England raised its key official bank rate seven times during the reporting period, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but raised its inflation forecast at its October 2022 meeting. Monetary policies in emerging markets were mixed. Central banks in India, Indonesia, Brazil, Mexico, and Pakistan raised their rates multiple times over the reporting period to counteract the impacts of inflation. In contrast, China cut its interest rate three times over the reporting period, in part as a result of a resurgence of COVID-19 cases and a lingering property downturn. Russia raised its benchmark policy rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia's invasion of Ukraine, but subsequently reduced it several times.

U.S. bond yields remained relatively flat through the final two months of 2021. However, as inflation continued to rise and Fed monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. Over the reporting period, the yield on the 10-year U.S. Treasury rose from 1.55% to 4.10%. Short-term rates also rose, with the yield on the three-month U.S. Treasury climbing from 0.05% to 4.22% over the reporting period. Outside the U.S., bond yields generally followed a similar trajectory.

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Schwab Balanced Fund

## Fund Management

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---

| | |
|:---|:---|
| ![](g21046img6b0ad54b5.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Zifan Tang, Ph.D., CFA, Senior Portfolio Manager, is responsible for the co-management of the fund. Prior to joining Schwab in 2012, Ms. Tang was a product manager at Thomson Reuters and from 1997 to 2009 worked as a portfolio manager at Barclays Global Investors (now known as BlackRock).** |

---

---

| | |
|:---|:---|
| ![](g21046imgbc1a14fd6.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Patrick Kwok, CFA, Portfolio Manager, is responsible for the co-management of the fund. Previously, Mr. Kwok served as an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund administration manager, where he was responsible for oversight of sub-advisers, trading, cash management, and fund administration supporting the Charles Schwab Trust Bank Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in 2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust Company. He also worked for one year at State Street Bank & Trust as a portfolio accountant and pricing specialist.** |

---

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## Schwab Balanced Fund

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**The Schwab Balanced Fund (the fund) seeks capital growth and income. To pursue its goal, the fund generally invests in a diversified group of other affiliated Schwab Funds in accordance with its target portfolio allocation. Normally, the fund invests 55% to 65% of its assets in equity securities (including stocks and equity funds) and 35% to 45% in fixed-income securities (including bonds and fixed-income funds), and cash and cash equivalents (including money market funds). This allocation is designed to provide a mix of the growth opportunities of stock investing with the income opportunities of bonds and other fixed-income securities. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the fund returned -18.51%. The fund's internally calculated comparative index, the Balanced Blended Index (the index), returned -15.32%.**

#### Positioning and Strategies . Over the reporting period, the fund's asset allocations were broadly in line with those of the index.
The fund's U.S. large-cap equity allocations detracted the most from the total return of the fund. The Schwab Select Large Cap Growth Fund was the largest detractor from the total return and relative performance of the fund, returning approximately -36% for the reporting period. The comparative index, the S&P 500<sup>®</sup> Index, returned approximately -15% for the reporting period. The Schwab Core Equity Fund also detracted from the total return of the fund but contributed positively to relative performance, returning approximately -14% for the reporting period.

The fund's fixed-income allocation also detracted from the total return of the fund. The Schwab U.S. Aggregate Bond Index Fund returned approximately -16% for the reporting period and generally tracked its comparative index, the Bloomberg US Aggregate Bond Index.

The fund's international equity allocation was added in February 2022 and also detracted from the total return of the fund. The Schwab International Opportunities Fund returned approximately -27% while held by the fund, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>.

The U.S. small-cap equity allocation also detracted from the total return of the fund. The Schwab Small-Cap Equity Fund returned approximately -10% for the reporting period, outperforming its comparative index, the Russell 2000<sup>®</sup> Index, which returned approximately -19% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Balanced Fund

## Performance and Fund Facts as of October 31, 2022

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g21046lg_2m8c.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Balanced Fund (11/18/96) | -18.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Balanced Blended Index | -15.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66% |
| Fund Category: Morningstar Allocation—50% to 70% Equity<sup>2</sup> | -14.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.52%* | *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.52%* | *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.52%* | *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.52%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.50% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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Schwab Balanced Fund

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

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Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Portfolio Turnover Rate | 31% |

---

Asset Class Weightings % of Investments<sup>1</sup>

![](g21046imga2da61f87.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>2,3</sup>

![](g21046img65a2976b8.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Small-company stocks are subject to greater volatility than many other asset classes.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The holdings listed exclude any temporary liquidity investments.

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Schwab Balanced 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 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 May 1, 2022 and held through October 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 the 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 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;<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;EXPENSE RATIO<br> (ANNUALIZED)<sup>1,2</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSE RATIO<br> (ANNUALIZED)<sup>3,4</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22 | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>2,5</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>4,5</sup> |
| **Schwab Balanced Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$925.30 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.55 |

---

<sup>1</sup> Based on the most recent six-month expense ratio.

<sup>2</sup> Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Based on the most recent six-month acquired fund fees and expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio in the prospectus.

<sup>4</sup> Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 365 days of the fiscal year.

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Schwab Balanced Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$19.74 | &nbsp;&nbsp;&nbsp;&nbsp;$16.50 | &nbsp;&nbsp;&nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;$15.41 | &nbsp;&nbsp;&nbsp;&nbsp;$15.60 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.11 | &nbsp;&nbsp;&nbsp;&nbsp;$19.74 | &nbsp;&nbsp;&nbsp;&nbsp;$16.50 | &nbsp;&nbsp;&nbsp;&nbsp;$15.99 | &nbsp;&nbsp;&nbsp;&nbsp;$15.41 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19% | &nbsp;&nbsp;&nbsp;&nbsp;&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<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$619501 | &nbsp;&nbsp;$803812 | &nbsp;&nbsp;$577427 | &nbsp;&nbsp;$526174 | &nbsp;&nbsp;$446626 |

---

<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 sales and repurchases of fund shares in relation to fluctuating market values.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

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Schwab Balanced Fund \| Annual Report

See financial notes

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced Fund

## Portfolio Holdings as of October 31, 2022<br>

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This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.2% OF NET ASSETS** |
| **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** | **U.S. Stocks 50.8%** |
| **Large-Cap 41.9%** | **Large-Cap 41.9%** | **Large-Cap 41.9%** | **Large-Cap 41.9%** | **Large-Cap 41.9%** | **Large-Cap 41.9%** | **Large-Cap 41.9%** | **Large-Cap 41.9%** | **Large-Cap 41.9%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;$281181209 | &nbsp;&nbsp;&nbsp;&nbsp;$32188090 | &nbsp;&nbsp;&nbsp;&nbsp;($47508250) | &nbsp;&nbsp;&nbsp;&nbsp;($7468844) | &nbsp;&nbsp;&nbsp;&nbsp;($89268434) | &nbsp;&nbsp;$169123771 | &nbsp;&nbsp;&nbsp;8690841 | &nbsp;&nbsp;&nbsp;&nbsp;$70412412 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;127249981 | &nbsp;&nbsp;&nbsp;&nbsp;52063086 | &nbsp;&nbsp;&nbsp;&nbsp;(21746372) | &nbsp;&nbsp;&nbsp;&nbsp;(4447850) | &nbsp;&nbsp;&nbsp;&nbsp;(62777486) | &nbsp;&nbsp;&nbsp;&nbsp;90341359 | &nbsp;&nbsp;&nbsp;4583529 | &nbsp;&nbsp;&nbsp;&nbsp;16447928 |
| Schwab U.S. Large-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;68830829 | &nbsp;&nbsp;&nbsp;&nbsp;(68019047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811782) | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;259465130 |  |  |
| **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;80221848 | &nbsp;&nbsp;&nbsp;&nbsp;16963923 | &nbsp;&nbsp;&nbsp;&nbsp;(24362221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251490) | &nbsp;&nbsp;&nbsp;&nbsp;(17381511) | &nbsp;&nbsp;&nbsp;&nbsp;55190549 | &nbsp;&nbsp;&nbsp;2913968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9532082 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;314655679 |  |  |
| **International Stocks 9.2%** | **International Stocks 9.2%** | **International Stocks 9.2%** | **International Stocks 9.2%** | **International Stocks 9.2%** | **International Stocks 9.2%** | **International Stocks 9.2%** | **International Stocks 9.2%** | **International Stocks 9.2%** |
| **Developed Markets 9.2%** | **Developed Markets 9.2%** | **Developed Markets 9.2%** | **Developed Markets 9.2%** | **Developed Markets 9.2%** | **Developed Markets 9.2%** | **Developed Markets 9.2%** | **Developed Markets 9.2%** | **Developed Markets 9.2%** |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82505714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5341444) | &nbsp;&nbsp;&nbsp;&nbsp;(1299991) | &nbsp;&nbsp;&nbsp;&nbsp;(18716124) | &nbsp;&nbsp;&nbsp;&nbsp;57148155 | &nbsp;&nbsp;&nbsp;3383550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Fixed Income 37.0%** | **Fixed Income 37.0%** | **Fixed Income 37.0%** | **Fixed Income 37.0%** | **Fixed Income 37.0%** | **Fixed Income 37.0%** | **Fixed Income 37.0%** | **Fixed Income 37.0%** | **Fixed Income 37.0%** |
| **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** | **Intermediate-Term Bond 37.0%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;290913616 | &nbsp;&nbsp;&nbsp;&nbsp;50749452 | &nbsp;&nbsp;&nbsp;&nbsp;(59867656) | &nbsp;&nbsp;&nbsp;&nbsp;(6418371) | &nbsp;&nbsp;&nbsp;&nbsp;(46246634) | &nbsp;&nbsp;&nbsp;&nbsp;229130407 | 26643071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245985 |
| **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13719523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327) | &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;&nbsp;(4124) | &nbsp;&nbsp;&nbsp;&nbsp;13833236 | 13833236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135170 |
| **Total Affiliated Underlying Funds<br> (Cost $662,230,507)** | **$793286177** | **$303419258** | **($226845317)** | **($20698328)** | **($234394313)** | **$614767477** |  | **$102781372** |
| **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 0.4% OF NET ASSETS** |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01% <sup>(b)</sup> |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2427733 | &nbsp;&nbsp;&nbsp;2427733 |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $2,427,733)** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2427733** |  |  |
| **Total Investments in Securities<br> (Cost $664,658,240)** |  |  |  |  |  | **$617195210** |  |  |

---

<sub>12</sub>

Schwab Balanced Fund \| Annual Report

See financial notes

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

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\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(c) for additional information).

(b) The rate shown is the annualized 7-day yield.

ETF — Exchange traded fund

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>13</sub>

Schwab Balanced Fund \| Annual Report

See financial notes

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced Fund

## Statement of Assets and Liabilities

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As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $662,230,507) |  | &nbsp;&nbsp;$614767477 |
| Investments in securities, at value - unaffiliated (cost $2,427,733) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427733 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16026 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24814 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**625341888** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70420 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5840975** |
| **Net assets** |  | **$619500913** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$627557271 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8056358) |
| **Net assets** |  | **$619500913** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $619500913 |  | 41000195 |  | $15.11 |

---

<sub>14</sub>

Schwab Balanced Fund \| Annual Report

See financial notes

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced Fund

## Statement of Operations

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---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9193798 |
| Dividends received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53741 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9247539** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52810 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38074 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34639 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29950 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23548 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8803 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7143 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11248 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207239** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172600 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34639** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9212900** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93587574 |
| Net realized losses on sales of securities - affiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(20698328) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**72889246** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated** | + | &nbsp;&nbsp;&nbsp;**(234394313)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(161505067)** |
| **Decrease in net assets resulting from operations** |  | **($152292167)** |

---

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

<sub>15</sub>

Schwab Balanced Fund \| Annual Report

See financial notes

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced Fund

## Statement of Changes in Net Assets

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For the current and prior report periods

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| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9212900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7230817 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72889246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16382779 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(234394313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117082895 |
| **Increase (decrease) in net assets resulting from operations** |  | **($152292167)** | &nbsp;&nbsp;&nbsp;**$140696491** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($53966826)** | &nbsp;&nbsp;&nbsp;&nbsp;**($18699512)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;10090100 | &nbsp;&nbsp;&nbsp;&nbsp;$184284944 | &nbsp;&nbsp;&nbsp;&nbsp;10659191 | &nbsp;&nbsp;&nbsp;&nbsp;$196407644 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;2499461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47414756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600121 |
| Shares redeemed | + | (12303468) | &nbsp;&nbsp;&nbsp;&nbsp;(209751334) | &nbsp;&nbsp;&nbsp;&nbsp;(5882203) | &nbsp;&nbsp;&nbsp;&nbsp;(108620302) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**286093** | &nbsp;&nbsp;&nbsp;&nbsp;**$21948366** | &nbsp;&nbsp;&nbsp;&nbsp;**5723943** | &nbsp;&nbsp;&nbsp;**$104387463** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;40714102 | &nbsp;&nbsp;&nbsp;&nbsp;$803811540 | &nbsp;&nbsp;&nbsp;&nbsp;34990159 | &nbsp;&nbsp;&nbsp;&nbsp;$577427098 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286093 | &nbsp;&nbsp;&nbsp;&nbsp;(184310627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226384442 |
| **End of period** |  | **41000195** | &nbsp;&nbsp;&nbsp;**$619500913** | &nbsp;&nbsp;&nbsp;**40714102** | &nbsp;&nbsp;&nbsp;**$803811540** |

---

<sub>16</sub>

Schwab Balanced Fund \| Annual Report

See financial notes

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced Fund

## Financial Notes

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1. Business Structure of the Fund:

Schwab Balanced Fund is a series of Schwab Capital Trust (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:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** | **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** |
| **Schwab Balanced Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Fund |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Fund |
| Schwab Small-Cap Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Fund |
| Schwab Total Stock Market Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Fund |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Large Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Small Company Index Fund |
| Schwab International Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Large Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Small Company Index Fund |
| Schwab MarketTrack Growth Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Large Company Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Global Real Estate Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2010 Index Fund |
| Schwab International Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Income Payout |

---

The Schwab Balanced Fund is a "fund of funds" which seeks to achieve its investment objective by investing in a diversified group of other affiliated Schwab Funds (the underlying funds), but also may invest in other unaffiliated mutual funds or exchange-traded funds (ETFs). In addition, the fund may invest a portion of its assets directly in equity and fixed-income securities to maintain its allocations.

The 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 the 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.

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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).

The financial statements of the fund should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

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## Financial Notes (continued)

------

2. Significant Accounting Policies (continued):

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the 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;• **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.

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

&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 is de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that 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;• 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 ETFs. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

&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;• 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

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2. Significant Accounting Policies (continued):

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 October 31, 2022, all of the fund's investments were classified as Level 1.

(b) 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.

(c) Investment Income:

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

(d) 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 bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by the fund through its investments in the underlying funds. Such expenses are reflected in the net asset values of the underlying funds.

(e) Distributions to Shareholders:

The fund makes distributions from net investment income and 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.

(f) 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.

(g) 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.

(h) 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.

(i) Regulatory Update:

In October 2022, 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 funds' streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a

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2. Significant Accounting Policies (continued):

semiannual basis on Form N-CSR. The rule and form amendments will be effective on January 24, 2023 and the compliance date will be 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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3. Risk Factors:

Investing in the fund may involve certain risks, as discussed in the fund's prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

**Asset Allocation Risk. The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund's assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs.**

**Conflicts of Interest Risk. The investment adviser's authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund's best interests when selecting underlying funds.**

**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. 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.**

**Direct Investment Risk. The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund's direct investment in these securities is subject to the same or similar risks as an underlying fund's investment in the same securities.**

**Underlying Fund Investment Risk. Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Risk.** The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.

&nbsp;&nbsp;&nbsp;&nbsp;• **Management Risk.** Generally, the underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment adviser (or subadviser(s)) will select or allocate assets that could cause the fund to underperform or otherwise not meet its objective. An underlying fund's adviser applies its own investment techniques and risk analyses in making investment decisions for the underlying fund, but there can be no guarantee that they will produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk.** The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Capitalization Risk.** Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund's performance could be impacted.

&nbsp;&nbsp;&nbsp;&nbsp;• **Growth Investing Risk.** An underlying fund's investments in growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer's future earnings and revenues. If a company's earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.

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3. Risk Factors (continued):

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed-Income Risk.** Interest rates rise and fall over time, which will affect an underlying fund's yield and share price. A change in a central bank's monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund's share price to fall. The credit quality of a portfolio investment could also cause an underlying fund's share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund's yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **ETF Risk.** When an underlying fund invests in an ETF, it will bear a proportionate share of the ETF's expenses. In addition, lack of liquidity in the market for an ETF's shares can result in its value being more volatile than the underlying portfolio of securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Money Market Fund Risk.** The fund may invest in underlying money market funds that either seek to maintain a stable $1.00 net asset value ("stable share price money market funds") or that have a share price that fluctuates ("variable share price money market funds"). Although an underlying stable share price money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. Because the share price of an underlying variable share price money market fund will fluctuate, when the fund sells the shares it owns they may be worth more or less than what the fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** An underlying fund's investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); 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 an underlying fund's investments, and could impair the underlying fund's ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk.** Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Risk.** An underlying fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are options, futures, options on futures and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in which the seller agrees to make a payment to the buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.

An underlying fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as leverage risk, liquidity risk, market risk and management risk are discussed elsewhere in this section. An underlying fund's use of derivatives is also subject to lack of availability risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause an underlying fund to realize higher amounts of short-term capital gains. An underlying fund's use of derivatives could reduce the

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3. Risk Factors (continued):

underlying fund's performance, increase its volatility, and could cause the underlying fund to lose more than the initial amount invested. The use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) by an underlying fund could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk.** Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund's portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio Turnover Risk.** Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund's performance and may increase the likelihood of capital gains distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Securities Lending Risk.** An underlying fund may lend its portfolio securities to brokers, dealers, and other financial institutions. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mortgage-Backed and Mortgage Pass-Through Securities Risk.** Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar or greater risk of decline in market value during periods of rising interest rates. Certain of the mortgage-backed securities in which an underlying fund may invest are issued or guaranteed by agencies or instrumentalities of the U.S. government but are not backed by the full faith and credit of the U.S. government. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it was not obligated to do so which can cause an underlying fund to lose money or underperform. The risks of investing in mortgage-backed securities include, among others, interest rate risk, credit risk, prepayment risk and extension risk. Transactions in mortgage pass-through securities often occur through to-be-announced (TBA) transactions. An underlying fund could lose money or underperform if a TBA counterparty defaults or goes bankrupt.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mortgage Dollar Rolls Risk.** Mortgage dollar rolls are transactions in which an underlying fund sells mortgage-backed securities to a dealer and simultaneously agrees to repurchase similar securities in the future at a predetermined price. An underlying fund's mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.

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

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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. The investment adviser does not receive a fee for the services it performs for the fund. However, the investment adviser is entitled to receive an annual management fee from each of the affiliated Schwab Funds that serve as underlying funds.

#### Shareholder Servicing
The Board has adopted a Shareholder Servicing 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., 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. The fund is not subject to any fee under the Plan.

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## Financial Notes (continued)

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4. Affiliates and Affiliated Transactions (continued):

#### Expense Limitation
The investment adviser and its affiliates have agreed with the fund, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 0.00%.

The agreement to limit the fund's total expenses charged is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds.

#### Investments in Affiliates
The fund may engage in certain transactions involving related parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other related funds. As of October 31, 2022, the fund's ownership percentages of other related funds' shares are as follows:

---

| | |
|:---|:---|
| Schwab Core Equity Fund | 13.3% |
| Schwab International Opportunities Fund | &nbsp;&nbsp;&nbsp;5.8% |
| Schwab Select Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;4.6% |
| Schwab Small-Cap Equity Fund | 10.2% |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;5.6% |
| Schwab Variable Share Price Money Fund, Ultra Shares | &nbsp;&nbsp;&nbsp;0.3% |

---

#### Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the 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.

#### 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 October 31, 2022, the fund's purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

---

| | | |
|:---|:---|:---|
| PURCHASE COST | &nbsp;&nbsp;SALE PROCEEDS | &nbsp;&nbsp;REALIZED GAINS (LOSSES) |
| $— | &nbsp;&nbsp;$39355550 | &nbsp;&nbsp;($1058783) |

---

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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 it 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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## Financial Notes (continued)

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**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 investment adviser paying 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 Syndicated 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 it 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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7. Purchases and Sales of Investment Securities:

For the period ended October 31, 2022, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br> OF SECURITIES | &nbsp;&nbsp;SALES <br> OF SECURITIES |
| $303419258 | &nbsp;&nbsp;$226845317 |

---

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8. Federal Income Taxes:

As of October 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;GROSS UNREALIZED<br> APPRECIATION | &nbsp;&nbsp;GROSS UNREALIZED<br> DEPRECIATION | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) |
| $677641506 | &nbsp;&nbsp;&nbsp;$13075176 | &nbsp;&nbsp;($73521472) | &nbsp;&nbsp;($60446296) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| UNDISTRIBUTED <br> ORDINARY<br> INCOME | &nbsp;&nbsp;&nbsp;&nbsp;UNDISTRIBUTED <br> LONG-TERM<br> CAPITAL GAINS | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ON INVESTMENTS | &nbsp;&nbsp;TOTAL |
| $5260171 | &nbsp;&nbsp;&nbsp;$47129767 | &nbsp;&nbsp;($60446296) | &nbsp;&nbsp;($8056358) |

---

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 fund's 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CURRENT FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;CURRENT FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS |
| &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS | &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS |
| &nbsp;&nbsp;$38253293 | &nbsp;&nbsp;$15713533 | &nbsp;&nbsp;$7375819 | &nbsp;&nbsp;$11323693 |

---

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.

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8. Federal Income Taxes (continued):

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

As of October 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 October 31, 2022, the fund did not incur any interest or penalties.

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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.

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Schwab Balanced Fund

## Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab Balanced 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 Balanced Fund (the "Fund"), one of the funds constituting Schwab Capital Trust, as of October 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 October 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 October 31, 2019 were audited by other auditors, whose report, dated December 16, 2019, 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 audit. 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 audit 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 October 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

#### Deloitte & Touche LLP<br> Denver, Colorado<br> December 16, 2022
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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## Other Federal Tax Information (unaudited)

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For corporate shareholders, 15.45% of the fund's dividend distributions paid during the fiscal year ended October 31, 2022, qualify for the corporate dividends received deduction.

For the fiscal year ended October 31, 2022, the fund designates $10,520,450 of the dividend distributions as qualified dividends for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

Under section 852(b)(3)(C) of the Internal Revenue Code, the fund hereby designates $15,713,533 as long-term capital gain dividends for the fiscal year ended October 31, 2022.

For the fiscal year ended October 31, 2022, the fund designates $157,966 as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

For the fiscal year ended October 31, 2022, the fund designates 0.47% of dividend income as business interest income under section 163(j) of the Internal Revenue Code.

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Schwab Balanced Fund

## Shareholder Vote Results (unaudited)

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A Special Meeting of Shareholders of Schwab Capital Trust (the "Trust") was held on June 1, 2022, for the purpose of seeking shareholder approval to elect the following individuals as trustees of the Trust: Walter W. Bettinger II, Richard A. Wurster, Michael J. Beer, Robert W. Burns, Nancy F. Heller, David L. Mahoney, Jane P. Moncreiff, Kiran M. Patel, Kimberly S. Patmore, and J. Derek Penn. The number of votes necessary to conduct the Special Meeting and approve the proposal was obtained. The results of the shareholder vote are listed below:

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095577106.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838980.968 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117598789.555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93817297.918 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116890447.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94525639.968 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117915860.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500227.363 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119878732.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91537355.339 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069125022.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142291065.039 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120187927.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228159.635 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116689111.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726975.902 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119941056.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91475031.414 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117666014.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93750073.352 |

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Schwab Balanced Fund

## Liquidity Risk Management Program (unaudited)

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The fund has adopted and implemented a liquidity risk management program (the "program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund's Board of Trustees (the "Board") has designated the fund's investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. The program is reasonably designed to assess and manage a fund's liquidity risk, taking into consideration the fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser's process of determining the degree of liquidity of each fund's investments is supported by third-party liquidity assessment vendors.

The fund's Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity metrics. No significant liquidity events impacting the fund were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing the fund's liquidity risk.

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## Investment Advisory Agreement Approval

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

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

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval.

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

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

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

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

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

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

**Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, fund accounting and custody, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business**

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

**Fund Performance. The Board considered the Fund's performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and market trends, as well as in consideration of the Fund's investment style and strategy attributes and disclosures. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the appropriateness of the benchmark used to compare the performance of the Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement with respect to the Fund.**

**Fund Expenses. With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of the Fund from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to keep the expense cap for so long as it serves as the investment adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different**

legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts and any differences in the market for these types of accounts. The Trustees noted that shareholders of the Fund indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. In this connection, the Trustees reviewed management's profitability analyses. The Trustees also reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain fixed costs across the Fund and other funds in the complex. The Trustees considered that the investment adviser is not charging any management fees at the Fund level; it being understood that there is a management fee at the underlying fund level. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. Also, because the Fund invests a portion of its assets in other funds within the Schwab fund complex, the Trustees considered that the investment adviser indirectly benefits from the Fund's investments in other underlying funds managed by the investment adviser. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable and justified in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.**

**Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving**

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business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; (ii) graduated investment advisory fee schedules or unitary fee structures, fee waivers, or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that, the investment adviser has shared any economies of scale with the Fund by investing in the investment adviser's infrastructure, as discussed above, over time and that the investment adviser's internal costs of providing investment management, technology, administrative, legal and compliance services to the Fund continue to increase as a result of regulatory or other developments. The Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from high

fees, including for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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## Trustees and Officers

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

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Kiran M. Patel<br> 1948<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)** | Retired. | 105 | Director (2008 – present), KLA-Tencor Corporation |
| **Kimberly S. Patmore<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)** | Consultant (2008 – present), Patmore Management Consulting (management consulting). | 105 |  |
| **<br> J. Derek Penn<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 105 |  |

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Walter W. Bettinger II<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)** | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 105 | Director (2008 – present), The Charles Schwab Corporation |

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested 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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Richard A. Wurster<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)** | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 105 |  |

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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>) | 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 Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)** | Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
| **Mark Fischer<br> 1970<br> Treasurer, Chief Financial Officer and Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)** | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc. |
| **Omar Aguilar<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **Brett Wander<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **William P. McMahon, Jr.<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |

---

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Schwab Balanced Fund

---

| | |
|:---|:---|
| **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>) | Principal Occupations During the Past Five Years |
| **Catherine MacGregor<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)** | Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |

---

<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.

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced Fund

## Glossary

------

#### asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage.

#### asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
**Balanced Blended Index A custom blended index developed by Schwab Asset Management that, effective February 1, 2022, is composed of 41.5% S&P 500 Index, 8.5% Russell 2000 Index, 10.0% MSCI EAFE Index (Net), 37.0% Bloomberg US Aggregate Bond Index, and 3.0% Bloomberg US Treasury Bills 1-3 Month Index. From January 29, 2019 through January 31, 2022, the composite was composed of 50% S&P 500 Index, 10% Russell 2000 Index, 37% Bloomberg US Aggregate Bond Index, and 3% Bloomberg US Treasury Bills 1-3 Month Index. From August 1, 2013 through January 28, 2019, the composite was composed of 50% S&P 500 Index, 10% Russell 2000 Index, 25% Bloomberg US Aggregate Bond Index, 12% Bloomberg US Intermediate Aggregate Bond Index and 3% Bloomberg US Treasury Bills 1-3 Month Index. Prior to August 1, 2013 the Balanced Blended Index was composed of 60% S&P 500 Index and 40% Bloomberg US Aggregate Bond Index. Percentages listed may not total to 100% due to rounding.**

**Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Intermediate Aggregate Bond Index An index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.**

**Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.**

**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 fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund's net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.**

#### cap, capitalization See "market cap."
**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 capital gain or loss is considered unrealized appreciation or depreciation.**

**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.**

**FTSE non-US Dollar World Government Bond Index A market capitalization index that measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least 1 year.**

#### market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
**MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**MSCI Emerging Markets Index (Net) A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**net asset value (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.**

#### outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
**price-to-book ratio (P/B) The market price of a company's stock compared with its "book value." A mutual fund's P/B is the weighted average of the P/B of all stocks in the fund's portfolio.**

**price-to-earnings ratio (P/E) The market price of a company's stock compared with earnings over the past year. A mutual fund's P/E is the weighted average of the P/E of all stocks in the fund's portfolio.**

#### return on equity (ROE) The average yearly rate of return for each dollar of investors' money, measured over the past five years.

#### Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
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Schwab Balanced Fund

**Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell 1000 Value Index An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.**

**Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

#### S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.

#### stock A share of ownership, or equity, in the issuing company.

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

#### weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund's portfolio.

#### yield The income paid out by an investment, expressed as a percentage of the investment's market value.
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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Notes

------

[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

Schwab Balanced 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>

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### 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© 2022 Charles Schwab & Co., Inc. All rights reserved.<br> Member SIPC<sup>®</sup><br> Printed on recycled paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| 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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[**Table of Contents**](#job_schwa_b3771fe8-75f5-466c-ab4c-26252e550e44_toc)

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g21046imga29b03e61.jpg)

MFR36112-16<br> 00280550

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20940img8782707c1.jpg)

#### Annual Report \| October 31, 2022

## Schwab Equity Index Funds<sup>®</sup>

------

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<br> Index Fund

Schwab U.S. Large-Cap Value<br> Index Fund

Schwab U.S. Mid-Cap Index Fund

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

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#### This page is intentionally left blank.

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Eight cost-efficient ways to tap into the power of the stock market for long-term growth potential.

In This Report

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_0cfbd3a1-22a1-45cd-8dbb-206aa186f2b5_1) | 2 |
| [From the President](#xx_dadc55f9-babd-44d2-bf7f-479b6dca9048_1) | 3 |
| [The Investment Environment](#xx_f857afd5-8e97-41e8-9244-1a06d87630b4_1) | 4 |
| [Fund Management](#xx_b852a0ae-6ef5-458f-9e3e-17d8ff6c0655_1) | 6 |
| [Performance and Fund Facts](#xx_6f47035d-48f9-4373-8df6-db0ed716d1bd_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab S&P 500 Index Fund](#xx_6f47035d-48f9-4373-8df6-db0ed716d1bd_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab 1000 Index Fund](#xx_713f1750-8608-4656-8884-f7f34bcce8a0_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Small-Cap Index Fund](#xx_714c71f2-4997-433c-8ba9-b187677b5056_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Total Stock Market Index Fund](#xx_2163c3ca-d0e6-4d27-b8e4-e8889637270d_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Large-Cap Growth Index Fund](#xx_45bdd4d2-ced2-4137-9f62-95e5b48f7113_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Large-Cap Value Index Fund](#xx_e2f875a0-26dd-4c14-85d5-708535789733_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Mid-Cap Index Fund](#xx_5a0f2386-20cf-42a3-ba76-015f58416e15_1) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab International Index Fund](#xx_9f3ea6a2-d357-4a6d-b90f-aa59e3bffb2d_1) | 28 |
| [Fund Expenses](#xx_fea2ef39-7f38-4771-993d-4949fd0ea7a7_1) | 31 |
| [Financial Statements and Portfolio Holdings](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab S&P 500 Index Fund](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab 1000 Index Fund](#xx_8bc50529-db31-4e6b-9118-f79f4bc79f22_1) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Small-Cap Index Fund](#xx_1f48e85d-04e1-467a-a69a-2a9c187a7049_1) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Total Stock Market Index Fund](#xx_306d9e7b-f06e-4e77-9686-cee4fb9cac5a_1) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Large-Cap Growth Index Fund](#xx_5ae9ba8b-23a2-426c-959e-8ef813bd0f63_1) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Large-Cap Value Index Fund](#xx_5bcc6884-8a46-4bf2-8b80-df1fe93cb2fa_1) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Mid-Cap Index Fund](#xx_dc8351c6-55a4-4512-a54c-fb1329596050_1) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab International Index Fund](#xx_6185e41e-a2f2-41b8-8584-de5f6e082555_1) | 145 |
| [Financial Notes](#xx_d54bacd2-e86c-49c9-81f6-1ee5391a9e5d_1) | 157 |
| [Report of Independent Registered Public Accounting Firm](#xx_2898c3f2-487a-4f52-98d9-785695db39b7_1) | 169 |
| [Other Federal Tax Information](#xx_676e3fed-5519-48e8-8a56-9fa219f8aa6d_1) | 170 |
| [Shareholder Vote Results](#xx_e16c6d5d-fe18-425f-92bf-ed12432a5487_1) | 171 |
| [Liquidity Risk Management Program](#xx_7c423896-a480-43e2-aba3-7ebdd5d286aa_1) | 172 |
| [Investment Advisory Agreement Approval](#xx_ff25fdb4-f533-433b-8aab-b7521f097890_1) | 173 |
| [Trustees and Officers](#xx_ac1f502f-eeed-4cf1-ade4-1a4632b23f23_1) | 176 |
| [Glossary](#xx_2311c58a-59f4-467f-8edb-f8fa27cbdc35_1) | 180 |

---

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

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

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

<sub>1</sub>

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Schwab Equity Index Funds

## Performance at a Glance

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab S&P 500 Index Fund<br> (Ticker Symbol: SWPPX)** | -14.63% |
| S&P 500<sup>®</sup> Index | -14.61% |
| Fund Category: Morningstar Large Blend<sup>1</sup> | -14.48% |
| *Performance Details* | *pages 7-9* |
| **Schwab 1000 Index Fund<br> (Ticker Symbol: SNXFX)** | -16.73% |
| Schwab 1000 Index<sup>®</sup> | -16.69% |
| Russell 1000<sup>®</sup> Index | -16.38% |
| Fund Category: Morningstar Large Blend<sup>1</sup> | -14.48% |
| *Performance Details* | *pages 10-12* |
| **Schwab Small-Cap Index Fund<br> (Ticker Symbol: SWSSX)** | -18.53% |
| Russell 2000<sup>®</sup> Index | -18.54% |
| Fund Category: Morningstar Small Blend<sup>1</sup> | -13.55% |
| *Performance Details* | *pages 13-15* |
| **Schwab Total Stock Market Index Fund<br> (Ticker Symbol: SWTSX)** | -16.94% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% |
| Fund Category: Morningstar Large Blend<sup>1</sup> | -14.48% |
| *Performance Details* | *pages 16-18* |

---

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab U.S. Large-Cap Growth Index Fund<br> (Ticker Symbol: SWLGX)** | -24.63% |
| Russell 1000<sup>®</sup> Growth Index | -24.60% |
| Fund Category: Morningstar Large Growth<sup>1</sup> | -28.11% |
| *Performance Details* | *pages 19-21* |
| **Schwab U.S. Large-Cap Value Index Fund<br> (Ticker Symbol: SWLVX)** | &nbsp;&nbsp;&nbsp;-7.04% |
| Russell 1000<sup>®</sup> Value Index | &nbsp;&nbsp;&nbsp;-7.00% |
| Fund Category: Morningstar Large Value<sup>1</sup> | &nbsp;&nbsp;&nbsp;-4.53% |
| *Performance Details* | *pages 22-24* |
| **Schwab U.S. Mid-Cap Index Fund<br> (Ticker Symbol: SWMCX)** | -17.15% |
| Russell Midcap<sup>®</sup> Index | -17.17% |
| Fund Category: Morningstar Mid-Cap Blend<sup>1</sup> | -12.33% |
| *Performance Details* | *pages 25-27* |
| **Schwab International Index Fund<sup>2</sup><br> (Ticker Symbol: SWISX)** | -23.12% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>3</sup> | -23.00% |
| Fund Category: Morningstar Foreign Large Blend<sup>1</sup> | -24.04% |
| *Performance Details* | *pages 28-30* |

---

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

For index definitions, please see the Glossary.

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

<sup>1</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>2</sup> The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information.

<sup>3</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sub>2</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Equity Index Funds

## From the President<br>

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![](g20940img67d0cc1e2.jpg)

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

Geopolitical, economic, and market challenges abounded during the 12-month reporting period ended October 31, 2022. Although the period started off strong, with markets reaching new highs in the final months of 2021, the subsequent 10 months were beset by rapidly rising inflation, sharply climbing interest rates, steeply declining stock prices, and the onset of a war in Europe as Russia invaded Ukraine. Economic growth in the United States and most of the world slowed. By the end of the period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, lost nearly 20% of its value from its early-January 2022 peak and returned -14.6% for the reporting period. The MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, declined by more than 25% between early-January 2022 highs and the end of the reporting period and returned -23.0% for the reporting period.

At Schwab Asset Management, we recognize that today's turbulent investment environment may be unsettling for many investors. Market declines and volatility can rattle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, even in the face of market turmoil and volatility, most investors are best served by maintaining a diversified portfolio that reflects their risk tolerance and long-term goals.

The Schwab Equity Index Funds are designed to be low-cost building blocks for diversified portfolios. They provide access to broad segments of the equities markets with different risk and return profiles, including small-cap, mid-cap, and large-cap stocks, those oriented toward value or growth, and equities from both U.S. and international markets. In addition, the funds have among the lowest expenses in the industry, along with no investment minimums, which can help investors achieve their financial goals by keeping investing costs down.

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 Equity Index 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,

![](g20940img81f878813.jpg)

" *The Schwab Equity Index Funds are designed to be low-cost building blocks for diversified portfolios.*"

Past performance is no guarantee of future results.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

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.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Equity Index Funds

## The Investment Environment

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For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -14.61%. U.S. small-cap stocks underperformed U.S. large-cap stocks, with the Russell 2000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Index returning -18.54% and -16.38%, respectively. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks, with the Russell 1000<sup>®</sup> Growth Index and Russell 1000<sup>®</sup> Value Index returning -24.60% and -7.00%, respectively. Among U.S. industry sectors, only energy generated strong positive returns, driven by soaring oil and gas prices. Traditionally defensive sectors, such as consumer staples, utilities, and health care, tended to outperform the market average, while cyclically sensitive sectors, such as consumer discretionary, real estate, and information technology, lagged. Outside the United States, the MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, returned -23.00% for the reporting period.

After a recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, U.S. gross domestic product (GDP) increased at an annualized rate of 6.9% for the fourth quarter. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% and -0.6% for the first and second quarters of 2022, respectively. GDP growth was positive for the third quarter of 2022, increasing at an annualized rate of 2.9%, driven primarily by energy exports. Consumer spending also grew but at a slower pace than in the second quarter. Inflation remained stubbornly

#### Asset Class Performance Comparison % returns during the 12 months ended October 31, 2022

#### <br>
![](g20940imgf7a43ac24.jpg)

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

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

Management views may have changed since the report date.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Equity Index Funds

## The Investment Environment (continued)<br>

------

high, hitting a 40-year high in June due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs, before falling slightly by the end of the reporting period. The unemployment rate remained low, ending the reporting period near pre-pandemic lows.

Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, high energy costs, rising inflation, and the war in Ukraine. After spiking in early March 2022 as sanctions were imposed on Russian imports—and again in June on supply-and-demand imbalances—oil prices generally fell through the rest of the reporting period, ending at just over $86 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for the fourth quarter of 2021 and first and second quarters of 2022, as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The United Kingdom also posted small gains in GDP growth for the fourth quarter of 2021 and first and second quarters of 2022. Among emerging markets, China's GDP growth rate remained positive but slowed notably as China dealt with numerous headwinds including the political landscape, an emphasis on domestic consumption over globalization, lockdowns and quarantines, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing mortgage payments on incomplete builds. India's GDP growth also remained positive over the reporting period, particularly in the second quarter of 2022, on rising consumer demand and a rapid decline in COVID-19 cases.

Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the U.S. Federal Reserve (Fed) shifted its stance. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate five times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—in its ongoing efforts to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 3.00% to 3.25%. In June, the Fed also began to reduce the $9 trillion in assets it held on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. Outside the United States, central banks were similarly responsive. After holding its policy rate unchanged since March 2015, at 0.00%, the European Central Bank raised its interest rate three times over the reporting period in an effort to dampen demand and control inflation, which in October 2022 rose into double-digits. The Bank of England raised its key official bank rate seven times during the reporting period, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but raised its inflation forecast at its October 2022 meeting.

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Schwab Equity Index Funds

## Fund Management

------

---

| | |
|:---|:---|
| ![](g20940imgf6b7b4aa5.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process and portfolio management of investment strategies for passive equity Schwab Funds and Schwab ETFs. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a managing director and the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan.** |

---

---

| | |
|:---|:---|
| ![](g20940img4183e2b96.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Jeremy Brown, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab in 2017, Mr. Brown spent six years with ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio management and research team where he performed portfolio management, trading, and analytics/research functions for ALPS ETFs and passive funds. Additionally, Mr. Brown led a number of investment research, commentary, industry trend analysis, and sales and marketing support initiatives.** |

---

---

| | |
|:---|:---|
| ![](g20940img2308f80d7.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the oversight and day-to-day co-management of the Schwab International Index Fund. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc.** |

---

---

| | |
|:---|:---|
| ![](g20940img086c57098.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab in 2010, Mr. Juwono worked at BlackRock (formerly Barclays Global Investors) where he spent more than three years as a portfolio manager, managing equity index funds for institutional clients, and two years as a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California.** |

---

---

| | |
|:---|:---|
| ![](g20940img8f0e1f269.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation).** |

---

---

| | |
|:---|:---|
| ![](g20940imge6f27ba310.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America's Columbia Management subsidiary as a portfolio manager for three years. Mr. Sinha also spent time as a software consultant at DPM Mellon, LLC and an equity trader at Jane Street Capital.** |

---

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## Schwab S&P 500 Index Fund as of October 31, 2022

------

**The Schwab S&P 500 Index Fund's (the fund) goal is to track the total return of the S&P 500<sup>®</sup> Index (the index). The index includes the stocks of 500 leading U.S. publicly traded companies from a broad range of industries. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. Within the index, stocks in the energy and consumer staples sectors were the top performers, while stocks in the communication services and consumer discretionary sectors underperformed.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -14.63% for the 12-month reporting period ended October 31, 2022, compared with the index, which returned -14.61%. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. The information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 28% of the fund's investments and returned approximately -20% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products. The fund's holdings of Microsoft Corp. represented an average weight of approximately 6% of the fund's investments and returned approximately -29% for the reporting period.**

The communication services sector also detracted from the total return of the fund, representing an average weight of approximately 9% of the fund's investments and returning approximately -41% for the reporting period.

The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 4% of the fund's investments and returned approximately 65% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. Exxon Mobil Corp. represented an average weight of approximately 1% of the fund's investments and returned approximately 80% for the reporting period.

The health care sector also contributed to the total return of the fund, representing an average weight of approximately 14% of the fund's investments and returning approximately 1% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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Schwab S&P 500 Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g20940lg_2m32.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab S&P 500 Index Fund (5/19/97) | -14.63% | &nbsp;&nbsp;&nbsp;&nbsp;10.41% | &nbsp;&nbsp;&nbsp;&nbsp;12.72% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Fund Category: Morningstar Large Blend<sup>2</sup> | -14.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03% | &nbsp;&nbsp;&nbsp;&nbsp;11.44% |
| *Fund Expense Ratio<sup>3</sup>: 0.02%* | *Fund Expense Ratio<sup>3</sup>: 0.02%* | *Fund Expense Ratio<sup>3</sup>: 0.02%* | *Fund Expense Ratio<sup>3</sup>: 0.02%* |

---

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

For index definitions, please see the Glossary.

Index ownership – "Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," and "S&P 500<sup>®</sup>" are registered trademarks of Standard & Poor's Financial Services LLC (S&P), and "Dow Jones<sup>®</sup>" is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Charles Schwab Investment Management, Inc. The "S&P 500<sup>®</sup> Index" is a product of S&P Dow Jones Indices LLC or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc. The Schwab S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in the fund.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

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Schwab S&P 500 Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 |
| Weighted Average Market Cap (millions) | $474291 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |

---

Sector Weightings % of Investments<sup>2</sup>

![](g20940img0824ed9b11.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>3</sup>

![](g20940img5f92602b12.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

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## Schwab 1000 Index Fund as of October 31, 2022

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**The Schwab 1000 Index Fund's (the fund) goal is to match the total return of the Schwab 1000 Index<sup>®</sup> (the index). The index is a float-adjusted market capitalization weighted index that includes the 1,000 largest stocks of publicly traded companies in the United States, with size being determined by market capitalization (total market value of all shares outstanding). The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. Within the index, stocks in the energy and consumer staples sectors were the top performers, while stocks in the communication services and consumer discretionary sectors underperformed.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -16.73% for the 12-month reporting period ended October 31, 2022, compared with the index, which returned -16.69%. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. The information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 27% of the fund's investments and returned approximately -24% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products. The fund's holdings of Microsoft Corp. represented an average weight of approximately 5% of the fund's investments and returned approximately -29% for the reporting period.**

The communications services sector also detracted from the total return of the fund, representing an average weight of approximately 9% of the fund's investments and returning approximately -41% for the reporting period.

The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 4% of the fund's investments and returned approximately 65% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. The fund's holdings of Exxon Mobil Corp. represented an average weight of approximately 1% of the fund's investments and returned approximately 80% for the reporting period.

The consumer staples sector also contributed to the total return of the fund, representing an average weight of approximately 6% of the fund's investments and returning approximately 4% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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Schwab 1000 Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g20940lg_2m25.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab 1000 Index Fund (4/2/91) | -16.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97% | &nbsp;&nbsp;&nbsp;&nbsp;12.38% |
| Schwab 1000 Index<sup>®</sup> | -16.69% | &nbsp;&nbsp;&nbsp;&nbsp;10.02% | &nbsp;&nbsp;&nbsp;&nbsp;12.53% |
| Russell 1000<sup>®</sup> Index | -16.38% | &nbsp;&nbsp;&nbsp;&nbsp;10.19% | &nbsp;&nbsp;&nbsp;&nbsp;12.66% |
| Fund Category: Morningstar Large Blend<sup>2</sup> | -14.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03% | &nbsp;&nbsp;&nbsp;&nbsp;11.44% |
| *Fund Expense Ratio<sup>3</sup>: 0.05%* | *Fund Expense Ratio<sup>3</sup>: 0.05%* | *Fund Expense Ratio<sup>3</sup>: 0.05%* | *Fund Expense Ratio<sup>3</sup>: 0.05%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

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Schwab 1000 Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 <sup>2</sup> |
| Weighted Average Market Cap (millions) | $427530 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% <sup>3</sup> |

---

Sector Weightings % of Investments<sup>4</sup>

![](g20940imged77623613.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>5</sup>

![](g20940img0cb366c814.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> As a result of the Schwab 1000 Index<sup>®</sup>'s once per year reconstitution and the effects of certain corporate actions, the fund may hold more or less than 1,000 securities.

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>4</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>5</sup> This list is not a recommendation of any security by the investment adviser.

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## Schwab Small-Cap Index Fund as of October 31, 2022

------

**The Schwab Small-Cap Index Fund's (the fund) goal is to track the performance of a benchmark index that measures the total return of small-capitalization U.S. stocks. To pursue its goal, the fund generally invests in stocks that are included in the Russell 2000<sup>®</sup> Index (the index). The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Within the index, stocks in the energy and utilities sectors were the top performers, while stocks in the communication services and information technology sectors underperformed.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -18.53% for the 12-month reporting period ended October 31, 2022, compared with the index, which returned -18.54%.**

**Contributors and Detractors. The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 6% of the fund's investments and returned approximately 43% for the reporting period. One example from this sector is PBF Energy, Inc., which operates as an independent petroleum refiner and supplier. The fund's Class A holdings of PBF Energy, Inc. represented an average weight of less than 1% of the fund's investments and returned approximately 203% for the reporting period.**

The utilities sector also contributed slightly to the total return of the fund, representing an average weight of approximately 3% of the fund's investments and returning approximately 4% for the reporting period.

The health care sector detracted the most from the total return of the fund. Health care stocks represented an average weight of approximately 17% of the fund's investments and returned approximately -31% for the reporting period. One example from this sector is Omnicell, Inc., which offers solutions including pharmacy and supply systems, clinical reference tools, an internet-based procurement application, and decision support. The fund's holdings of Omnicell, Inc. represented an average weight of less than 1% of the fund's investments and returned approximately -57% for the reporting period.

The information technology sector also detracted from the total return of the fund, representing an average weight of approximately 14% of the fund's investments and returning approximately -31% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>13</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g20940lg_2m27.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Small-Cap Index Fund (5/19/97) | -18.53% | &nbsp;&nbsp;&nbsp;&nbsp;5.62% | &nbsp;&nbsp;&nbsp;&nbsp;9.97% |
| Russell 2000<sup>®</sup> Index | -18.54% | &nbsp;&nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;9.93% |
| Fund Category: Morningstar Small Blend<sup>2</sup> | -13.55% | &nbsp;&nbsp;&nbsp;&nbsp;5.76% | &nbsp;&nbsp;&nbsp;&nbsp;9.75% |
| *Fund Expense Ratio<sup>3</sup>: 0.04%* | *Fund Expense Ratio<sup>3</sup>: 0.04%* | *Fund Expense Ratio<sup>3</sup>: 0.04%* | *Fund Expense Ratio<sup>3</sup>: 0.04%* |

---

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

For index definitions, please see the Glossary.

Index ownership – "Russell 2000<sup>®</sup>" is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab Small-Cap Index Fund. The Schwab Small-Cap Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding the advisability of investing in the fund.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;1964 |
| Weighted Average Market Cap (millions) | $2797 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;11.2 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;16% <sup>2</sup> |

---

Sector Weightings % of Investments<sup>3</sup>

![](g20940img7947013d15.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>4</sup>

![](g20940img6628030716.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

Small-company stocks are subject to greater volatility than many other asset classes.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>4</sup> This list is not a recommendation of any security by the investment adviser.

<sub>15</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

## Schwab Total Stock Market Index Fund as of October 31, 2022

------

**The Schwab Total Stock Market Index Fund's (the fund) goal is to track the total return of the entire U.S. stock market, as measured by the Dow Jones U.S. Total Stock Market Index<sup>SM</sup> (the index). The index is designed to measure all publicly traded stocks of companies headquartered in the United States for which pricing information is readily available. The fund uses a sampling investment approach that involves investing in a representative sample of securities included in the index that, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities in the index. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. Within the index, stocks in the energy and consumer staples sectors were the top performers, while stocks in the communication services and consumer discretionary sectors underperformed.**

**Performance. The fund tracked the index for the reporting period. The fund returned -16.94% for the 12-month reporting period ended October 31, 2022, compared with the index, which returned -16.94%.**

**Contributors and Detractors. The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 4% of the fund's investments and returned approximately 62% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. The fund's holdings of Exxon Mobil Corp. represented an average weight of less than 1% of the fund's investments and returned approximately 80% for the reporting period.**

The consumer staples sector also contributed slightly to the total return of the fund, representing an average weight of approximately 6% of the fund's investments and returning approximately 4% for the reporting period.

The information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 27% of the fund's investments and returned approximately -24% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products. The fund's holdings of Microsoft Corp. represented an average weight of approximately 5% of the fund's investments and returned approximately -29% for the reporting period.

The communication services sector also detracted from the total return of the fund, representing an average weight of approximately 8% of the fund's investments and returning approximately -41% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>16</sub>

Schwab Equity Index Funds \| Annual Report

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g20940lg_2m40.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Total Stock Market Index Fund (6/1/99) | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;9.69% | &nbsp;&nbsp;&nbsp;&nbsp;12.31% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Fund Category: Morningstar Large Blend<sup>2</sup> | -14.48% | &nbsp;&nbsp;&nbsp;&nbsp;9.03% | &nbsp;&nbsp;&nbsp;&nbsp;11.44% |
| *Fund Expense Ratio<sup>3</sup>: 0.03%* | *Fund Expense Ratio<sup>3</sup>: 0.03%* | *Fund Expense Ratio<sup>3</sup>: 0.03%* | *Fund Expense Ratio<sup>3</sup>: 0.03%* |

---

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

For index definitions, please see the Glossary.

Index ownership – "Standard & Poor's<sup>®</sup>" and "S&P<sup>®</sup>" are registered trademarks of Standard & Poor's Financial Services LLC (S&P), and "Dow Jones<sup>®</sup>" is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Charles Schwab Investment Management, Inc. The "Dow Jones U.S. Total Stock Market Index<sup>SM</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc. The Schwab Total Stock Market Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in the fund.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 |
| Weighted Average Market Cap (millions) | $402286 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.0 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |

---

Sector Weightings % of Investments<sup>2</sup>

![](g20940imgf9351bad17.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>3</sup>

![](g20940img1e8ddda718.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

## Schwab U.S. Large-Cap Growth Index Fund as of October 31, 2022

------

**The Schwab U.S. Large-Cap Growth Index Fund's (the fund) goal is to track the performance of a benchmark index that measures the total return of large-capitalization U.S. growth stocks. To pursue its goal, the fund generally invests in stocks that are included in the Russell 1000<sup>®</sup> Growth Index (the index). The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. Within the index, stocks in the energy and consumer staples sectors were the top performers, while stocks in the communication services and information technology sectors underperformed.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -24.63% during the 12-month reporting period ended October 31, 2022, compared with the index, which returned -24.60%. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. The information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 45% of the fund's investments and returned approximately -24% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products. The fund's holdings of Microsoft Corp. represented an average weight of approximately 11% of the fund's investments and returned approximately -29% for the reporting period.**

The consumer discretionary sector also detracted from the total return of the fund, representing an average weight of approximately 18% of the fund's investments and returning approximately -33% for the reporting period.

The energy sector contributed the most to the total return for the fund. Energy stocks represented an average weight of less than 1% of the fund's investments and returned approximately 62% for the reporting period. One example from this sector is EOG Resources, Inc., which explores, develops, produces, and markets natural gas and crude oil. The fund's holdings of EOG Resources, Inc. represented an average weight of less than 1% of the fund's investments and returned approximately 61% for the reporting period.

The consumer staples sector contributed slightly to the total return of the fund, representing an average weight of approximately 5% of the fund's investments and returning approximately 3% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>19</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (December 20, 2017 – October 31, 2022)<sup>1</sup>

![](g20940lg_2mu3.jpg)

#### <br>
Average Annual Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/17) | -24.63% | &nbsp;&nbsp;&nbsp;&nbsp;11.69% | &nbsp;&nbsp;&nbsp;&nbsp;11.89% |
| Russell 1000<sup>®</sup> Growth Index | -24.60% | &nbsp;&nbsp;&nbsp;&nbsp;11.75% | &nbsp;&nbsp;&nbsp;&nbsp;11.95% |
| Fund Category: Morningstar Large Growth<sup>2</sup> | -28.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratio<sup>3</sup>: 0.035%* | *Fund Expense Ratio<sup>3</sup>: 0.035%* | *Fund Expense Ratio<sup>3</sup>: 0.035%* | *Fund Expense Ratio<sup>3</sup>: 0.035%* |

---

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

For index definitions, please see the Glossary.

Index ownership – The Russell 1000<sup>®</sup> Growth Index is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab U.S. Large-Cap Growth Index Fund. The Schwab U.S. Large-Cap Growth Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding the advisability of investing in the fund.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

<sub>20</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| Weighted Average Market Cap (millions) | $721291 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

Sector Weightings % of Investments<sup>2</sup>

![](g20940img6f993be719.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>3</sup>

![](g20940img2ba5c8b020.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sub>21</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

## Schwab U.S. Large-Cap Value Index Fund as of October 31, 2022

------

**The Schwab U.S. Large-Cap Value Index Fund's (the fund) goal is to track the performance of a benchmark index that measures the total return of large-capitalization U.S. value stocks. To pursue its goal, the fund generally invests in stocks that are included in the Russell 1000<sup>®</sup> Value Index (the index). The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. Within the index, stocks in the energy and consumer staples sectors were the top performers, while stocks in the communication services and information technology sectors underperformed.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -7.04% during the 12-month reporting period ended October 31, 2022, compared with the index, which returned -7.00%. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. The communication services sector detracted the most from the total return of the fund. Communication services stocks represented an average weight of approximately 8% of the fund's investments and returned approximately -30% for the reporting period. One example from this sector is Meta Platforms, Inc., a social technology company. The fund's Class A holdings of Meta Platforms, Inc. represented an average weight of less than 1% of the fund's investments and returned approximately -45% for the reporting period.**

The financials sector also detracted from the total return of the fund, representing an average weight of approximately 21% of the fund's investments and returning approximately -13% for the reporting period.

The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 7% of the fund's investments and returned approximately 65% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. Exxon Mobil Corp. represented an average weight of approximately 2% of the fund's investments and returned approximately 80% for the reporting period.

The health care sector also contributed to the total return of the fund, representing an average weight of approximately 18% of the fund's investments and returning approximately 3% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>22</sub>

Schwab Equity Index Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (December 20, 2017 – October 31, 2022)<sup>1</sup>

![](g20940lg_2mu4.jpg)

#### <br>
Average Annual Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/17) | -7.04% | &nbsp;&nbsp;&nbsp;&nbsp;7.23% | &nbsp;&nbsp;&nbsp;&nbsp;6.41% |
| Russell 1000<sup>®</sup> Value Index | -7.00% | &nbsp;&nbsp;&nbsp;&nbsp;7.31% | &nbsp;&nbsp;&nbsp;&nbsp;6.49% |
| Fund Category: Morningstar Large Value<sup>2</sup> | -4.53% | &nbsp;&nbsp;&nbsp;&nbsp;8.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratio<sup>3</sup>: 0.035%* | *Fund Expense Ratio<sup>3</sup>: 0.035%* | *Fund Expense Ratio<sup>3</sup>: 0.035%* | *Fund Expense Ratio<sup>3</sup>: 0.035%* |

---

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

For index definitions, please see the Glossary.

Index ownership – The Russell 1000<sup>®</sup> Value Index is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab U.S. Large-Cap Value Index Fund. The Schwab U.S. Large-Cap Value Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding the advisability of investing in the fund.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

<sub>23</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 |
| Weighted Average Market Cap (millions) | $147180 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>2</sup> |

---

Sector Weightings % of Investments<sup>3</sup>

![](g20940img4f31f9a921.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>4</sup>

![](g20940img54c4727e22.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>4</sup> This list is not a recommendation of any security by the investment adviser.

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

## Schwab U.S. Mid-Cap Index Fund as of October 31, 2022

------

**The Schwab U.S. Mid-Cap Index Fund's (the fund) goal is to track the performance of a benchmark index that measures the total return of mid-capitalization U.S. stocks. To pursue its goal, the fund generally invests in securities that are included in the Russell Midcap<sup>®</sup> Index (the index). The fund generally will seek to replicate the performance of the index by giving the same weight to a given security as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Within the index, stocks in the energy and consumer staples sectors were the top performers, while stocks in the communication services and information technology sectors underperformed.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -17.15% during the 12-month reporting period ended October 31, 2022, compared with the index, which returned -17.17%.**

**Contributors and Detractors. The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 5% of the fund's investments and returned approximately 58% for the reporting period. One example from this sector is Devon Energy Corp., which operates as an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and natural gas liquids, and the processing of natural gas. The fund's holdings of Devon Energy Corp. represented an average weight of less than 1% of the fund's investments and returned approximately 108% for the reporting period.**

The consumer staples sector also contributed slightly to the total return of the fund, representing an average weight of approximately 4% of the fund's investments and returning approximately 6% for the reporting period.

The information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 18% of the fund's investments and returned approximately -30% for the reporting period. One example from this sector is DocuSign, Inc., which provides electronic signature solutions. The fund's holdings of DocuSign, Inc. represented an average weight of less than 1% of the fund's investments and returned approximately -83% for the reporting period.

The consumer discretionary sector also detracted from the total return of the fund, representing an average weight of approximately 12% of the fund's investments and returning approximately -28% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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Schwab U.S. Mid-Cap Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (December 20, 2017 – October 31, 2022)<sup>1</sup>

![](g20940lg_2mu5.jpg)

#### <br>
Average Annual Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab U.S. Mid-Cap Index Fund (12/20/17) | -17.15% | &nbsp;&nbsp;&nbsp;&nbsp;7.81% | &nbsp;&nbsp;&nbsp;&nbsp;7.28% |
| Russell Midcap<sup>®</sup> Index | -17.17% | &nbsp;&nbsp;&nbsp;&nbsp;7.84% | &nbsp;&nbsp;&nbsp;&nbsp;7.33% |
| Fund Category: Morningstar Mid-Cap Blend<sup>2</sup> | -12.33% | &nbsp;&nbsp;&nbsp;&nbsp;8.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratio<sup>3</sup>: 0.04%* | *Fund Expense Ratio<sup>3</sup>: 0.04%* | *Fund Expense Ratio<sup>3</sup>: 0.04%* | *Fund Expense Ratio<sup>3</sup>: 0.04%* |

---

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

For index definitions, please see the Glossary.

Index ownership – The Russell Midcap<sup>®</sup> Index is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab U.S. Mid-Cap Index Fund. The Schwab U.S. Mid-Cap Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding the advisability of investing in the fund.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 |
| Weighted Average Market Cap (millions) | $21220 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% <sup>2</sup> |

---

Sector Weightings % of Investments<sup>3</sup>

![](g20940img67c13f2023.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>4</sup>

![](g20940imgf2b5d0bc24.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>4</sup> This list is not a recommendation of any security by the investment adviser.

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

## Schwab International Index Fund as of October 31, 2022

------

**The Schwab International Index Fund's (the fund) goal is to track the performance of a benchmark index that measures the total return of large, publicly traded non-U.S. companies from countries with developed equity markets outside of the United States. To purse its goal, the fund generally invests in stocks that are included in the MSCI EAFE<sup>®</sup> Index (the index). The index includes stocks from developed markets in Europe, Australasia and the Far East. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -23.12% for the 12-month reporting period ended October 31, 2022, compared with the index, which returned -23.00%<sup>1</sup>. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. Stocks from Japan detracted the most from the total return of the fund. Japanese stocks represented an average weight of approximately 23% of the fund's investments and returned approximately -24% in U.S. dollar terms for the reporting period. One example from this market is Sony Group Corp., which manufactures and distributes electronics products and provides related solutions. The fund's holdings of Sony Group Corp. represented an average weight of less than 1% of the fund's investments and returned approximately -41% in U.S. dollar terms for the reporting period.**

Stocks from the United Kingdom also detracted from the total return of the fund, representing an average weight of approximately 15% of the fund's investments and returning approximately -12% in U.S. dollar terms for the reporting period.

Over the reporting period, no markets contributed to the total return of the fund. However, stocks from New Zealand detracted the least from the total return of the fund. Stocks from New Zealand represented an average weight of less than 1% of the fund's investments and returned approximately -30% in U.S. dollar terms for the reporting period. One example from this market is Spark New Zealand Ltd., which provides telecommunication services. Spark New Zealand Ltd. represented an average weight of less than 1% of the fund's investments and returned approximately -3% in U.S. dollar terms for the reporting period.

Stocks from Austria also only slightly detracted from the total return of the fund, representing an average weight of less than 1% of the fund's investments and returning approximately -35% in U.S. dollar terms for the reporting period.

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab International Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2</sup>

![](g20940lg_2m26.jpg)

#### <br>
Average Annual Total Returns<sup>1,2</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab International Index Fund (5/19/97) | -23.12% | &nbsp;&nbsp;&nbsp;&nbsp;-0.07% | &nbsp;&nbsp;&nbsp;&nbsp;4.11% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>3</sup> | -23.00% | &nbsp;&nbsp;&nbsp;&nbsp;-0.09% | &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| International Spliced Index | -23.00% | &nbsp;&nbsp;&nbsp;&nbsp;-0.09% | &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| Fund Category: Morningstar Foreign Large Blend<sup>4</sup> | -24.04% | &nbsp;&nbsp;&nbsp;&nbsp;-0.51% | &nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| *Fund Expense Ratio<sup>5</sup>: 0.06%* | *Fund Expense Ratio<sup>5</sup>: 0.06%* | *Fund Expense Ratio<sup>5</sup>: 0.06%* | *Fund Expense Ratio<sup>5</sup>: 0.06%* |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

Index ownership – "MSCI EAFE<sup>®</sup>" is a registered mark of MSCI and has been licensed for use by the Schwab International Index Fund. The Schwab International Index Fund is not sponsored, endorsed, sold or promoted by MSCI and MSCI bears no liability with respect to the fund. The Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with the fund.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>3</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>4</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>5</sup> As stated in the prospectus.

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Schwab International Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 |
| Weighted Average Market Cap (millions) | $69437 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g20940img69dc9db725.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g20940img7353bf5226.jpg)

Top Country Weightings % of Investments<sup>3</sup>

![](g20940imgd745b22e27.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

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Schwab Equity Index 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.

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 May 1, 2022 and held through October 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 a 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 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;<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;EXPENSE RATIO<br> (ANNUALIZED) <sup>1</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22 | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22 <sup>2</sup> |
| **Schwab S&P 500 Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$944.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1025.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.10 |
| **Schwab 1000 Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$941.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1024.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.26 |
| **Schwab Small-Cap Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$998.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1025.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| **Schwab Total Stock Market Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$943.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1025.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 |
| **Schwab U.S. Large-Cap Growth Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$917.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1025.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 |
| **Schwab U.S. Large-Cap Value Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$967.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1025.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.18 |
| **Schwab U.S. Mid-Cap Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$947.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1025.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 |
| **Schwab International Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$881.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1024.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 |

---

<sup>1</sup> Based on the most recent six-month expense ratio. <br> <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 the 184 days of the period, and divided by the 365 days of the fiscal year.

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Schwab S&P 500 Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$71.21 | &nbsp;&nbsp;&nbsp;&nbsp;$50.75 | &nbsp;&nbsp;&nbsp;&nbsp;$47.17 | &nbsp;&nbsp;&nbsp;&nbsp;$42.41 | &nbsp;&nbsp;&nbsp;&nbsp;$40.23 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(11.23) | &nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$60.02 | &nbsp;&nbsp;&nbsp;&nbsp;$71.21 | &nbsp;&nbsp;&nbsp;&nbsp;$50.75 | &nbsp;&nbsp;&nbsp;&nbsp;$47.17 | &nbsp;&nbsp;&nbsp;&nbsp;$42.41 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;(14.63%) | &nbsp;&nbsp;&nbsp;&nbsp;42.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29% |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$61068 | &nbsp;&nbsp;$67401 | &nbsp;&nbsp;$44184 | &nbsp;&nbsp;$40232 | &nbsp;&nbsp;$34410 |

---

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

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

<sup>3</sup> Effective December 20, 2018, the annual operating expense ratio was reduced to 0.02%. The ratio presented for period ended 10/31/19 is a blended ratio.

<sub>32</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.6% OF NET ASSETS** | **COMMON STOCKS 99.6% OF NET ASSETS** | **COMMON STOCKS 99.6% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 2.3%** | &nbsp;&nbsp;**Automobiles & Components 2.3%** | &nbsp;&nbsp;**Automobiles & Components 2.3%** |
| Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;506421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46119760 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16652812 |
| Ford Motor Co. | &nbsp;&nbsp;7384468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98730337 |
| General Motors Co. | &nbsp;&nbsp;2726310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107007667 |
| Tesla, Inc. \* | &nbsp;&nbsp;4979879 | &nbsp;&nbsp;&nbsp;&nbsp;1133121668 |
|  |  | &nbsp;&nbsp;&nbsp;**1401632244** |
| &nbsp;&nbsp;**Banks 3.9%** | &nbsp;&nbsp;**Banks 3.9%** | &nbsp;&nbsp;**Banks 3.9%** |
| Bank of America Corp. | 13070837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471072966 |
| Citigroup, Inc. | &nbsp;&nbsp;3621368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166075936 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;927053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37916468 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17169006 |
| Fifth Third Bancorp | &nbsp;&nbsp;1282432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45769998 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;341246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40983645 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;2697431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40947003 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;5483143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690218041 |
| KeyCorp | &nbsp;&nbsp;1746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31201020 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;328849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55368307 |
| Regions Financial Corp. | &nbsp;&nbsp;1744377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38289075 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;117985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18704162 |
| SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;110442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25507684 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;766881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124104352 |
| Truist Financial Corp. | &nbsp;&nbsp;2480374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111095951 |
| U.S. Bancorp | &nbsp;&nbsp;2528013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107314152 |
| Wells Fargo & Co. | &nbsp;&nbsp;7092427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326180718 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;280374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14562626 |
|  |  | &nbsp;&nbsp;&nbsp;**2362481110** |
| &nbsp;&nbsp;**Capital Goods 5.7%** | &nbsp;&nbsp;**Capital Goods 5.7%** | &nbsp;&nbsp;**Capital Goods 5.7%** |
| 3M Co. | &nbsp;&nbsp;1035051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130199065 |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;240561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13177932 |
| Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;163982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17180394 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55647349 |
| Carrier Global Corp. | &nbsp;&nbsp;1575186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62629395 |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;987068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213660739 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64366769 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;520037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205841045 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;267899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35011720 |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;745018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111804851 |
| Emerson Electric Co. | &nbsp;&nbsp;1105950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95775270 |
| Fastenal Co. | &nbsp;&nbsp;1072912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51853837 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;664852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42484043 |
| Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14568848 |
| Generac Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;118996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13792826 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;420450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105028410 |
| General Electric Co. | &nbsp;&nbsp;2050270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159531509 |
| Honeywell International, Inc. | &nbsp;&nbsp;1259611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256985836 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;693109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24640025 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19234749 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31439970 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;526778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112482906 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;753991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38076546 |
| Johnson Controls International plc | &nbsp;&nbsp;1288192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74509025 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200768 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;441214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214730030 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;423385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19590024 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22827150 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;271915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149284054 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;785502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55487861 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;649239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62865813 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;240277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69829302 |
| Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;306848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13179122 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37911328 |
| Raytheon Technologies Corp. | &nbsp;&nbsp;2760601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261760187 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55017916 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22167030 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21777365 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;396345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27125852 |
| The Boeing Co. \* | &nbsp;&nbsp;1043630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148727711 |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;433418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69186515 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55387536 |
| United Rentals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;130875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41318546 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49437763 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;339883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31704286 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34508974 |
|  |  | &nbsp;&nbsp;&nbsp;**3501948192** |
| &nbsp;&nbsp;**Commercial & Professional Services 0.8%** | &nbsp;&nbsp;**Commercial & Professional Services 0.8%** | &nbsp;&nbsp;**Commercial & Professional Services 0.8%** |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68809042 |
| Copart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;399611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45963257 |
| CoStar Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;741391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61327864 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38783462 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27411990 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25914796 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50849558 |
| Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15603192 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18123730 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53579428 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;703396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111396825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**517763144** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 0.8%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.8%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.8%** |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;590941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45431544 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;289150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25456766 |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15763030 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;476796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38477437 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9298386 |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672358 |
| NIKE, Inc., Class B | &nbsp;&nbsp;2362592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218965027 |
| NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24485720 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17230651 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397496 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14907372 |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;620883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17539945 |

---

<sub>33</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14022513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**458648245** |
| &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** |
| Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138784587 |
| Caesars Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;399740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17480630 |
| Carnival Corp. \* | &nbsp;&nbsp;1836728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16640756 |
| Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77835247 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32854638 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22372045 |
| Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;284773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26617732 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69282742 |
| Las Vegas Sands Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;616601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23437004 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;516148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82640456 |
| McDonald's Corp. | &nbsp;&nbsp;1375502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375044375 |
| MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;607375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21604329 |
| Norwegian Cruise Line Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;784974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13258211 |
| Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;411732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21978254 |
| Starbucks Corp. | &nbsp;&nbsp;2145202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185753041 |
| Wynn Resorts Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;194092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12402479 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;531153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62808842 |
|  |  | &nbsp;&nbsp;&nbsp;**1200795368** |
| &nbsp;&nbsp;**Diversified Financials 5.2%** | &nbsp;&nbsp;**Diversified Financials 5.2%** | &nbsp;&nbsp;**Diversified Financials 5.2%** |
| American Express Co. | &nbsp;&nbsp;1121535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166491871 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62632349 |
| Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;3374664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995829600 |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182122075 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;718212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76144836 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24785584 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;672149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116483422 |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;510183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53293716 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30196600 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;530004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12428594 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;1044400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99813308 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;847736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12987316 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17121114 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;295321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78221673 |
| Morgan Stanley | &nbsp;&nbsp;2504308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205778988 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70653451 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;633951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39457110 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;389102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32820754 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42857766 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;637080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204661950 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;686991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50837334 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;901682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32063812 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;421400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44735824 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;1377489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58006062 |
| The Charles Schwab Corp. *(a)* | &nbsp;&nbsp;2843646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226553277 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;638376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219926916 |
|  |  | &nbsp;&nbsp;&nbsp;**3156905302** |
| &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;611576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27802245 |
| Baker Hughes Co. | &nbsp;&nbsp;1890976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52304396 |
| Chevron Corp. | &nbsp;&nbsp;3367043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609098079 |
| ConocoPhillips | &nbsp;&nbsp;2380299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300131901 |
| Coterra Energy, Inc. | &nbsp;&nbsp;1487104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46293548 |
| Devon Energy Corp. | &nbsp;&nbsp;1224350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94703472 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52199955 |
| EOG Resources, Inc. | &nbsp;&nbsp;1095768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149594247 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;689662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28855458 |
| Exxon Mobil Corp. | &nbsp;&nbsp;7792294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863464098 |
| Halliburton Co. | &nbsp;&nbsp;1695123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61736380 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;521452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73566448 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Kinder Morgan, Inc. | &nbsp;&nbsp;3709744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67220561 |
| Marathon Oil Corp. | &nbsp;&nbsp;1267200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38586240 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;932322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105930426 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;1393353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101157428 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;834830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49522116 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;899435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93802076 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;446250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114422962 |
| Schlumberger N.V. | &nbsp;&nbsp;2645110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137625073 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;422758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28903964 |
| The Williams Cos., Inc. | &nbsp;&nbsp;2279470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74607053 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;736643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92485529 |
|  |  | &nbsp;&nbsp;&nbsp;**3264013655** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;828178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415331267 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;952791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82473589 |
| The Kroger Co. | &nbsp;&nbsp;1219153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57653745 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;1340345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48922593 |
| Walmart, Inc. | &nbsp;&nbsp;2664998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379309165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**983690359** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 3.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.7%** |
| Altria Group, Inc. | &nbsp;&nbsp;3366508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155768325 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;1048144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101649005 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;341350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23211800 |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;375536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19869610 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;899195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000456 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;298139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73664184 |
| General Mills, Inc. | &nbsp;&nbsp;1114327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90906797 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;542570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25202377 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;477222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36660194 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;1590676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61781856 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23166021 |
| McCormick & Co., Inc. - Non Voting Shares | &nbsp;&nbsp;&nbsp;&nbsp;468846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36870049 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;351061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17704006 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;2561677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157491902 |
| Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;719894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67468466 |
| PepsiCo, Inc. | &nbsp;&nbsp;2580110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468496374 |
| Philip Morris International, Inc. | &nbsp;&nbsp;2898107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266191128 |
| The Coca-Cola Co. | &nbsp;&nbsp;7276485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435497627 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;274950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65649811 |
| The JM Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;199553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30064655 |
| The Kraft Heinz Co. | &nbsp;&nbsp;1487615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57228549 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;540634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36952334 |
|  |  | &nbsp;&nbsp;&nbsp;**2284495526** |
| &nbsp;&nbsp;**Health Care Equipment & Services 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.4%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.4%** |
| Abbott Laboratories | &nbsp;&nbsp;3273868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323916500 |
| ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21493853 |
| Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;136161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26456082 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45683887 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;941912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51192917 |
| Becton, Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;533079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125790652 |
| Boston Scientific Corp. \* | &nbsp;&nbsp;2676428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115380811 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;509580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38677122 |
| Centene Corp. \* | &nbsp;&nbsp;1068790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90986093 |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;570526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184314130 |
| CVS Health Corp. | &nbsp;&nbsp;2454666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232456870 |
| DaVita, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;103669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568874 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;403458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12434576 |
| DexCom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;734556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88719674 |
| Edwards Lifesciences Corp. \* | &nbsp;&nbsp;1159217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83962087 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;448750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245363037 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87549942 |

---

<sub>34</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Henry Schein, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;253273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17339070 |
| Hologic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;466294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31614733 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132053448 |
| IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;155451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55912616 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;667592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164541400 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;169040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37503214 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104640072 |
| Medtronic plc | &nbsp;&nbsp;2483786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216933869 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;108634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38984397 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31369712 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61312311 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;186855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32247436 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;629341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144270131 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18834077 |
| The Cooper Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25288028 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;1748915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970910162 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;122303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14171249 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;392136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44448616 |
|  |  | &nbsp;&nbsp;&nbsp;**3924321648** |
| &nbsp;&nbsp;**Household & Personal Products 1.6%** | &nbsp;&nbsp;**Household & Personal Products 1.6%** | &nbsp;&nbsp;**Household & Personal Products 1.6%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;455269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33749091 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;1558820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115103269 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;631335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78575954 |
| The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;230166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33613443 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;433523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86917026 |
| The Procter & Gamble Co. | &nbsp;&nbsp;4467460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601632838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**949591621** |
| &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** |
| Aflac, Inc. | &nbsp;&nbsp;1076180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70070080 |
| American International Group, Inc. | &nbsp;&nbsp;1422542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81084894 |
| Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;394322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110997700 |
| Arch Capital Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;690182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39685465 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;393642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73642545 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13550541 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25743906 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;780779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167781599 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;298034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30792873 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23676468 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19551067 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;288297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15530560 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;372414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21235046 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;932809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150639326 |
| MetLife, Inc. | &nbsp;&nbsp;1253212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91747651 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;433594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38212639 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;696059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73218446 |
| The Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;505989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63881111 |
| The Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;604049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43739188 |
| The Progressive Corp. | &nbsp;&nbsp;1093593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140417341 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81897473 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;382643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28460986 |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;205448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44830808 |
|  |  | &nbsp;&nbsp;&nbsp;**1450387713** |
| &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** | &nbsp;&nbsp;**Materials 2.5%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;414796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103864919 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61219604 |
| Amcor plc | &nbsp;&nbsp;2805926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32492623 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25782112 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;588913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29086413 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17832855 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39590245 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Corteva, Inc. | &nbsp;&nbsp;1343990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87816307 |
| Dow, Inc. | &nbsp;&nbsp;1344137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62824963 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;935582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53515290 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;228608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17559381 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;463717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72836029 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27981450 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;2674412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84752116 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;476225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46484322 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;674790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22679692 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;931893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277098384 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;&nbsp;475902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36382708 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39254559 |
| Newmont Corp. | &nbsp;&nbsp;1485270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62856626 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;488768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64214340 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;175361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21080146 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50118854 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;272683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12985165 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;646023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34723736 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;441011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99240705 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;248854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40737400 |
| WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;474667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16167158 |
|  |  | &nbsp;&nbsp;&nbsp;**1541178102** |
| &nbsp;&nbsp;**Media & Entertainment 6.1%** | &nbsp;&nbsp;**Media & Entertainment 6.1%** | &nbsp;&nbsp;**Media & Entertainment 6.1%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;1331138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96906847 |
| Alphabet, Inc., Class A \* | 11210938 | &nbsp;&nbsp;&nbsp;&nbsp;1059545750 |
| Alphabet, Inc., Class C \* | 10024769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948944634 |
| Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;207464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76267916 |
| Comcast Corp., Class A | &nbsp;&nbsp;8233311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261325291 |
| DISH Network Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;474787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079074 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;494411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62276010 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;576644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16647712 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;261864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122701 |
| Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;264422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21050636 |
| Match Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;530677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22925246 |
| Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;4264157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397248866 |
| Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;831459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242686253 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;717362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12101897 |
| News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;225271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858892 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27916721 |
| Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;939609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17213637 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;293115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34728265 |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;732842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21831363 |
| The Walt Disney Co. \* | &nbsp;&nbsp;3408393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363130190 |
| Warner Bros Discovery, Inc. \* | &nbsp;&nbsp;4126456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53643928 |
|  |  | &nbsp;&nbsp;&nbsp;**3754451829** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.8%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.8%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.8%** |
| AbbVie, Inc. | &nbsp;&nbsp;3305660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483948624 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;558775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77306521 |
| Amgen, Inc. | &nbsp;&nbsp;1000025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270356759 |
| Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;271547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76967282 |
| Bio-Rad Laboratories, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14121860 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21673197 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;3991960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309257141 |
| Catalent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;335553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22055899 |
| Charles River Laboratories International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20241858 |
| Danaher Corp. | &nbsp;&nbsp;1223838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308003309 |
| Eli Lilly & Co. | &nbsp;&nbsp;1474504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533903153 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;2342970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183829426 |
| Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;294065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67287953 |
| Incyte Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;345992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25721045 |

---

<sub>35</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;349038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73182797 |
| Johnson & Johnson | &nbsp;&nbsp;4915583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855163974 |
| Merck & Co., Inc. | &nbsp;&nbsp;4736208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479304250 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53296561 |
| Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;629143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94579067 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;478099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12516632 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31514461 |
| Pfizer, Inc. | 10493140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488455667 |
| Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;200398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150048002 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;732388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376425460 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;479464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149592768 |
| Viatris, Inc. | &nbsp;&nbsp;2270485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000013 |
| Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;111827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33455284 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31927986 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;875056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131940944 |
|  |  | &nbsp;&nbsp;&nbsp;**5399077893** |
| &nbsp;&nbsp;**Real Estate 2.6%** | &nbsp;&nbsp;**Real Estate 2.6%** | &nbsp;&nbsp;**Real Estate 2.6%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40383665 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;870636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180387073 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45720505 |
| Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19393307 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;198500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22936675 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;600171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42576131 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;809881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107924742 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;536649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53799062 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96485124 |
| Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;632836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39881325 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26993493 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44350596 |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;135768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438317 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;1008708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23936641 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;1337062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25243730 |
| Invitation Homes, Inc. | &nbsp;&nbsp;1085313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34393569 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;544985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27287399 |
| Kimco Realty Corp. | &nbsp;&nbsp;1156229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24720176 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33889380 |
| Prologis, Inc. | &nbsp;&nbsp;1726555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191215966 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;295558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91549090 |
| Realty Income Corp. | &nbsp;&nbsp;1155641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71961765 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;289085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17492533 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;202073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54539503 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;612631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66764526 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;569057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22625706 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29203580 |
| VICI Properties, Inc. | &nbsp;&nbsp;1798306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57581758 |
| Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;300400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086436 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;865130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52807535 |
| Weyerhaeuser Co. | &nbsp;&nbsp;1385349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42848845 |
|  |  | &nbsp;&nbsp;&nbsp;**1609418153** |
| &nbsp;&nbsp;**Retailing 5.8%** | &nbsp;&nbsp;**Retailing 5.8%** | &nbsp;&nbsp;**Retailing 5.8%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21550792 |
| Amazon.com, Inc. \* | 16571504 | &nbsp;&nbsp;&nbsp;&nbsp;1697584870 |
| AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92298147 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;424854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14181627 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;374874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25645130 |
| CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;297006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18714348 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;424477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108262859 |
| Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;394064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62459144 |
| eBay, Inc. | &nbsp;&nbsp;1026924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40912652 |
| Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;237163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22271977 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;264890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47113335 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;485919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27036533 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;1195041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232973243 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;119208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99797361 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22596683 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;654853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62662884 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;867054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142413620 |
| The Home Depot, Inc. | &nbsp;&nbsp;1921638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569054661 |
| The TJX Cos., Inc. | &nbsp;&nbsp;2190858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157960862 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;207454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45592166 |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40618501 |
|  |  | &nbsp;&nbsp;&nbsp;**3551701395** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.7%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.7%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.7%** |
| Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;3018117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181268107 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;971651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138576866 |
| Applied Materials, Inc. | &nbsp;&nbsp;1626309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143586822 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;754969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354926026 |
| Enphase Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;253389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77790423 |
| Intel Corp. | &nbsp;&nbsp;7676487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218242525 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83938046 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103674277 |
| Microchip Technology, Inc. | &nbsp;&nbsp;1034259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63855151 |
| Micron Technology, Inc. | &nbsp;&nbsp;2062431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111577517 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28229341 |
| NVIDIA Corp. | &nbsp;&nbsp;4681668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631884730 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;491383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71781229 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;810232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49772552 |
| Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;191995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16526930 |
| QUALCOMM, Inc. | &nbsp;&nbsp;2099588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247037524 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25750792 |
| SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;104306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23993509 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23911693 |
| Texas Instruments, Inc. | &nbsp;&nbsp;1708116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274374673 |
|  |  | &nbsp;&nbsp;&nbsp;**2870698733** |
| &nbsp;&nbsp;**Software & Services 12.7%** | &nbsp;&nbsp;**Software & Services 12.7%** | &nbsp;&nbsp;**Software & Services 12.7%** |
| Accenture plc, Class A | &nbsp;&nbsp;1182673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335760865 |
| Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;874973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278678900 |
| Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;296574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26196381 |
| ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;162790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36002636 |
| Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;406360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87082948 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;776898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187776247 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32838230 |
| Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;512319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77559973 |
| Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;284748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18847470 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;969370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60343283 |
| DXC Technology Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;427773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12298474 |
| EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;107223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37528050 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;1136750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94338882 |
| Fiserv, Inc. \* | &nbsp;&nbsp;1195838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122860396 |
| FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;140550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26159166 |
| Fortinet, Inc. \* | &nbsp;&nbsp;1224626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69999622 |
| Gartner, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;147810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44626795 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;518790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59276945 |
| International Business Machines Corp. | &nbsp;&nbsp;1688670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233526174 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;527369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225450247 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27038718 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;1595261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523532755 |
| Microsoft Corp. | 13944006 | &nbsp;&nbsp;&nbsp;&nbsp;3236822113 |
| NortonLifeLock, Inc. | &nbsp;&nbsp;1109996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25008210 |
| Oracle Corp. | &nbsp;&nbsp;2839915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221712164 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;599583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70936665 |
| Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31468700 |
| PayPal Holdings, Inc. \* | &nbsp;&nbsp;2162277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180723112 |
| PTC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;196713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23178693 |

---

<sub>36</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82203697 |
| Salesforce, Inc. \* | &nbsp;&nbsp;1860280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302462925 |
| ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;377653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158893723 |
| Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;286116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83703236 |
| Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25176414 |
| VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;174654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35011141 |
| Visa, Inc., Class A | &nbsp;&nbsp;3056991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633286256 |
|  |  | &nbsp;&nbsp;&nbsp;**7728310206** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 8.8%** | &nbsp;&nbsp;**Technology Hardware & Equipment 8.8%** | &nbsp;&nbsp;**Technology Hardware & Equipment 8.8%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;1112181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84336685 |
| Apple Inc. | 28244698 | &nbsp;&nbsp;&nbsp;&nbsp;4331041991 |
| Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;460038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55600193 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;252820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43689824 |
| Cisco Systems, Inc. | &nbsp;&nbsp;7742811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351755904 |
| Corning, Inc. | &nbsp;&nbsp;1421601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45732904 |
| F5, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;110747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15826854 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;2431102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34691825 |
| HP, Inc. | &nbsp;&nbsp;1700377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46964413 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;602018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18421751 |
| Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;335974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58509872 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77965953 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28511532 |
| Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;365759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18163592 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;598278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73127520 |
| Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34853894 |
| Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;463985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27913338 |
| Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;584502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20089334 |
| Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27480553 |
|  |  | &nbsp;&nbsp;&nbsp;**5394677932** |
| &nbsp;&nbsp;**Telecommunication Services 1.2%** | &nbsp;&nbsp;**Telecommunication Services 1.2%** | &nbsp;&nbsp;**Telecommunication Services 1.2%** |
| AT&T, Inc. | 13324096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242898270 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;1772767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13047565 |
| T-Mobile US, Inc. \* | &nbsp;&nbsp;1125646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170602908 |
| Verizon Communications, Inc. | &nbsp;&nbsp;7852359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293442656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**719991399** |
| &nbsp;&nbsp;**Transportation 1.7%** | &nbsp;&nbsp;**Transportation 1.7%** | &nbsp;&nbsp;**Transportation 1.7%** |
| Alaska Air Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;237505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10559472 |
| American Airlines Group, Inc. \* | &nbsp;&nbsp;1215633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17237676 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22695079 |
| CSX Corp. | &nbsp;&nbsp;4003360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116337642 |
| Delta Air Lines, Inc. \* | &nbsp;&nbsp;1198575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40667650 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29958637 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;447304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71693885 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26534497 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;439159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100158993 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47082092 |
| Southwest Airlines Co. \* | &nbsp;&nbsp;1107805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40268712 |
| Union Pacific Corp. | &nbsp;&nbsp;1167587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230178101 |
| United Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;611594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26347469 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;1367951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229501139 |
|  |  | &nbsp;&nbsp;&nbsp;**1009221044** |
| &nbsp;&nbsp;**Utilities 3.0%** | &nbsp;&nbsp;**Utilities 3.0%** | &nbsp;&nbsp;**Utilities 3.0%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;470604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24551411 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;483103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39382556 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;960699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84464656 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49342058 |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;262055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27921960 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;1179452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33744122 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;541406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30887212 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;664019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58407111 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;610235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57691617 |
| Dominion Energy, Inc. | &nbsp;&nbsp;1556082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108879057 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;362152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600861 |
| Duke Energy Corp. | &nbsp;&nbsp;1439571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134139226 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;712600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42784504 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40749092 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26235223 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;646776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49336073 |
| Exelon Corp. | &nbsp;&nbsp;1855471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71602626 |
| FirstEnergy Corp. | &nbsp;&nbsp;1014697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38264224 |
| NextEra Energy, Inc. | &nbsp;&nbsp;3673570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284701675 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;759802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19519313 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19430328 |
| PG&E Corp. \* | &nbsp;&nbsp;3014434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45005500 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;210365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14138632 |
| PPL Corp. | &nbsp;&nbsp;1378573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36518399 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;933885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52362932 |
| Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;587728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88711664 |
| The AES Corp. | &nbsp;&nbsp;1250130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32703401 |
| The Southern Co. | &nbsp;&nbsp;1987464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130139143 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;588996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53793005 |
| Xcel Energy, Inc. | &nbsp;&nbsp;1023703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66653302 |
|  |  | &nbsp;&nbsp;&nbsp;**1802660883** |
| **Total Common Stocks<br> (Cost $30,115,261,432)** | **Total Common Stocks<br> (Cost $30,115,261,432)** | **60838061696** |
| **Total Investments in Securities<br> (Cost $30,115,261,432)** | **Total Investments in Securities<br> (Cost $30,115,261,432)** | **60838061696** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230650200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8073980** |

---

\* Non-income producing security. <br> *(a)* Issuer is affiliated with the fund's investment adviser.

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DIVIDENDS <br> RECEIVED |
| **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** |
| **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** |
| The Charles Schwab Corp. | $210537870 | $21918562 | ($445373) | ($5215) | ($5452567) | **$226553277** | 2843646 | $2159346 |

---

<sub>37</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$60838061696 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$60838061696 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073980 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073980 |
| **Total** | **$60846135676** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$60846135676** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

<sub>38</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $92,203,920) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$226553277 |
| Investments in securities, at value - unaffiliated (cost $30,023,057,512) |  | &nbsp;&nbsp;&nbsp;60611508419 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344194263 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59214222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44815579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**61305186960** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152291357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82061073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930633 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**236843166** |
| **Net assets** |  | **$61068343794** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$30062293837 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;31006049957 |
| **Net assets** |  | **$61068343794** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $61068343794 |  | 1017497203 |  | $60.02 |

---

<sub>39</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $222,410) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$977922706 |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159346 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283070 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22236 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**981387358** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12965469 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474631 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14440100** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**966947258** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5215) |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116133262) |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46274693) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(162413170)** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5452567) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(11085028625) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6755572) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(11097236764)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(11259649934)** |
| **Decrease in net assets resulting from operations** |  | **($10292702676)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>40</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab S&P 500 Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966947258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$819770960 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162413170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171562608 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;&nbsp;(11097236764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18463816059 |
| **Increase (decrease) in net assets resulting from operations** |  | **($10292702676)** | &nbsp;&nbsp;&nbsp;**$19455149627** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;&nbsp;**($892809698)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($913293066)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;210459089 | &nbsp;&nbsp;&nbsp;&nbsp;$13861852248 | &nbsp;&nbsp;&nbsp;&nbsp;196724074 | &nbsp;&nbsp;&nbsp;&nbsp;$12273054924 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728899804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13207873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748622260 |
| Shares redeemed | + | &nbsp;&nbsp;&nbsp;(149593128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9738121330) | &nbsp;&nbsp;&nbsp;(133977878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8346566792) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**70979733** | &nbsp;&nbsp;&nbsp;&nbsp;**$4852630722** | &nbsp;&nbsp;&nbsp;&nbsp;**75954069** | &nbsp;&nbsp;&nbsp;&nbsp;**$4675110392** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;&nbsp;&nbsp;946517470 | &nbsp;&nbsp;&nbsp;&nbsp;$67401225446 | &nbsp;&nbsp;&nbsp;&nbsp;870563401 | &nbsp;&nbsp;&nbsp;&nbsp;$44184258493 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70979733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6332881652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75954069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23216966953 |
| **End of period** |  | **1017497203** | &nbsp;&nbsp;&nbsp;**$61068343794** | &nbsp;&nbsp;&nbsp;**946517470** | &nbsp;&nbsp;&nbsp;**$67401225446** |

---

<sub>41</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;$102.69 | &nbsp;&nbsp;&nbsp;&nbsp;$73.73 | &nbsp;&nbsp;$68.68 | &nbsp;&nbsp;$64.19 | &nbsp;&nbsp;$62.61 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(18.14) | &nbsp;&nbsp;&nbsp;&nbsp;30.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;(1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.65) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$84.03 | &nbsp;&nbsp;$102.69 | &nbsp;&nbsp;$73.73 | &nbsp;&nbsp;$68.68 | &nbsp;&nbsp;$64.19 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;(16.73%) | &nbsp;&nbsp;&nbsp;&nbsp;43.16% | &nbsp;&nbsp;&nbsp;&nbsp;10.60% | &nbsp;&nbsp;&nbsp;&nbsp;14.20% | &nbsp;&nbsp;&nbsp;&nbsp;6.84% |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$11888 | &nbsp;&nbsp;$14222 | &nbsp;&nbsp;$9774 | &nbsp;&nbsp;$9346 | &nbsp;&nbsp;$7909 |

---

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

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

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

<sub>42</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.5% OF NET ASSETS** | **COMMON STOCKS 99.5% OF NET ASSETS** | **COMMON STOCKS 99.5% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 2.2%** | &nbsp;&nbsp;**Automobiles & Components 2.2%** | &nbsp;&nbsp;**Automobiles & Components 2.2%** |
| Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;88348 | &nbsp;&nbsp;&nbsp;&nbsp;8045852 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25769 | &nbsp;&nbsp;&nbsp;&nbsp;2070539 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76930 | &nbsp;&nbsp;&nbsp;&nbsp;2887183 |
| Ford Motor Co. | 1289595 | &nbsp;&nbsp;&nbsp;&nbsp;17241885 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;476059 | &nbsp;&nbsp;&nbsp;&nbsp;18685316 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77278 | &nbsp;&nbsp;&nbsp;&nbsp;2047094 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43452 | &nbsp;&nbsp;&nbsp;&nbsp;1868436 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19253 | &nbsp;&nbsp;&nbsp;&nbsp;2670584 |
| Lucid Group, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;191372 | &nbsp;&nbsp;&nbsp;&nbsp;2734706 |
| Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;178128 | &nbsp;&nbsp;&nbsp;&nbsp;6229136 |
| Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;869582 | &nbsp;&nbsp;197864688 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17868 | &nbsp;&nbsp;&nbsp;&nbsp;1455706 |
|  |  | **263801125** |
| &nbsp;&nbsp;**Banks 4.0%** | &nbsp;&nbsp;**Banks 4.0%** | &nbsp;&nbsp;**Banks 4.0%** |
| Bank of America Corp. | 2282382 | &nbsp;&nbsp;&nbsp;&nbsp;82257047 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;35969 | &nbsp;&nbsp;&nbsp;&nbsp;1545948 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9558 | &nbsp;&nbsp;&nbsp;&nbsp;1053196 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;59396 | &nbsp;&nbsp;&nbsp;&nbsp;1642299 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;632223 | &nbsp;&nbsp;&nbsp;&nbsp;28993747 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;161661 | &nbsp;&nbsp;&nbsp;&nbsp;6611935 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42559 | &nbsp;&nbsp;&nbsp;&nbsp;3000409 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35445 | &nbsp;&nbsp;&nbsp;&nbsp;2510924 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20943 | &nbsp;&nbsp;&nbsp;&nbsp;3247212 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45840 | &nbsp;&nbsp;&nbsp;&nbsp;3280769 |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35671 | &nbsp;&nbsp;&nbsp;&nbsp;1411858 |
| F.N.B. Corp. | &nbsp;&nbsp;&nbsp;114430 | &nbsp;&nbsp;&nbsp;&nbsp;1653513 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;223616 | &nbsp;&nbsp;&nbsp;&nbsp;7980855 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312 | &nbsp;&nbsp;&nbsp;&nbsp;3544981 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42182 | &nbsp;&nbsp;&nbsp;&nbsp;1623585 |
| First Horizon Corp. | &nbsp;&nbsp;&nbsp;175717 | &nbsp;&nbsp;&nbsp;&nbsp;4306824 |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29610 | &nbsp;&nbsp;&nbsp;&nbsp;1350512 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;59762 | &nbsp;&nbsp;&nbsp;&nbsp;7177416 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36125 | &nbsp;&nbsp;&nbsp;&nbsp;2069240 |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62038 | &nbsp;&nbsp;&nbsp;&nbsp;1581349 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;471347 | &nbsp;&nbsp;&nbsp;&nbsp;7155047 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;957436 | &nbsp;&nbsp;120522044 |
| KeyCorp | &nbsp;&nbsp;&nbsp;303910 | &nbsp;&nbsp;&nbsp;&nbsp;5430872 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57376 | &nbsp;&nbsp;&nbsp;&nbsp;9660397 |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98427 | &nbsp;&nbsp;&nbsp;&nbsp;1343529 |
| New York Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;153235 | &nbsp;&nbsp;&nbsp;&nbsp;1426618 |
| Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;95535 | &nbsp;&nbsp;&nbsp;&nbsp;1868665 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25092 | &nbsp;&nbsp;&nbsp;&nbsp;2082385 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24436 | &nbsp;&nbsp;&nbsp;&nbsp;1728114 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29960 | &nbsp;&nbsp;&nbsp;&nbsp;2144237 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;304749 | &nbsp;&nbsp;&nbsp;&nbsp;6689241 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15982 | &nbsp;&nbsp;&nbsp;&nbsp;1203924 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;20442 | &nbsp;&nbsp;&nbsp;&nbsp;3240670 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24727 | &nbsp;&nbsp;&nbsp;&nbsp;2236063 |
| SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;19238 | &nbsp;&nbsp;&nbsp;&nbsp;4443208 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47027 | &nbsp;&nbsp;&nbsp;&nbsp;1874026 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;133950 | &nbsp;&nbsp;&nbsp;&nbsp;21677128 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;433254 | &nbsp;&nbsp;&nbsp;&nbsp;19405447 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;441633 | &nbsp;&nbsp;&nbsp;&nbsp;18747321 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14165 | &nbsp;&nbsp;&nbsp;&nbsp;1178811 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43908 | &nbsp;&nbsp;&nbsp;&nbsp;1859504 |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp;137143 | &nbsp;&nbsp;&nbsp;&nbsp;1627887 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57341 | &nbsp;&nbsp;&nbsp;&nbsp;3111323 |
| Wells Fargo & Co. | 1238401 | &nbsp;&nbsp;&nbsp;&nbsp;56954062 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;35470 | &nbsp;&nbsp;&nbsp;&nbsp;2382520 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19780 | &nbsp;&nbsp;&nbsp;&nbsp;1851804 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;49477 | &nbsp;&nbsp;&nbsp;&nbsp;2569835 |
|  |  | **471258301** |
| &nbsp;&nbsp;**Capital Goods 6.1%** | &nbsp;&nbsp;**Capital Goods 6.1%** | &nbsp;&nbsp;**Capital Goods 6.1%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;180747 | &nbsp;&nbsp;&nbsp;&nbsp;22736165 |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41669 | &nbsp;&nbsp;&nbsp;&nbsp;2282628 |
| Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10678 | &nbsp;&nbsp;&nbsp;&nbsp;1960160 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20966 | &nbsp;&nbsp;&nbsp;&nbsp;2429540 |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;45526 | &nbsp;&nbsp;&nbsp;&nbsp;3427197 |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20208 | &nbsp;&nbsp;&nbsp;&nbsp;2509227 |
| Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;28759 | &nbsp;&nbsp;&nbsp;&nbsp;3013080 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75058 | &nbsp;&nbsp;&nbsp;&nbsp;9732020 |
| Axon Enterprise, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22044 | &nbsp;&nbsp;&nbsp;&nbsp;3206079 |
| Bloom Energy Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;57569 | &nbsp;&nbsp;&nbsp;&nbsp;1077116 |
| Builders FirstSource, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51004 | &nbsp;&nbsp;&nbsp;&nbsp;3144907 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29879 | &nbsp;&nbsp;&nbsp;&nbsp;1702505 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16831 | &nbsp;&nbsp;&nbsp;&nbsp;4019243 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;275037 | &nbsp;&nbsp;&nbsp;&nbsp;10935471 |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;172342 | &nbsp;&nbsp;&nbsp;&nbsp;37305149 |
| ChargePoint Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;84637 | &nbsp;&nbsp;&nbsp;&nbsp;1183225 |
| Chart Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11679 | &nbsp;&nbsp;&nbsp;&nbsp;2603016 |
| Crane Holdings Co. | &nbsp;&nbsp;&nbsp;&nbsp;15679 | &nbsp;&nbsp;&nbsp;&nbsp;1573231 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46016 | &nbsp;&nbsp;&nbsp;&nbsp;11251372 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12541 | &nbsp;&nbsp;&nbsp;&nbsp;2104756 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;90800 | &nbsp;&nbsp;&nbsp;&nbsp;35940456 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40632 | &nbsp;&nbsp;&nbsp;&nbsp;2334308 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46783 | &nbsp;&nbsp;&nbsp;&nbsp;6114070 |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;130116 | &nbsp;&nbsp;&nbsp;&nbsp;19526508 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16055 | &nbsp;&nbsp;&nbsp;&nbsp;2265360 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;193224 | &nbsp;&nbsp;&nbsp;&nbsp;16733198 |
| Evoqua Water Technologies Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;39594 | &nbsp;&nbsp;&nbsp;&nbsp;1551293 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;187755 | &nbsp;&nbsp;&nbsp;&nbsp;9074199 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;116194 | &nbsp;&nbsp;&nbsp;&nbsp;7424797 |
| Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41852 | &nbsp;&nbsp;&nbsp;&nbsp;2524513 |
| Generac Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20737 | &nbsp;&nbsp;&nbsp;&nbsp;2403626 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73398 | &nbsp;&nbsp;&nbsp;&nbsp;18334820 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;358119 | &nbsp;&nbsp;&nbsp;&nbsp;27865239 |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55441 | &nbsp;&nbsp;&nbsp;&nbsp;3857585 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12866 | &nbsp;&nbsp;&nbsp;&nbsp;2092526 |
| HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22829 | &nbsp;&nbsp;&nbsp;&nbsp;2906132 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27397 | &nbsp;&nbsp;&nbsp;&nbsp;1526013 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;219913 | &nbsp;&nbsp;&nbsp;&nbsp;44866650 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;120763 | &nbsp;&nbsp;&nbsp;&nbsp;4293125 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17438 | &nbsp;&nbsp;&nbsp;&nbsp;4141176 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13066 | &nbsp;&nbsp;&nbsp;&nbsp;3358877 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24633 | &nbsp;&nbsp;&nbsp;&nbsp;5476162 |

---

<sub>43</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;92018 | &nbsp;&nbsp;&nbsp;&nbsp;19648604 |
| Ingersoll Rand, Inc. | 131694 | &nbsp;&nbsp;&nbsp;&nbsp;6650547 |
| ITT, Inc. | &nbsp;&nbsp;27189 | &nbsp;&nbsp;&nbsp;&nbsp;2076968 |
| Johnson Controls International plc | 225026 | &nbsp;&nbsp;&nbsp;&nbsp;13015504 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;62471 | &nbsp;&nbsp;&nbsp;&nbsp;15397227 |
| Lennox International, Inc. | &nbsp;&nbsp;10522 | &nbsp;&nbsp;&nbsp;&nbsp;2457624 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;18801 | &nbsp;&nbsp;&nbsp;&nbsp;2669742 |
| Lockheed Martin Corp. | &nbsp;&nbsp;77019 | &nbsp;&nbsp;&nbsp;&nbsp;37483607 |
| Masco Corp. | &nbsp;&nbsp;73638 | &nbsp;&nbsp;&nbsp;&nbsp;3407230 |
| MasTec, Inc. \* | &nbsp;&nbsp;19359 | &nbsp;&nbsp;&nbsp;&nbsp;1492192 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;66130 | &nbsp;&nbsp;&nbsp;&nbsp;1883382 |
| Nordson Corp. | &nbsp;&nbsp;17697 | &nbsp;&nbsp;&nbsp;&nbsp;3981825 |
| Northrop Grumman Corp. | &nbsp;&nbsp;47468 | &nbsp;&nbsp;&nbsp;&nbsp;26060407 |
| nVent Electric plc | &nbsp;&nbsp;54686 | &nbsp;&nbsp;&nbsp;&nbsp;1996039 |
| Oshkosh Corp. | &nbsp;&nbsp;21236 | &nbsp;&nbsp;&nbsp;&nbsp;1868768 |
| Otis Worldwide Corp. | 137316 | &nbsp;&nbsp;&nbsp;&nbsp;9700002 |
| Owens Corning | &nbsp;&nbsp;31289 | &nbsp;&nbsp;&nbsp;&nbsp;2678651 |
| PACCAR, Inc. | 113489 | &nbsp;&nbsp;&nbsp;&nbsp;10989140 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;41899 | &nbsp;&nbsp;&nbsp;&nbsp;12176687 |
| Parsons Corp. \* | &nbsp;&nbsp;10807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506632 |
| Pentair plc | &nbsp;&nbsp;54001 | &nbsp;&nbsp;&nbsp;&nbsp;2319343 |
| Plug Power, Inc. \* | 169236 | &nbsp;&nbsp;&nbsp;&nbsp;2704391 |
| Quanta Services, Inc. | &nbsp;&nbsp;46771 | &nbsp;&nbsp;&nbsp;&nbsp;6643353 |
| Raytheon Technologies Corp. | 481802 | &nbsp;&nbsp;&nbsp;&nbsp;45684466 |
| RBC Bearings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9507 | &nbsp;&nbsp;&nbsp;&nbsp;2410310 |
| Regal Rexnord Corp. | &nbsp;&nbsp;21695 | &nbsp;&nbsp;&nbsp;&nbsp;2745285 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;37727 | &nbsp;&nbsp;&nbsp;&nbsp;9631703 |
| Sensata Technologies Holding plc | &nbsp;&nbsp;50322 | &nbsp;&nbsp;&nbsp;&nbsp;2023448 |
| SiteOne Landscape Supply, Inc. \* | &nbsp;&nbsp;14826 | &nbsp;&nbsp;&nbsp;&nbsp;1717889 |
| Snap-on, Inc. | &nbsp;&nbsp;17359 | &nbsp;&nbsp;&nbsp;&nbsp;3854566 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;48259 | &nbsp;&nbsp;&nbsp;&nbsp;3787849 |
| Sunrun, Inc. \* | &nbsp;&nbsp;69213 | &nbsp;&nbsp;&nbsp;&nbsp;1557985 |
| Textron, Inc. | &nbsp;&nbsp;69062 | &nbsp;&nbsp;&nbsp;&nbsp;4726603 |
| The Boeing Co. \* | 182282 | &nbsp;&nbsp;&nbsp;&nbsp;25977008 |
| The Middleby Corp. \* | &nbsp;&nbsp;17694 | &nbsp;&nbsp;&nbsp;&nbsp;2474683 |
| The Timken Co. | &nbsp;&nbsp;21865 | &nbsp;&nbsp;&nbsp;&nbsp;1558756 |
| The Toro Co. | &nbsp;&nbsp;33978 | &nbsp;&nbsp;&nbsp;&nbsp;3582301 |
| Trane Technologies plc | &nbsp;&nbsp;75718 | &nbsp;&nbsp;&nbsp;&nbsp;12086864 |
| TransDigm Group, Inc. | &nbsp;&nbsp;16839 | &nbsp;&nbsp;&nbsp;&nbsp;9695223 |
| Trex Co., Inc. \* | &nbsp;&nbsp;35957 | &nbsp;&nbsp;&nbsp;&nbsp;1729172 |
| UFP Industries, Inc. | &nbsp;&nbsp;20143 | &nbsp;&nbsp;&nbsp;&nbsp;1434786 |
| United Rentals, Inc. \* | &nbsp;&nbsp;22860 | &nbsp;&nbsp;&nbsp;&nbsp;7217131 |
| Univar Solutions, Inc. \* | &nbsp;&nbsp;54393 | &nbsp;&nbsp;&nbsp;&nbsp;1385934 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6963 | &nbsp;&nbsp;&nbsp;&nbsp;2222729 |
| Vertiv Holdings Co. | &nbsp;&nbsp;99551 | &nbsp;&nbsp;&nbsp;&nbsp;1424575 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;14743 | &nbsp;&nbsp;&nbsp;&nbsp;8615072 |
| Watsco, Inc. | &nbsp;&nbsp;10829 | &nbsp;&nbsp;&nbsp;&nbsp;2934226 |
| WESCO International, Inc. \* | &nbsp;&nbsp;14563 | &nbsp;&nbsp;&nbsp;&nbsp;2006345 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;59247 | &nbsp;&nbsp;&nbsp;&nbsp;5526560 |
| WillScot Mobile Mini Holdings Corp. \* | &nbsp;&nbsp;69747 | &nbsp;&nbsp;&nbsp;&nbsp;2966340 |
| Woodward, Inc. | &nbsp;&nbsp;19749 | &nbsp;&nbsp;&nbsp;&nbsp;1810983 |
| Xylem, Inc. | &nbsp;&nbsp;58718 | &nbsp;&nbsp;&nbsp;&nbsp;6014485 |
| Zurn Water Solutions Corp. | &nbsp;&nbsp;47551 | &nbsp;&nbsp;&nbsp;&nbsp;1116973 |
|  |  | **720534835** |
| &nbsp;&nbsp;**Commercial & Professional Services 1.1%** | &nbsp;&nbsp;**Commercial & Professional Services 1.1%** | &nbsp;&nbsp;**Commercial & Professional Services 1.1%** |
| ASGN, Inc. \* | &nbsp;&nbsp;16586 | &nbsp;&nbsp;&nbsp;&nbsp;1406161 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;43342 | &nbsp;&nbsp;&nbsp;&nbsp;4717777 |
| CACI International, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7688 | &nbsp;&nbsp;&nbsp;&nbsp;2337383 |
| Casella Waste Systems, Inc., Class A \* | &nbsp;&nbsp;16536 | &nbsp;&nbsp;&nbsp;&nbsp;1352810 |
| Cintas Corp. | &nbsp;&nbsp;28102 | &nbsp;&nbsp;&nbsp;&nbsp;12015010 |
| Clarivate plc \* | 140745 | &nbsp;&nbsp;&nbsp;&nbsp;1453896 |
| Clean Harbors, Inc. \* | &nbsp;&nbsp;16507 | &nbsp;&nbsp;&nbsp;&nbsp;2021447 |
| Copart, Inc. \* | &nbsp;&nbsp;69722 | &nbsp;&nbsp;&nbsp;&nbsp;8019424 |
| CoStar Group, Inc. \* | 129274 | &nbsp;&nbsp;&nbsp;&nbsp;10693545 |
| Driven Brands Holdings, Inc. \* | &nbsp;&nbsp;17974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574809 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;70789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909639 |
| Equifax, Inc. | &nbsp;&nbsp;39878 | &nbsp;&nbsp;&nbsp;&nbsp;6760916 |
| Exponent, Inc. | &nbsp;&nbsp;16538 | &nbsp;&nbsp;&nbsp;&nbsp;1575410 |
| FTI Consulting, Inc. \* | &nbsp;&nbsp;11303 | &nbsp;&nbsp;&nbsp;&nbsp;1759086 |
| IAA, Inc. \* | &nbsp;&nbsp;43310 | &nbsp;&nbsp;&nbsp;&nbsp;1642748 |
| Insperity, Inc. | &nbsp;&nbsp;11710 | &nbsp;&nbsp;&nbsp;&nbsp;1382014 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;41730 | &nbsp;&nbsp;&nbsp;&nbsp;4808131 |
| KBR, Inc. | &nbsp;&nbsp;45175 | &nbsp;&nbsp;&nbsp;&nbsp;2248360 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;44485 | &nbsp;&nbsp;&nbsp;&nbsp;4519231 |
| MSA Safety, Inc. | &nbsp;&nbsp;12118 | &nbsp;&nbsp;&nbsp;&nbsp;1626720 |
| Republic Services, Inc. | &nbsp;&nbsp;67166 | &nbsp;&nbsp;&nbsp;&nbsp;8907555 |
| Robert Half International, Inc. | &nbsp;&nbsp;35630 | &nbsp;&nbsp;&nbsp;&nbsp;2724270 |
| Rollins, Inc. | &nbsp;&nbsp;75436 | &nbsp;&nbsp;&nbsp;&nbsp;3174347 |
| Science Applications International Corp. | &nbsp;&nbsp;18220 | &nbsp;&nbsp;&nbsp;&nbsp;1973955 |
| Stericycle, Inc. \* | &nbsp;&nbsp;29791 | &nbsp;&nbsp;&nbsp;&nbsp;1328083 |
| Tetra Tech, Inc. | &nbsp;&nbsp;17323 | &nbsp;&nbsp;&nbsp;&nbsp;2447393 |
| TransUnion | &nbsp;&nbsp;63137 | &nbsp;&nbsp;&nbsp;&nbsp;3742130 |
| TriNet Group, Inc. \* | &nbsp;&nbsp;11827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768518 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;51146 | &nbsp;&nbsp;&nbsp;&nbsp;9351023 |
| Waste Management, Inc. | 122808 | &nbsp;&nbsp;&nbsp;&nbsp;19449103 |
|  |  | **125690894** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 0.9%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.9%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.9%** |
| Brunswick Corp. | &nbsp;&nbsp;24452 | &nbsp;&nbsp;&nbsp;&nbsp;1728023 |
| Capri Holdings Ltd. \* | &nbsp;&nbsp;45089 | &nbsp;&nbsp;&nbsp;&nbsp;2059666 |
| Columbia Sportswear Co. | &nbsp;&nbsp;11637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866957 |
| Crocs, Inc. \* | &nbsp;&nbsp;20274 | &nbsp;&nbsp;&nbsp;&nbsp;1434386 |
| D.R. Horton, Inc. | 103358 | &nbsp;&nbsp;&nbsp;&nbsp;7946163 |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8666 | &nbsp;&nbsp;&nbsp;&nbsp;3032493 |
| Garmin Ltd. | &nbsp;&nbsp;50270 | &nbsp;&nbsp;&nbsp;&nbsp;4425771 |
| Hasbro, Inc. | &nbsp;&nbsp;42303 | &nbsp;&nbsp;&nbsp;&nbsp;2760271 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;43871 | &nbsp;&nbsp;&nbsp;&nbsp;1480646 |
| Lennar Corp., Class A | &nbsp;&nbsp;82952 | &nbsp;&nbsp;&nbsp;&nbsp;6694226 |
| Lululemon Athletica, Inc. \* | &nbsp;&nbsp;37956 | &nbsp;&nbsp;&nbsp;&nbsp;12489042 |
| Mattel, Inc. \* | 115874 | &nbsp;&nbsp;&nbsp;&nbsp;2196971 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp;17384 | &nbsp;&nbsp;&nbsp;&nbsp;1647134 |
| Newell Brands, Inc. | 123952 | &nbsp;&nbsp;&nbsp;&nbsp;1711777 |
| NIKE, Inc., Class B | 412438 | &nbsp;&nbsp;&nbsp;&nbsp;38224754 |
| NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;4250463 |
| Polaris, Inc. | &nbsp;&nbsp;18384 | &nbsp;&nbsp;&nbsp;&nbsp;1867814 |
| PulteGroup, Inc. | &nbsp;&nbsp;75744 | &nbsp;&nbsp;&nbsp;&nbsp;3029003 |
| Skechers U.S.A., Inc., Class A \* | &nbsp;&nbsp;44306 | &nbsp;&nbsp;&nbsp;&nbsp;1525456 |
| Tapestry, Inc. | &nbsp;&nbsp;82583 | &nbsp;&nbsp;&nbsp;&nbsp;2616229 |
| Tempur Sealy International, Inc. | &nbsp;&nbsp;56742 | &nbsp;&nbsp;&nbsp;&nbsp;1525792 |
| Toll Brothers, Inc. | &nbsp;&nbsp;34931 | &nbsp;&nbsp;&nbsp;&nbsp;1504828 |
| TopBuild Corp. \* | &nbsp;&nbsp;10503 | &nbsp;&nbsp;&nbsp;&nbsp;1786980 |
| VF Corp. | 107903 | &nbsp;&nbsp;&nbsp;&nbsp;3048260 |
| Whirlpool Corp. | &nbsp;&nbsp;17810 | &nbsp;&nbsp;&nbsp;&nbsp;2462054 |
|  |  | **112315159** |
| &nbsp;&nbsp;**Consumer Services 2.2%** | &nbsp;&nbsp;**Consumer Services 2.2%** | &nbsp;&nbsp;**Consumer Services 2.2%** |
| ADT, Inc. | &nbsp;&nbsp;69869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591092 |
| Airbnb, Inc., Class A \* | 130387 | &nbsp;&nbsp;&nbsp;&nbsp;13939674 |
| Aramark | &nbsp;&nbsp;84397 | &nbsp;&nbsp;&nbsp;&nbsp;3080491 |
| Booking Holdings, Inc. \* | &nbsp;&nbsp;12965 | &nbsp;&nbsp;&nbsp;&nbsp;24237808 |
| Boyd Gaming Corp. | &nbsp;&nbsp;26622 | &nbsp;&nbsp;&nbsp;&nbsp;1537687 |
| Caesars Entertainment, Inc. \* | &nbsp;&nbsp;69957 | &nbsp;&nbsp;&nbsp;&nbsp;3059220 |
| Carnival Corp. \* | 321366 | &nbsp;&nbsp;&nbsp;&nbsp;2911576 |
| Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9071 | &nbsp;&nbsp;&nbsp;&nbsp;13591351 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9523 | &nbsp;&nbsp;&nbsp;&nbsp;1236466 |
| Churchill Downs, Inc. | &nbsp;&nbsp;10858 | &nbsp;&nbsp;&nbsp;&nbsp;2257487 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;40066 | &nbsp;&nbsp;&nbsp;&nbsp;5735047 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;11670 | &nbsp;&nbsp;&nbsp;&nbsp;3877241 |
| DraftKings, Inc., Class A \* | 146478 | &nbsp;&nbsp;&nbsp;&nbsp;2314352 |
| Expedia Group, Inc. \* | &nbsp;&nbsp;49520 | &nbsp;&nbsp;&nbsp;&nbsp;4628634 |

---

<sub>44</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| H&R Block, Inc. | &nbsp;&nbsp;52270 | &nbsp;&nbsp;&nbsp;&nbsp;2150911 |
| Hilton Grand Vacations, Inc. \* | &nbsp;&nbsp;26584 | &nbsp;&nbsp;&nbsp;&nbsp;1043156 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;89625 | &nbsp;&nbsp;&nbsp;&nbsp;12122678 |
| Hyatt Hotels Corp., Class A \* | &nbsp;&nbsp;16401 | &nbsp;&nbsp;&nbsp;&nbsp;1545138 |
| Las Vegas Sands Corp. \* | 107433 | &nbsp;&nbsp;&nbsp;&nbsp;4083528 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;90108 | &nbsp;&nbsp;&nbsp;&nbsp;14427192 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;12849 | &nbsp;&nbsp;&nbsp;&nbsp;1898568 |
| McDonald's Corp. | 240137 | &nbsp;&nbsp;&nbsp;&nbsp;65475754 |
| MGM Resorts International | 106679 | &nbsp;&nbsp;&nbsp;&nbsp;3794572 |
| Norwegian Cruise Line Holdings Ltd. \* | 137825 | &nbsp;&nbsp;&nbsp;&nbsp;2327864 |
| Penn Entertainment, Inc. \* | &nbsp;&nbsp;51730 | &nbsp;&nbsp;&nbsp;&nbsp;1712263 |
| Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;27678 | &nbsp;&nbsp;&nbsp;&nbsp;1812355 |
| Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;71618 | &nbsp;&nbsp;&nbsp;&nbsp;3822969 |
| Scientific Games Corp., Class A \* | &nbsp;&nbsp;30572 | &nbsp;&nbsp;&nbsp;&nbsp;1716312 |
| Service Corp. International | &nbsp;&nbsp;51319 | &nbsp;&nbsp;&nbsp;&nbsp;3110445 |
| Starbucks Corp. | 374575 | &nbsp;&nbsp;&nbsp;&nbsp;32434449 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;21891 | &nbsp;&nbsp;&nbsp;&nbsp;2166115 |
| The Wendy's Co. | &nbsp;&nbsp;55855 | &nbsp;&nbsp;&nbsp;&nbsp;1160667 |
| Vail Resorts, Inc. | &nbsp;&nbsp;13080 | &nbsp;&nbsp;&nbsp;&nbsp;2866220 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;29447 | &nbsp;&nbsp;&nbsp;&nbsp;2235911 |
| Wynn Resorts Ltd. \* | &nbsp;&nbsp;33682 | &nbsp;&nbsp;&nbsp;&nbsp;2152280 |
| Yum! Brands, Inc. | &nbsp;&nbsp;92722 | &nbsp;&nbsp;&nbsp;&nbsp;10964377 |
|  |  | **258021850** |
| &nbsp;&nbsp;**Diversified Financials 5.4%** | &nbsp;&nbsp;**Diversified Financials 5.4%** | &nbsp;&nbsp;**Diversified Financials 5.4%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;12345 | &nbsp;&nbsp;&nbsp;&nbsp;1532755 |
| AGNC Investment Corp. | 172161 | &nbsp;&nbsp;&nbsp;&nbsp;1415163 |
| Ally Financial, Inc. | 100677 | &nbsp;&nbsp;&nbsp;&nbsp;2774658 |
| American Express Co. | 195851 | &nbsp;&nbsp;&nbsp;&nbsp;29074081 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;35353 | &nbsp;&nbsp;&nbsp;&nbsp;10928319 |
| Annaly Capital Management, Inc. | 140702 | &nbsp;&nbsp;&nbsp;&nbsp;2610022 |
| Apollo Global Management, Inc. | 141864 | &nbsp;&nbsp;&nbsp;&nbsp;7853591 |
| Ares Management Corp., Class A | &nbsp;&nbsp;50605 | &nbsp;&nbsp;&nbsp;&nbsp;3837377 |
| Berkshire Hathaway, Inc., Class B \* | 589217 | &nbsp;&nbsp;173872045 |
| BlackRock, Inc. | &nbsp;&nbsp;49251 | &nbsp;&nbsp;&nbsp;&nbsp;31811713 |
| Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp;55475 | &nbsp;&nbsp;&nbsp;&nbsp;1384656 |
| Blackstone, Inc. | 229207 | &nbsp;&nbsp;&nbsp;&nbsp;20889926 |
| Blue Owl Capital, Inc. | 109654 | &nbsp;&nbsp;&nbsp;&nbsp;1098733 |
| Capital One Financial Corp. | 125366 | &nbsp;&nbsp;&nbsp;&nbsp;13291303 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;34526 | &nbsp;&nbsp;&nbsp;&nbsp;4298487 |
| CME Group, Inc. | 117379 | &nbsp;&nbsp;&nbsp;&nbsp;20341781 |
| Coinbase Global, Inc., Class A *\*(a)* | &nbsp;&nbsp;51423 | &nbsp;&nbsp;&nbsp;&nbsp;3406774 |
| Credit Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923790 |
| Discover Financial Services | &nbsp;&nbsp;89270 | &nbsp;&nbsp;&nbsp;&nbsp;9325144 |
| Equitable Holdings, Inc. | 113675 | &nbsp;&nbsp;&nbsp;&nbsp;3480729 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;12363 | &nbsp;&nbsp;&nbsp;&nbsp;5260333 |
| Franklin Resources, Inc. | &nbsp;&nbsp;93409 | &nbsp;&nbsp;&nbsp;&nbsp;2190441 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;33618 | &nbsp;&nbsp;&nbsp;&nbsp;2694483 |
| Intercontinental Exchange, Inc. | 182424 | &nbsp;&nbsp;&nbsp;&nbsp;17434262 |
| Invesco Ltd. | 148360 | &nbsp;&nbsp;&nbsp;&nbsp;2272875 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;60720 | &nbsp;&nbsp;&nbsp;&nbsp;2089375 |
| KKR & Co., Inc. | 188348 | &nbsp;&nbsp;&nbsp;&nbsp;9159363 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;26075 | &nbsp;&nbsp;&nbsp;&nbsp;6666074 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;12231 | &nbsp;&nbsp;&nbsp;&nbsp;2984853 |
| Moody's Corp. | &nbsp;&nbsp;51594 | &nbsp;&nbsp;&nbsp;&nbsp;13665703 |
| Morgan Stanley | 437256 | &nbsp;&nbsp;&nbsp;&nbsp;35929326 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8194 | &nbsp;&nbsp;&nbsp;&nbsp;1902483 |
| MSCI, Inc. | &nbsp;&nbsp;26241 | &nbsp;&nbsp;&nbsp;&nbsp;12303355 |
| Nasdaq, Inc. | 110902 | &nbsp;&nbsp;&nbsp;&nbsp;6902540 |
| Northern Trust Corp. | &nbsp;&nbsp;67905 | &nbsp;&nbsp;&nbsp;&nbsp;5727787 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;40268 | &nbsp;&nbsp;&nbsp;&nbsp;1552734 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;63284 | &nbsp;&nbsp;&nbsp;&nbsp;7476372 |
| Rithm Capital Corp. | 154262 | &nbsp;&nbsp;&nbsp;&nbsp;1300429 |
| Robinhood Markets, Inc., Class A \* | 164446 | &nbsp;&nbsp;&nbsp;&nbsp;1920729 |
| S&P Global, Inc. | 111253 | &nbsp;&nbsp;&nbsp;&nbsp;35740026 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;33405 | &nbsp;&nbsp;&nbsp;&nbsp;1813892 |
| SoFi Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;264905 | &nbsp;&nbsp;&nbsp;&nbsp;1441083 |
| Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;100255 | &nbsp;&nbsp;&nbsp;&nbsp;2071268 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;119865 | &nbsp;&nbsp;&nbsp;&nbsp;8870010 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34901 | &nbsp;&nbsp;&nbsp;&nbsp;2159325 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;157366 | &nbsp;&nbsp;&nbsp;&nbsp;5595935 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73795 | &nbsp;&nbsp;&nbsp;&nbsp;7834077 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;240501 | &nbsp;&nbsp;&nbsp;&nbsp;10127497 |
| The Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70775 | &nbsp;&nbsp;&nbsp;&nbsp;2001517 |
| The Charles Schwab Corp. *(b)* | &nbsp;&nbsp;&nbsp;496197 | &nbsp;&nbsp;&nbsp;&nbsp;39532015 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;111437 | &nbsp;&nbsp;&nbsp;&nbsp;38391161 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;35315 | &nbsp;&nbsp;&nbsp;&nbsp;1945150 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31957 | &nbsp;&nbsp;&nbsp;&nbsp;2184581 |
|  |  | **643292101** |
| &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** |
| Antero Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;92082 | &nbsp;&nbsp;&nbsp;&nbsp;3375726 |
| APA Corp. | &nbsp;&nbsp;&nbsp;106740 | &nbsp;&nbsp;&nbsp;&nbsp;4852400 |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;330621 | &nbsp;&nbsp;&nbsp;&nbsp;9144977 |
| ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66345 | &nbsp;&nbsp;&nbsp;&nbsp;1898794 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81577 | &nbsp;&nbsp;&nbsp;&nbsp;14390999 |
| Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31597 | &nbsp;&nbsp;&nbsp;&nbsp;3231425 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;587832 | &nbsp;&nbsp;106338809 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13550 | &nbsp;&nbsp;&nbsp;&nbsp;2074369 |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16937 | &nbsp;&nbsp;&nbsp;&nbsp;1184066 |
| Comstock Resources, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558423 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;415454 | &nbsp;&nbsp;&nbsp;&nbsp;52384595 |
| Continental Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17837 | &nbsp;&nbsp;&nbsp;&nbsp;1319403 |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;260071 | &nbsp;&nbsp;&nbsp;&nbsp;8096010 |
| Denbury, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16235 | &nbsp;&nbsp;&nbsp;&nbsp;1484041 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;213734 | &nbsp;&nbsp;&nbsp;&nbsp;16532325 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58072 | &nbsp;&nbsp;&nbsp;&nbsp;9123692 |
| DTE Midstream LLC \* | &nbsp;&nbsp;&nbsp;&nbsp;31576 | &nbsp;&nbsp;&nbsp;&nbsp;1885087 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;191255 | &nbsp;&nbsp;&nbsp;&nbsp;26110133 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;121072 | &nbsp;&nbsp;&nbsp;&nbsp;5065652 |
| Exxon Mobil Corp. | 1360664 | &nbsp;&nbsp;150775178 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;296191 | &nbsp;&nbsp;&nbsp;&nbsp;10787276 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34416 | &nbsp;&nbsp;&nbsp;&nbsp;1703936 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90960 | &nbsp;&nbsp;&nbsp;&nbsp;12832637 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47503 | &nbsp;&nbsp;&nbsp;&nbsp;2905759 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;647926 | &nbsp;&nbsp;&nbsp;&nbsp;11740419 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;54893 | &nbsp;&nbsp;&nbsp;&nbsp;1409652 |
| Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;221304 | &nbsp;&nbsp;&nbsp;&nbsp;6738707 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;162758 | &nbsp;&nbsp;&nbsp;&nbsp;18492564 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;36679 | &nbsp;&nbsp;&nbsp;&nbsp;2437320 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47728 | &nbsp;&nbsp;&nbsp;&nbsp;2315285 |
| New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859698 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;128461 | &nbsp;&nbsp;&nbsp;&nbsp;2877526 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;243261 | &nbsp;&nbsp;&nbsp;&nbsp;17660749 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;145544 | &nbsp;&nbsp;&nbsp;&nbsp;8633670 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83110 | &nbsp;&nbsp;&nbsp;&nbsp;4209521 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;35124 | &nbsp;&nbsp;&nbsp;&nbsp;1554237 |
| PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31468 | &nbsp;&nbsp;&nbsp;&nbsp;2270102 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;157081 | &nbsp;&nbsp;&nbsp;&nbsp;16381977 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;77883 | &nbsp;&nbsp;&nbsp;&nbsp;19969980 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80971 | &nbsp;&nbsp;&nbsp;&nbsp;2306054 |
| Schlumberger N.V. | &nbsp;&nbsp;&nbsp;461622 | &nbsp;&nbsp;&nbsp;&nbsp;24018193 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;40061 | &nbsp;&nbsp;&nbsp;&nbsp;1801944 |
| Southwestern Energy Co. \* | &nbsp;&nbsp;&nbsp;364076 | &nbsp;&nbsp;&nbsp;&nbsp;2523047 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74027 | &nbsp;&nbsp;&nbsp;&nbsp;5061226 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;4658425 |
| The Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;397987 | &nbsp;&nbsp;&nbsp;&nbsp;13026115 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;128630 | &nbsp;&nbsp;&nbsp;&nbsp;16149496 |
|  |  | **635151619** |

---

<sub>45</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** |
| Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;52139 | &nbsp;&nbsp;&nbsp;&nbsp;1069371 |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;44240 | &nbsp;&nbsp;&nbsp;&nbsp;3424176 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12222 | &nbsp;&nbsp;&nbsp;&nbsp;2844182 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;144625 | &nbsp;&nbsp;&nbsp;&nbsp;72529438 |
| Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;50859 | &nbsp;&nbsp;&nbsp;&nbsp;2646702 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;166423 | &nbsp;&nbsp;&nbsp;&nbsp;14405575 |
| The Kroger Co. | &nbsp;&nbsp;&nbsp;212167 | &nbsp;&nbsp;&nbsp;&nbsp;10033377 |
| U.S. Foods Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;66632 | &nbsp;&nbsp;&nbsp;&nbsp;1982968 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;233795 | &nbsp;&nbsp;&nbsp;&nbsp;8533518 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;465340 | &nbsp;&nbsp;&nbsp;&nbsp;66231842 |
|  |  | **183701149** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 3.5%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.5%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.5%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;588035 | &nbsp;&nbsp;&nbsp;&nbsp;27208379 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;183072 | &nbsp;&nbsp;&nbsp;&nbsp;17754323 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;59521 | &nbsp;&nbsp;&nbsp;&nbsp;4047428 |
| Bunge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49645 | &nbsp;&nbsp;&nbsp;&nbsp;4899961 |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;65667 | &nbsp;&nbsp;&nbsp;&nbsp;3474441 |
| Celsius Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12988 | &nbsp;&nbsp;&nbsp;&nbsp;1182947 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;156598 | &nbsp;&nbsp;&nbsp;&nbsp;5747147 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;52029 | &nbsp;&nbsp;&nbsp;&nbsp;12855325 |
| Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;52239 | &nbsp;&nbsp;&nbsp;&nbsp;4099717 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62916 | &nbsp;&nbsp;&nbsp;&nbsp;1806318 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;194698 | &nbsp;&nbsp;&nbsp;&nbsp;15883463 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94751 | &nbsp;&nbsp;&nbsp;&nbsp;4401184 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21270 | &nbsp;&nbsp;&nbsp;&nbsp;1895582 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;83234 | &nbsp;&nbsp;&nbsp;&nbsp;6394036 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;277796 | &nbsp;&nbsp;&nbsp;&nbsp;10789597 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46752 | &nbsp;&nbsp;&nbsp;&nbsp;4030957 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463 | &nbsp;&nbsp;&nbsp;&nbsp;1165150 |
| McCormick & Co., Inc. - Non Voting Shares | &nbsp;&nbsp;&nbsp;&nbsp;81984 | &nbsp;&nbsp;&nbsp;&nbsp;6447222 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;61580 | &nbsp;&nbsp;&nbsp;&nbsp;3105479 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;447503 | &nbsp;&nbsp;&nbsp;&nbsp;27512484 |
| Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;125694 | &nbsp;&nbsp;&nbsp;&nbsp;11780042 |
| National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359586 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;450473 | &nbsp;&nbsp;&nbsp;&nbsp;81796887 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;506083 | &nbsp;&nbsp;&nbsp;&nbsp;46483724 |
| Pilgrim's Pride Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;14119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325443 |
| Post Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17618 | &nbsp;&nbsp;&nbsp;&nbsp;1593020 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310950 |
| The Coca-Cola Co. | 1270431 | &nbsp;&nbsp;&nbsp;&nbsp;76035295 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;47952 | &nbsp;&nbsp;&nbsp;&nbsp;11449499 |
| The JM Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;34810 | &nbsp;&nbsp;&nbsp;&nbsp;5244475 |
| The Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;260323 | &nbsp;&nbsp;&nbsp;&nbsp;10014626 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;94718 | &nbsp;&nbsp;&nbsp;&nbsp;6473975 |
|  |  | **416568662** |
| &nbsp;&nbsp;**Health Care Equipment & Services 6.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.3%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;571796 | &nbsp;&nbsp;&nbsp;&nbsp;56573496 |
| ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14808 | &nbsp;&nbsp;&nbsp;&nbsp;3732801 |
| Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29743 | &nbsp;&nbsp;&nbsp;&nbsp;2418106 |
| agilon health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;64395 | &nbsp;&nbsp;&nbsp;&nbsp;1278241 |
| Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23708 | &nbsp;&nbsp;&nbsp;&nbsp;4606464 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50634 | &nbsp;&nbsp;&nbsp;&nbsp;7960677 |
| AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14076 | &nbsp;&nbsp;&nbsp;&nbsp;1766538 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;164370 | &nbsp;&nbsp;&nbsp;&nbsp;8933509 |
| Becton, Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;93135 | &nbsp;&nbsp;&nbsp;&nbsp;21977066 |
| Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;467614 | &nbsp;&nbsp;&nbsp;&nbsp;20158840 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88713 | &nbsp;&nbsp;&nbsp;&nbsp;6733317 |
| Centene Corp. \* | &nbsp;&nbsp;&nbsp;186709 | &nbsp;&nbsp;&nbsp;&nbsp;15894537 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872 | &nbsp;&nbsp;&nbsp;&nbsp;2274591 |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99654 | &nbsp;&nbsp;&nbsp;&nbsp;32194221 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;428670 | &nbsp;&nbsp;&nbsp;&nbsp;40595049 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| DaVita, Inc. \* | &nbsp;&nbsp;18181 | &nbsp;&nbsp;&nbsp;&nbsp;1327395 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;70749 | &nbsp;&nbsp;&nbsp;&nbsp;2180484 |
| DexCom, Inc. \* | 128134 | &nbsp;&nbsp;&nbsp;&nbsp;15476025 |
| Edwards Lifesciences Corp. \* | 202550 | &nbsp;&nbsp;&nbsp;&nbsp;14670696 |
| Elevance Health, Inc. | &nbsp;&nbsp;78377 | &nbsp;&nbsp;&nbsp;&nbsp;42854192 |
| Encompass Health Corp. | &nbsp;&nbsp;32284 | &nbsp;&nbsp;&nbsp;&nbsp;1757541 |
| Envista Holdings Corp. \* | &nbsp;&nbsp;53744 | &nbsp;&nbsp;&nbsp;&nbsp;1774089 |
| Globus Medical, Inc., Class A \* | &nbsp;&nbsp;24993 | &nbsp;&nbsp;&nbsp;&nbsp;1674531 |
| Guardant Health, Inc. \* | &nbsp;&nbsp;33136 | &nbsp;&nbsp;&nbsp;&nbsp;1640232 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;70324 | &nbsp;&nbsp;&nbsp;&nbsp;15293360 |
| HealthEquity, Inc. \* | &nbsp;&nbsp;27381 | &nbsp;&nbsp;&nbsp;&nbsp;2133254 |
| Henry Schein, Inc. \* | &nbsp;&nbsp;44334 | &nbsp;&nbsp;&nbsp;&nbsp;3035106 |
| Hologic, Inc. \* | &nbsp;&nbsp;81305 | &nbsp;&nbsp;&nbsp;&nbsp;5512479 |
| Humana, Inc. | &nbsp;&nbsp;41332 | &nbsp;&nbsp;&nbsp;&nbsp;23066563 |
| IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;27206 | &nbsp;&nbsp;&nbsp;&nbsp;9785454 |
| Inspire Medical Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8947 | &nbsp;&nbsp;&nbsp;&nbsp;1744218 |
| Insulet Corp. \* | &nbsp;&nbsp;22604 | &nbsp;&nbsp;&nbsp;&nbsp;5850141 |
| Intuitive Surgical, Inc. \* | 116645 | &nbsp;&nbsp;&nbsp;&nbsp;28749493 |
| iRhythm Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9810 | &nbsp;&nbsp;&nbsp;&nbsp;1250677 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;29554 | &nbsp;&nbsp;&nbsp;&nbsp;6556850 |
| Lantheus Holdings, Inc. \* | &nbsp;&nbsp;22460 | &nbsp;&nbsp;&nbsp;&nbsp;1661815 |
| LHC Group, Inc. \* | &nbsp;&nbsp;10053 | &nbsp;&nbsp;&nbsp;&nbsp;1679856 |
| Masimo Corp. \* | &nbsp;&nbsp;15738 | &nbsp;&nbsp;&nbsp;&nbsp;2071121 |
| McKesson Corp. | &nbsp;&nbsp;46936 | &nbsp;&nbsp;&nbsp;&nbsp;18275470 |
| Medtronic plc | 433865 | &nbsp;&nbsp;&nbsp;&nbsp;37893769 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;18995 | &nbsp;&nbsp;&nbsp;&nbsp;6816546 |
| Novocure Ltd. \* | &nbsp;&nbsp;29197 | &nbsp;&nbsp;&nbsp;&nbsp;2063060 |
| Oak Street Health, Inc. \* | &nbsp;&nbsp;37805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764795 |
| Omnicell, Inc. \* | &nbsp;&nbsp;14509 | &nbsp;&nbsp;&nbsp;&nbsp;1121836 |
| Option Care Health, Inc. \* | &nbsp;&nbsp;50500 | &nbsp;&nbsp;&nbsp;&nbsp;1528130 |
| Penumbra, Inc. \* | &nbsp;&nbsp;12346 | &nbsp;&nbsp;&nbsp;&nbsp;2116969 |
| Premier, Inc., Class A | &nbsp;&nbsp;38461 | &nbsp;&nbsp;&nbsp;&nbsp;1341520 |
| Privia Health Group, Inc. \* | &nbsp;&nbsp;16001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535713 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;38035 | &nbsp;&nbsp;&nbsp;&nbsp;5463728 |
| QuidelOrtho Corp. \* | &nbsp;&nbsp;17696 | &nbsp;&nbsp;&nbsp;&nbsp;1589455 |
| R1 RCM, Inc. \* | &nbsp;&nbsp;44028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777534 |
| ResMed, Inc. | &nbsp;&nbsp;47780 | &nbsp;&nbsp;&nbsp;&nbsp;10687908 |
| Shockwave Medical, Inc. \* | &nbsp;&nbsp;11745 | &nbsp;&nbsp;&nbsp;&nbsp;3443047 |
| Signify Health, Inc., Class A \* | &nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657675 |
| STAAR Surgical Co. \* | &nbsp;&nbsp;15532 | &nbsp;&nbsp;&nbsp;&nbsp;1100753 |
| STERIS plc | &nbsp;&nbsp;32595 | &nbsp;&nbsp;&nbsp;&nbsp;5625245 |
| Stryker Corp. | 109977 | &nbsp;&nbsp;&nbsp;&nbsp;25211127 |
| Teladoc Health, Inc. \* | &nbsp;&nbsp;52207 | &nbsp;&nbsp;&nbsp;&nbsp;1547415 |
| Teleflex, Inc. | &nbsp;&nbsp;15276 | &nbsp;&nbsp;&nbsp;&nbsp;3277619 |
| Tenet Healthcare Corp. \* | &nbsp;&nbsp;34966 | &nbsp;&nbsp;&nbsp;&nbsp;1551092 |
| The Cooper Cos., Inc. | &nbsp;&nbsp;16185 | &nbsp;&nbsp;&nbsp;&nbsp;4424817 |
| The Ensign Group, Inc. | &nbsp;&nbsp;18065 | &nbsp;&nbsp;&nbsp;&nbsp;1621876 |
| UnitedHealth Group, Inc. | 305404 | &nbsp;&nbsp;169545031 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;21411 | &nbsp;&nbsp;&nbsp;&nbsp;2480893 |
| Veeva Systems, Inc., Class A \* | &nbsp;&nbsp;45659 | &nbsp;&nbsp;&nbsp;&nbsp;7667972 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;68605 | &nbsp;&nbsp;&nbsp;&nbsp;7776377 |
|  |  | **745750397** |
| &nbsp;&nbsp;**Household & Personal Products 1.4%** | &nbsp;&nbsp;**Household & Personal Products 1.4%** | &nbsp;&nbsp;**Household & Personal Products 1.4%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;79517 | &nbsp;&nbsp;&nbsp;&nbsp;5894595 |
| Colgate-Palmolive Co. | 272300 | &nbsp;&nbsp;&nbsp;&nbsp;20106632 |
| Coty, Inc., Class A \* | 119241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800107 |
| Kimberly-Clark Corp. | 110164 | &nbsp;&nbsp;&nbsp;&nbsp;13711011 |
| Olaplex Holdings, Inc. \* | &nbsp;&nbsp;27559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121260 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;17599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537474 |
| The Clorox Co. | &nbsp;&nbsp;40131 | &nbsp;&nbsp;&nbsp;&nbsp;5860731 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;75764 | &nbsp;&nbsp;&nbsp;&nbsp;15189924 |
| The Procter & Gamble Co. | 780146 | &nbsp;&nbsp;105062262 |
|  |  | **167283996** |

---

<sub>46</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** |
| Aflac, Inc. | 187828 | &nbsp;&nbsp;&nbsp;&nbsp;12229481 |
| American Financial Group, Inc. | &nbsp;&nbsp;22830 | &nbsp;&nbsp;&nbsp;&nbsp;3312861 |
| American International Group, Inc. | 248390 | &nbsp;&nbsp;&nbsp;&nbsp;14158230 |
| Aon plc, Class A | &nbsp;&nbsp;68862 | &nbsp;&nbsp;&nbsp;&nbsp;19383964 |
| Arch Capital Group Ltd. \* | 120784 | &nbsp;&nbsp;&nbsp;&nbsp;6945080 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;68624 | &nbsp;&nbsp;&nbsp;&nbsp;12838178 |
| Assurant, Inc. | &nbsp;&nbsp;17269 | &nbsp;&nbsp;&nbsp;&nbsp;2346166 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;25175 | &nbsp;&nbsp;&nbsp;&nbsp;1376317 |
| Brown & Brown, Inc. | &nbsp;&nbsp;76344 | &nbsp;&nbsp;&nbsp;&nbsp;4488264 |
| Chubb Ltd. | 136314 | &nbsp;&nbsp;&nbsp;&nbsp;29292516 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;52022 | &nbsp;&nbsp;&nbsp;&nbsp;5374913 |
| CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351197 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8115 | &nbsp;&nbsp;&nbsp;&nbsp;2085636 |
| Everest Re Group Ltd. | &nbsp;&nbsp;12868 | &nbsp;&nbsp;&nbsp;&nbsp;4151989 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;90212 | &nbsp;&nbsp;&nbsp;&nbsp;3552549 |
| First American Financial Corp. | &nbsp;&nbsp;33953 | &nbsp;&nbsp;&nbsp;&nbsp;1711231 |
| Globe Life, Inc. | &nbsp;&nbsp;29671 | &nbsp;&nbsp;&nbsp;&nbsp;3427594 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7044 | &nbsp;&nbsp;&nbsp;&nbsp;2220058 |
| Lincoln National Corp. | &nbsp;&nbsp;50488 | &nbsp;&nbsp;&nbsp;&nbsp;2719789 |
| Loews Corp. | &nbsp;&nbsp;65434 | &nbsp;&nbsp;&nbsp;&nbsp;3731047 |
| Markel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp;5318901 |
| Marsh & McLennan Cos., Inc. | 162914 | &nbsp;&nbsp;&nbsp;&nbsp;26308982 |
| MetLife, Inc. | 218972 | &nbsp;&nbsp;&nbsp;&nbsp;16030940 |
| Old Republic International Corp. | &nbsp;&nbsp;93154 | &nbsp;&nbsp;&nbsp;&nbsp;2162104 |
| Primerica, Inc. | &nbsp;&nbsp;12334 | &nbsp;&nbsp;&nbsp;&nbsp;1784730 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;75778 | &nbsp;&nbsp;&nbsp;&nbsp;6678315 |
| Prudential Financial, Inc. | 121566 | &nbsp;&nbsp;&nbsp;&nbsp;12787528 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;21883 | &nbsp;&nbsp;&nbsp;&nbsp;3220521 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;14352 | &nbsp;&nbsp;&nbsp;&nbsp;2219967 |
| RLI Corp. | &nbsp;&nbsp;13205 | &nbsp;&nbsp;&nbsp;&nbsp;1717574 |
| Ryan Specialty Group Holdings, Inc., Class A \* | &nbsp;&nbsp;27067 | &nbsp;&nbsp;&nbsp;&nbsp;1213955 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;19704 | &nbsp;&nbsp;&nbsp;&nbsp;1932568 |
| The Allstate Corp. | &nbsp;&nbsp;88304 | &nbsp;&nbsp;&nbsp;&nbsp;11148380 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;11628 | &nbsp;&nbsp;&nbsp;&nbsp;1703386 |
| The Hartford Financial Services Group, Inc. | 105642 | &nbsp;&nbsp;&nbsp;&nbsp;7649537 |
| The Progressive Corp. | 191006 | &nbsp;&nbsp;&nbsp;&nbsp;24525171 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;77385 | &nbsp;&nbsp;&nbsp;&nbsp;14274437 |
| Unum Group | &nbsp;&nbsp;61506 | &nbsp;&nbsp;&nbsp;&nbsp;2804059 |
| W.R. Berkley Corp. | &nbsp;&nbsp;66422 | &nbsp;&nbsp;&nbsp;&nbsp;4940468 |
| Willis Towers Watson plc | &nbsp;&nbsp;35949 | &nbsp;&nbsp;&nbsp;&nbsp;7844431 |
|  |  | **291963014** |
| &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;72478 | &nbsp;&nbsp;&nbsp;&nbsp;18148491 |
| Albemarle Corp. | &nbsp;&nbsp;38262 | &nbsp;&nbsp;&nbsp;&nbsp;10708386 |
| Alcoa Corp. | &nbsp;&nbsp;58812 | &nbsp;&nbsp;&nbsp;&nbsp;2295432 |
| Amcor plc | 489463 | &nbsp;&nbsp;&nbsp;&nbsp;5667982 |
| AptarGroup, Inc. | &nbsp;&nbsp;21171 | &nbsp;&nbsp;&nbsp;&nbsp;2099105 |
| Ashland, Inc. | &nbsp;&nbsp;16097 | &nbsp;&nbsp;&nbsp;&nbsp;1688897 |
| Avery Dennison Corp. | &nbsp;&nbsp;26615 | &nbsp;&nbsp;&nbsp;&nbsp;4512573 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;71862 | &nbsp;&nbsp;&nbsp;&nbsp;1675822 |
| Balchem Corp. | &nbsp;&nbsp;10470 | &nbsp;&nbsp;&nbsp;&nbsp;1463706 |
| Ball Corp. | 102692 | &nbsp;&nbsp;&nbsp;&nbsp;5071958 |
| Berry Global Group, Inc. \* | &nbsp;&nbsp;40818 | &nbsp;&nbsp;&nbsp;&nbsp;1931508 |
| Celanese Corp. | &nbsp;&nbsp;32518 | &nbsp;&nbsp;&nbsp;&nbsp;3125630 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;65147 | &nbsp;&nbsp;&nbsp;&nbsp;6922520 |
| Cleveland-Cliffs, Inc. \* | 169109 | &nbsp;&nbsp;&nbsp;&nbsp;2196726 |
| Commercial Metals Co. | &nbsp;&nbsp;39488 | &nbsp;&nbsp;&nbsp;&nbsp;1796704 |
| Corteva, Inc. | 234341 | &nbsp;&nbsp;&nbsp;&nbsp;15311841 |
| Crown Holdings, Inc. | &nbsp;&nbsp;39560 | &nbsp;&nbsp;&nbsp;&nbsp;2713420 |
| Dow, Inc. | 234721 | &nbsp;&nbsp;&nbsp;&nbsp;10970860 |
| DuPont de Nemours, Inc. | 163640 | &nbsp;&nbsp;&nbsp;&nbsp;9360208 |
| Eagle Materials, Inc. | &nbsp;&nbsp;12259 | &nbsp;&nbsp;&nbsp;&nbsp;1499398 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;40057 | &nbsp;&nbsp;&nbsp;&nbsp;3076778 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81026 | &nbsp;&nbsp;&nbsp;&nbsp;12726754 |
| Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73404 | &nbsp;&nbsp;&nbsp;&nbsp;1262549 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41191 | &nbsp;&nbsp;&nbsp;&nbsp;4897610 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;466249 | &nbsp;&nbsp;&nbsp;&nbsp;14775431 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;100515 | &nbsp;&nbsp;&nbsp;&nbsp;2307824 |
| Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61742 | &nbsp;&nbsp;&nbsp;&nbsp;1652216 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83139 | &nbsp;&nbsp;&nbsp;&nbsp;8115198 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;118177 | &nbsp;&nbsp;&nbsp;&nbsp;3971929 |
| Linde plc | &nbsp;&nbsp;&nbsp;162708 | &nbsp;&nbsp;&nbsp;&nbsp;48381224 |
| Livent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;58549 | &nbsp;&nbsp;&nbsp;&nbsp;1848392 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;&nbsp;83136 | &nbsp;&nbsp;&nbsp;&nbsp;6355747 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20351 | &nbsp;&nbsp;&nbsp;&nbsp;6837529 |
| MP Materials Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;30162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906067 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;259142 | &nbsp;&nbsp;&nbsp;&nbsp;10966889 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85440 | &nbsp;&nbsp;&nbsp;&nbsp;11225107 |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44094 | &nbsp;&nbsp;&nbsp;&nbsp;2334777 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;30501 | &nbsp;&nbsp;&nbsp;&nbsp;3666525 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76797 | &nbsp;&nbsp;&nbsp;&nbsp;8768681 |
| Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;19716 | &nbsp;&nbsp;&nbsp;&nbsp;3972380 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21480 | &nbsp;&nbsp;&nbsp;&nbsp;2039741 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41937 | &nbsp;&nbsp;&nbsp;&nbsp;3965982 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47609 | &nbsp;&nbsp;&nbsp;&nbsp;2267141 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27344 | &nbsp;&nbsp;&nbsp;&nbsp;1295012 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;31686 | &nbsp;&nbsp;&nbsp;&nbsp;1967067 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56648 | &nbsp;&nbsp;&nbsp;&nbsp;5327744 |
| The Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;50827 | &nbsp;&nbsp;&nbsp;&nbsp;1455177 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;112880 | &nbsp;&nbsp;&nbsp;&nbsp;6067300 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;77034 | &nbsp;&nbsp;&nbsp;&nbsp;17334961 |
| United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77578 | &nbsp;&nbsp;&nbsp;&nbsp;1579488 |
| Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57447 | &nbsp;&nbsp;&nbsp;&nbsp;1686644 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;43364 | &nbsp;&nbsp;&nbsp;&nbsp;7098687 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11185 | &nbsp;&nbsp;&nbsp;&nbsp;1081030 |
| WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;83492 | &nbsp;&nbsp;&nbsp;&nbsp;2843738 |
|  |  | **323220486** |
| &nbsp;&nbsp;**Media & Entertainment 5.9%** | &nbsp;&nbsp;**Media & Entertainment 5.9%** | &nbsp;&nbsp;**Media & Entertainment 5.9%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;232527 | &nbsp;&nbsp;&nbsp;&nbsp;16927966 |
| Alphabet, Inc., Class A \* | 1957524 | &nbsp;&nbsp;185005593 |
| Alphabet, Inc., Class C \* | 1750524 | &nbsp;&nbsp;165704602 |
| AMC Entertainment Holdings, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;170145 | &nbsp;&nbsp;&nbsp;&nbsp;1133166 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp;1360478 |
| Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;36209 | &nbsp;&nbsp;&nbsp;&nbsp;13311153 |
| Comcast Corp., Class A | 1437799 | &nbsp;&nbsp;&nbsp;&nbsp;45635740 |
| DISH Network Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;82957 | &nbsp;&nbsp;&nbsp;&nbsp;1236889 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86341 | &nbsp;&nbsp;&nbsp;&nbsp;10875512 |
| Endeavor Group Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;56036 | &nbsp;&nbsp;&nbsp;&nbsp;1223826 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;99780 | &nbsp;&nbsp;&nbsp;&nbsp;2880649 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;46486 | &nbsp;&nbsp;&nbsp;&nbsp;1264419 |
| Getty Images Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64539 |
| IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25564 | &nbsp;&nbsp;&nbsp;&nbsp;1244456 |
| Liberty Broadband Corp., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;40513 | &nbsp;&nbsp;&nbsp;&nbsp;3420513 |
| Liberty Media Corp. - Liberty Formula One, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;67247 | &nbsp;&nbsp;&nbsp;&nbsp;3882169 |
| Liberty Media Corp. - Liberty SiriusXM, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;50078 | &nbsp;&nbsp;&nbsp;&nbsp;2112791 |
| Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;46450 | &nbsp;&nbsp;&nbsp;&nbsp;3697885 |
| Match Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;92464 | &nbsp;&nbsp;&nbsp;&nbsp;3994445 |
| Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;744664 | &nbsp;&nbsp;&nbsp;&nbsp;69372898 |
| Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;145210 | &nbsp;&nbsp;&nbsp;&nbsp;42383895 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;124999 | &nbsp;&nbsp;&nbsp;&nbsp;2108733 |

---

<sub>47</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp;12691 | &nbsp;&nbsp;&nbsp;&nbsp;2173968 |
| Omnicom Group, Inc. | &nbsp;&nbsp;66847 | &nbsp;&nbsp;&nbsp;&nbsp;4863119 |
| Paramount Global, Class B | 164988 | &nbsp;&nbsp;&nbsp;&nbsp;3022580 |
| Pinterest, Inc., Class A \* | 190584 | &nbsp;&nbsp;&nbsp;&nbsp;4688366 |
| Playtika Holding Corp. \* | &nbsp;&nbsp;32468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306823 |
| ROBLOX Corp., Class A \* | 117630 | &nbsp;&nbsp;&nbsp;&nbsp;5262766 |
| Roku, Inc. \* | &nbsp;&nbsp;39189 | &nbsp;&nbsp;&nbsp;&nbsp;2176557 |
| Sirius XM Holdings, Inc. *(a)* | 230207 | &nbsp;&nbsp;&nbsp;&nbsp;1390450 |
| Snap, Inc., Class A \* | 337140 | &nbsp;&nbsp;&nbsp;&nbsp;3341057 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;51203 | &nbsp;&nbsp;&nbsp;&nbsp;6066531 |
| TEGNA, Inc. | &nbsp;&nbsp;73064 | &nbsp;&nbsp;&nbsp;&nbsp;1525576 |
| The Interpublic Group of Cos., Inc. | 127075 | &nbsp;&nbsp;&nbsp;&nbsp;3785564 |
| The New York Times Co., Class A | &nbsp;&nbsp;53634 | &nbsp;&nbsp;&nbsp;&nbsp;1553241 |
| The Trade Desk, Inc., Class A \* | 144666 | &nbsp;&nbsp;&nbsp;&nbsp;7702018 |
| The Walt Disney Co. \* | 595309 | &nbsp;&nbsp;&nbsp;&nbsp;63424221 |
| Warner Bros Discovery, Inc. \* | 720696 | &nbsp;&nbsp;&nbsp;&nbsp;9369048 |
| ZoomInfo Technologies, Inc. \* | &nbsp;&nbsp;88312 | &nbsp;&nbsp;&nbsp;&nbsp;3932533 |
|  |  | **703426735** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.6%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.6%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.6%** |
| AbbVie, Inc. | 577225 | &nbsp;&nbsp;&nbsp;&nbsp;84505740 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;97583 | &nbsp;&nbsp;&nbsp;&nbsp;13500608 |
| Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;39244 | &nbsp;&nbsp;&nbsp;&nbsp;8133711 |
| Amgen, Inc. | 174618 | &nbsp;&nbsp;&nbsp;&nbsp;47207976 |
| Apellis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;30340 | &nbsp;&nbsp;&nbsp;&nbsp;1835267 |
| Arrowhead Pharmaceuticals, Inc. \* | &nbsp;&nbsp;34273 | &nbsp;&nbsp;&nbsp;&nbsp;1193043 |
| Avantor, Inc. \* | 220214 | &nbsp;&nbsp;&nbsp;&nbsp;4441716 |
| Biogen, Inc. \* | &nbsp;&nbsp;47397 | &nbsp;&nbsp;&nbsp;&nbsp;13434206 |
| Biohaven Ltd. \* | &nbsp;&nbsp;18604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308268 |
| BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;60505 | &nbsp;&nbsp;&nbsp;&nbsp;5241548 |
| Bio-Rad Laboratories, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp;2456694 |
| Bio-Techne Corp. | &nbsp;&nbsp;12861 | &nbsp;&nbsp;&nbsp;&nbsp;3810200 |
| Blueprint Medicines Corp. \* | &nbsp;&nbsp;19591 | &nbsp;&nbsp;&nbsp;&nbsp;1015597 |
| Bristol-Myers Squibb Co. | 697084 | &nbsp;&nbsp;&nbsp;&nbsp;54003098 |
| Bruker Corp. | &nbsp;&nbsp;33105 | &nbsp;&nbsp;&nbsp;&nbsp;2047213 |
| Catalent, Inc. \* | &nbsp;&nbsp;58413 | &nbsp;&nbsp;&nbsp;&nbsp;3839487 |
| Cerevel Therapeutics Holdings, Inc. \* | &nbsp;&nbsp;20827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582323 |
| Charles River Laboratories International, Inc. \* | &nbsp;&nbsp;16680 | &nbsp;&nbsp;&nbsp;&nbsp;3540330 |
| CRISPR Therapeutics AG \* | &nbsp;&nbsp;25451 | &nbsp;&nbsp;&nbsp;&nbsp;1332105 |
| Cytokinetics, Inc. \* | &nbsp;&nbsp;30754 | &nbsp;&nbsp;&nbsp;&nbsp;1342720 |
| Danaher Corp. | 213744 | &nbsp;&nbsp;&nbsp;&nbsp;53792953 |
| Elanco Animal Health, Inc. \* | 145398 | &nbsp;&nbsp;&nbsp;&nbsp;1917800 |
| Eli Lilly & Co. | 257486 | &nbsp;&nbsp;&nbsp;&nbsp;93233106 |
| Exact Sciences Corp. \* | &nbsp;&nbsp;57550 | &nbsp;&nbsp;&nbsp;&nbsp;2001589 |
| Exelixis, Inc. \* | 105582 | &nbsp;&nbsp;&nbsp;&nbsp;1750550 |
| Gilead Sciences, Inc. | 409182 | &nbsp;&nbsp;&nbsp;&nbsp;32104420 |
| Halozyme Therapeutics, Inc. \* | &nbsp;&nbsp;45186 | &nbsp;&nbsp;&nbsp;&nbsp;2160343 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;75170 | &nbsp;&nbsp;&nbsp;&nbsp;4684594 |
| Illumina, Inc. \* | &nbsp;&nbsp;51273 | &nbsp;&nbsp;&nbsp;&nbsp;11732288 |
| Incyte Corp. \* | &nbsp;&nbsp;60360 | &nbsp;&nbsp;&nbsp;&nbsp;4487162 |
| Intellia Therapeutics, Inc. \* | &nbsp;&nbsp;24779 | &nbsp;&nbsp;&nbsp;&nbsp;1307836 |
| Intra-Cellular Therapies, Inc. \* | &nbsp;&nbsp;28684 | &nbsp;&nbsp;&nbsp;&nbsp;1309998 |
| Ionis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;46331 | &nbsp;&nbsp;&nbsp;&nbsp;2047830 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp;60937 | &nbsp;&nbsp;&nbsp;&nbsp;12776661 |
| Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;20403 | &nbsp;&nbsp;&nbsp;&nbsp;2933747 |
| Johnson & Johnson | 858326 | &nbsp;&nbsp;149322974 |
| Karuna Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8737 | &nbsp;&nbsp;&nbsp;&nbsp;1916374 |
| Medpace Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp;1815796 |
| Merck & Co., Inc. | 827006 | &nbsp;&nbsp;&nbsp;&nbsp;83693007 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7355 | &nbsp;&nbsp;&nbsp;&nbsp;9303560 |
| Mirati Therapeutics, Inc. \* | &nbsp;&nbsp;16197 | &nbsp;&nbsp;&nbsp;&nbsp;1090382 |
| Moderna, Inc. \* | 109866 | &nbsp;&nbsp;&nbsp;&nbsp;16516156 |
| Natera, Inc. \* | &nbsp;&nbsp;31625 | &nbsp;&nbsp;&nbsp;&nbsp;1485110 |
| Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;31366 | &nbsp;&nbsp;&nbsp;&nbsp;3610854 |
| Organon & Co. | &nbsp;&nbsp;83695 | &nbsp;&nbsp;&nbsp;&nbsp;2191135 |
| PerkinElmer, Inc. | &nbsp;&nbsp;41123 | &nbsp;&nbsp;&nbsp;&nbsp;5493210 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Perrigo Co., plc | &nbsp;&nbsp;&nbsp;&nbsp;43542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753872 |
| Pfizer, Inc. | 1832282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85292727 |
| Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26205501 |
| Repligen Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;16805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066744 |
| Royalty Pharma plc, Class A | &nbsp;&nbsp;&nbsp;120062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081024 |
| Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268611 |
| Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;44631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675278 |
| Sotera Health Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;31432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216252 |
| Syneos Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693776 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;127905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65739333 |
| United Therapeutics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;14819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416224 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;83742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26127504 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;397447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026138 |
| Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;19569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854458 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549322 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;152885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23052000 |
|  |  | **1024470049** |
| &nbsp;&nbsp;**Real Estate 3.0%** | &nbsp;&nbsp;**Real Estate 3.0%** | &nbsp;&nbsp;**Real Estate 3.0%** |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792658 |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029905 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;98795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155512 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;152008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31494537 |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122384 |
| Apartment Income REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918541 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993878 |
| Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373207 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100164 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;34927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035815 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;104621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421814 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;141403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18843364 |
| CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;73307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069364 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389515 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227818 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16847625 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640603 |
| Equity Residential | &nbsp;&nbsp;&nbsp;110788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981860 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722822 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768323 |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;23599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335829 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037135 |
| Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183617 |
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;124441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529886 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;175489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164354 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;232874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396661 |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213240 |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;189811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015111 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739977 |
| Jones Lang LaSalle, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489918 |
| Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456408 |
| Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;201876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316109 |
| Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;71343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401176 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627356 |
| Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047416 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;194930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231948 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923269 |
| National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429922 |
| National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;27808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186289 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442357 |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;301480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33388910 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;51621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15989605 |
| Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620835 |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;201903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12572500 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031551 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089489 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599938 |

---

<sub>48</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35215 | &nbsp;&nbsp;&nbsp;&nbsp;9504528 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;106947 | &nbsp;&nbsp;&nbsp;&nbsp;11655084 |
| Spirit Realty Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44775 | &nbsp;&nbsp;&nbsp;&nbsp;1738613 |
| STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58921 | &nbsp;&nbsp;&nbsp;&nbsp;1861314 |
| STORE Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86452 | &nbsp;&nbsp;&nbsp;&nbsp;2749174 |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40364 | &nbsp;&nbsp;&nbsp;&nbsp;5443085 |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21648 | &nbsp;&nbsp;&nbsp;&nbsp;1236967 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99710 | &nbsp;&nbsp;&nbsp;&nbsp;3964470 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;130164 | &nbsp;&nbsp;&nbsp;&nbsp;5093317 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;314545 | &nbsp;&nbsp;&nbsp;&nbsp;10071731 |
| Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;53164 | &nbsp;&nbsp;&nbsp;&nbsp;1254139 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;151600 | &nbsp;&nbsp;&nbsp;&nbsp;9253664 |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;242082 | &nbsp;&nbsp;&nbsp;&nbsp;7487596 |
| WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67899 | &nbsp;&nbsp;&nbsp;&nbsp;5180694 |
| Zillow Group, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;53602 | &nbsp;&nbsp;&nbsp;&nbsp;1654158 |
|  |  | **356539049** |
| &nbsp;&nbsp;**Retailing 5.5%** | &nbsp;&nbsp;**Retailing 5.5%** | &nbsp;&nbsp;**Retailing 5.5%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19748 | &nbsp;&nbsp;&nbsp;&nbsp;3750540 |
| Amazon.com, Inc. \* | 2893691 | &nbsp;&nbsp;296429706 |
| AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12644 | &nbsp;&nbsp;&nbsp;&nbsp;1344184 |
| AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362 | &nbsp;&nbsp;&nbsp;&nbsp;16114183 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74583 | &nbsp;&nbsp;&nbsp;&nbsp;2489581 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65461 | &nbsp;&nbsp;&nbsp;&nbsp;4478187 |
| Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21488 | &nbsp;&nbsp;&nbsp;&nbsp;3071924 |
| CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51895 | &nbsp;&nbsp;&nbsp;&nbsp;3269904 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18527 | &nbsp;&nbsp;&nbsp;&nbsp;2107631 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74102 | &nbsp;&nbsp;&nbsp;&nbsp;18899715 |
| Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;68997 | &nbsp;&nbsp;&nbsp;&nbsp;10936024 |
| DoorDash, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;85403 | &nbsp;&nbsp;&nbsp;&nbsp;3717593 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;179626 | &nbsp;&nbsp;&nbsp;&nbsp;7156300 |
| Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;41226 | &nbsp;&nbsp;&nbsp;&nbsp;3871534 |
| Five Below, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18014 | &nbsp;&nbsp;&nbsp;&nbsp;2636349 |
| Floor & Decor Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;34379 | &nbsp;&nbsp;&nbsp;&nbsp;2522387 |
| GameStop Corp., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;81948 | &nbsp;&nbsp;&nbsp;&nbsp;2319948 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;46124 | &nbsp;&nbsp;&nbsp;&nbsp;8203615 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002 | &nbsp;&nbsp;&nbsp;&nbsp;1783746 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85153 | &nbsp;&nbsp;&nbsp;&nbsp;4737913 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;208633 | &nbsp;&nbsp;&nbsp;&nbsp;40673003 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88168 | &nbsp;&nbsp;&nbsp;&nbsp;1838303 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7042 | &nbsp;&nbsp;&nbsp;&nbsp;2214779 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20809 | &nbsp;&nbsp;&nbsp;&nbsp;17420671 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950668 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12943 | &nbsp;&nbsp;&nbsp;&nbsp;3937649 |
| RH \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6523 | &nbsp;&nbsp;&nbsp;&nbsp;1656385 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;114378 | &nbsp;&nbsp;&nbsp;&nbsp;10944831 |
| Target Corp. | &nbsp;&nbsp;&nbsp;151341 | &nbsp;&nbsp;&nbsp;&nbsp;24857759 |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;335506 | &nbsp;&nbsp;&nbsp;&nbsp;99353392 |
| The TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;382491 | &nbsp;&nbsp;&nbsp;&nbsp;27577601 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;36285 | &nbsp;&nbsp;&nbsp;&nbsp;7974354 |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16946 | &nbsp;&nbsp;&nbsp;&nbsp;7106644 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22475 | &nbsp;&nbsp;&nbsp;&nbsp;2783079 |
|  |  | **649130082** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.5%** |
| Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;527201 | &nbsp;&nbsp;&nbsp;&nbsp;31663692 |
| Allegro MicroSystems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528985 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694740 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;169703 | &nbsp;&nbsp;&nbsp;&nbsp;24203042 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;284082 | &nbsp;&nbsp;&nbsp;&nbsp;25081600 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;131828 | &nbsp;&nbsp;&nbsp;&nbsp;61974979 |
| Cirrus Logic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18175 | &nbsp;&nbsp;&nbsp;&nbsp;1219906 |
| Enphase Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;44250 | &nbsp;&nbsp;&nbsp;&nbsp;13584750 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48519 | &nbsp;&nbsp;&nbsp;&nbsp;3849498 |
| First Solar, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32247 | &nbsp;&nbsp;&nbsp;&nbsp;4694196 |
| GLOBALFOUNDRIES, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;22922 | &nbsp;&nbsp;&nbsp;&nbsp;1299677 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Intel Corp. | 1340286 | &nbsp;&nbsp;&nbsp;&nbsp;38104331 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46313 | &nbsp;&nbsp;&nbsp;&nbsp;14655749 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44731 | &nbsp;&nbsp;&nbsp;&nbsp;18106214 |
| Lattice Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;45036 | &nbsp;&nbsp;&nbsp;&nbsp;2184696 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;277838 | &nbsp;&nbsp;&nbsp;&nbsp;11024612 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;180481 | &nbsp;&nbsp;&nbsp;&nbsp;11142897 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;360153 | &nbsp;&nbsp;&nbsp;&nbsp;19484277 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18751 | &nbsp;&nbsp;&nbsp;&nbsp;1540395 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14466 | &nbsp;&nbsp;&nbsp;&nbsp;4910484 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;817600 | &nbsp;&nbsp;110351472 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;85815 | &nbsp;&nbsp;&nbsp;&nbsp;12535855 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;141591 | &nbsp;&nbsp;&nbsp;&nbsp;8697935 |
| Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33613 | &nbsp;&nbsp;&nbsp;&nbsp;2893407 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;366624 | &nbsp;&nbsp;&nbsp;&nbsp;43136980 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52275 | &nbsp;&nbsp;&nbsp;&nbsp;4496173 |
| SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18114 | &nbsp;&nbsp;&nbsp;&nbsp;4166764 |
| Synaptics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13074 | &nbsp;&nbsp;&nbsp;&nbsp;1158356 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51121 | &nbsp;&nbsp;&nbsp;&nbsp;4158693 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;298226 | &nbsp;&nbsp;&nbsp;&nbsp;47904042 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14283 | &nbsp;&nbsp;&nbsp;&nbsp;1360027 |
| Wolfspeed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40261 | &nbsp;&nbsp;&nbsp;&nbsp;3170554 |
|  |  | **533978978** |
| &nbsp;&nbsp;**Software & Services 13.0%** | &nbsp;&nbsp;**Software & Services 13.0%** | &nbsp;&nbsp;**Software & Services 13.0%** |
| Accenture plc, Class A | &nbsp;&nbsp;&nbsp;206497 | &nbsp;&nbsp;&nbsp;&nbsp;58624498 |
| Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;152806 | &nbsp;&nbsp;&nbsp;&nbsp;48668711 |
| Affirm Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;67206 | &nbsp;&nbsp;&nbsp;&nbsp;1348824 |
| Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51924 | &nbsp;&nbsp;&nbsp;&nbsp;4586447 |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40160 | &nbsp;&nbsp;&nbsp;&nbsp;3466210 |
| ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28371 | &nbsp;&nbsp;&nbsp;&nbsp;6274530 |
| AppLovin Corp., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;39967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677840 |
| Aspen Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp;&nbsp;&nbsp;2262387 |
| Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;70967 | &nbsp;&nbsp;&nbsp;&nbsp;15208228 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;135652 | &nbsp;&nbsp;&nbsp;&nbsp;32787088 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;64123 | &nbsp;&nbsp;&nbsp;&nbsp;2262259 |
| Bill.com Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;30547 | &nbsp;&nbsp;&nbsp;&nbsp;4073748 |
| Black Knight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;50707 | &nbsp;&nbsp;&nbsp;&nbsp;3066252 |
| Block, Inc. \* | &nbsp;&nbsp;&nbsp;173090 | &nbsp;&nbsp;&nbsp;&nbsp;10397516 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38146 | &nbsp;&nbsp;&nbsp;&nbsp;5724189 |
| Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;89477 | &nbsp;&nbsp;&nbsp;&nbsp;13545923 |
| CCC Intelligent Solutions Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317295 |
| Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49913 | &nbsp;&nbsp;&nbsp;&nbsp;3303741 |
| Cloudflare, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;92187 | &nbsp;&nbsp;&nbsp;&nbsp;5191972 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;169259 | &nbsp;&nbsp;&nbsp;&nbsp;10536373 |
| Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14001 | &nbsp;&nbsp;&nbsp;&nbsp;1711342 |
| Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp;1298812 |
| Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;69730 | &nbsp;&nbsp;&nbsp;&nbsp;11240476 |
| Datadog, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;80824 | &nbsp;&nbsp;&nbsp;&nbsp;6507140 |
| DocuSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;65383 | &nbsp;&nbsp;&nbsp;&nbsp;3157999 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;20072 | &nbsp;&nbsp;&nbsp;&nbsp;1341612 |
| DoubleVerify Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609212 |
| Dropbox, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;89035 | &nbsp;&nbsp;&nbsp;&nbsp;1936511 |
| DXC Technology Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;75061 | &nbsp;&nbsp;&nbsp;&nbsp;2158004 |
| Dynatrace, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;65382 | &nbsp;&nbsp;&nbsp;&nbsp;2304062 |
| Elastic N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;25054 | &nbsp;&nbsp;&nbsp;&nbsp;1602203 |
| EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18692 | &nbsp;&nbsp;&nbsp;&nbsp;6542200 |
| Euronet Worldwide, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15367 | &nbsp;&nbsp;&nbsp;&nbsp;1290982 |
| ExlService Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10805 | &nbsp;&nbsp;&nbsp;&nbsp;1964889 |
| Fair Isaac Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255 | &nbsp;&nbsp;&nbsp;&nbsp;3952824 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;198531 | &nbsp;&nbsp;&nbsp;&nbsp;16476088 |
| Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;208806 | &nbsp;&nbsp;&nbsp;&nbsp;21452728 |
| Five9, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22880 | &nbsp;&nbsp;&nbsp;&nbsp;1378749 |
| FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24512 | &nbsp;&nbsp;&nbsp;&nbsp;4562173 |
| Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;213847 | &nbsp;&nbsp;&nbsp;&nbsp;12223495 |

---

<sub>49</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Gartner, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807047 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657509 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10350242 |
| GoDaddy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108440 |
| Guidewire Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615536 |
| HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651247 |
| Informatica, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;12317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238457 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;294834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40772594 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39379163 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752956 |
| Manhattan Associates, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480608 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;278534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91409288 |
| Microsoft Corp. | 2434860 | &nbsp;&nbsp;&nbsp;&nbsp;565204052 |
| MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064364 |
| NCR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;44759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951576 |
| NortonLifeLock, Inc. | &nbsp;&nbsp;&nbsp;193505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359668 |
| Nutanix, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;72710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992254 |
| Okta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766772 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;495923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38716709 |
| Palantir Technologies, Inc., Class A \* | &nbsp;&nbsp;&nbsp;570720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016629 |
| Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;97621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16750787 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;104700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12387057 |
| Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470952 |
| Paycor HCM, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467989 |
| Paylocity Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;13357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096019 |
| PayPal Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;377666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31565324 |
| Procore Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217224 |
| PTC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075386 |
| Qualys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625469 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14354277 |
| Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;324908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52826792 |
| SentinelOne, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;65128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487524 |
| ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;65964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27753693 |
| Smartsheet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;42623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488395 |
| Snowflake, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;92463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14821819 |
| Splunk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;48359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019116 |
| SPS Commerce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486104 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714889 |
| Switch, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543521 |
| Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14617846 |
| Tenable Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480353 |
| The Western Union Co. | &nbsp;&nbsp;&nbsp;125768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699126 |
| Toast, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;98300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171447 |
| Twilio, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;56705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217151 |
| Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389851 |
| UiPath, Inc., Class A \* | &nbsp;&nbsp;&nbsp;113097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430677 |
| Unity Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;58389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722476 |
| VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;30513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6116636 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;533775 | &nbsp;&nbsp;&nbsp;&nbsp;110576829 |
| VMware, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;67530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599151 |
| WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359348 |
| Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;65052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10136403 |
| Zendesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074425 |
| Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;72372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038720 |
| Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213556 |
|  |  | **1551326975** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 8.2%** | &nbsp;&nbsp;**Technology Hardware & Equipment 8.2%** | &nbsp;&nbsp;**Technology Hardware & Equipment 8.2%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;194334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14736347 |
| Apple Inc. | 4932019 | &nbsp;&nbsp;&nbsp;&nbsp;756275793 |
| Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;80557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9736119 |
| Arrow Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117245 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7620921 |
| Ciena Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;48788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336945 |
| Cisco Systems, Inc. | 1352033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61422859 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56281 | &nbsp;&nbsp;&nbsp;&nbsp;2601871 |
| Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;42123 | &nbsp;&nbsp;&nbsp;&nbsp;1415754 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;248062 | &nbsp;&nbsp;&nbsp;&nbsp;7980155 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;86811 | &nbsp;&nbsp;&nbsp;&nbsp;3333542 |
| F5, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19415 | &nbsp;&nbsp;&nbsp;&nbsp;2774598 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;422739 | &nbsp;&nbsp;&nbsp;&nbsp;6032485 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;297386 | &nbsp;&nbsp;&nbsp;&nbsp;8213801 |
| IPG Photonics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;10749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920759 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44836 | &nbsp;&nbsp;&nbsp;&nbsp;2880713 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;104827 | &nbsp;&nbsp;&nbsp;&nbsp;3207706 |
| Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;58791 | &nbsp;&nbsp;&nbsp;&nbsp;10238453 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8104 | &nbsp;&nbsp;&nbsp;&nbsp;1784906 |
| Lumentum Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22425 | &nbsp;&nbsp;&nbsp;&nbsp;1669541 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54546 | &nbsp;&nbsp;&nbsp;&nbsp;13620682 |
| National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42750 | &nbsp;&nbsp;&nbsp;&nbsp;1632195 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71702 | &nbsp;&nbsp;&nbsp;&nbsp;4966798 |
| Novanta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11729 | &nbsp;&nbsp;&nbsp;&nbsp;1658481 |
| Pure Storage, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;90559 | &nbsp;&nbsp;&nbsp;&nbsp;2794651 |
| Rogers Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6118 | &nbsp;&nbsp;&nbsp;&nbsp;1439749 |
| Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;63779 | &nbsp;&nbsp;&nbsp;&nbsp;3167265 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13774 | &nbsp;&nbsp;&nbsp;&nbsp;1260459 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;104474 | &nbsp;&nbsp;&nbsp;&nbsp;12769857 |
| Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15329 | &nbsp;&nbsp;&nbsp;&nbsp;6100635 |
| Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;80735 | &nbsp;&nbsp;&nbsp;&nbsp;4857018 |
| Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478515 |
| Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;101783 | &nbsp;&nbsp;&nbsp;&nbsp;3498282 |
| Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp;4786418 |
|  |  | **970331518** |
| &nbsp;&nbsp;**Telecommunication Services 1.1%** | &nbsp;&nbsp;**Telecommunication Services 1.1%** | &nbsp;&nbsp;**Telecommunication Services 1.1%** |
| AT&T, Inc. | 2326173 | &nbsp;&nbsp;&nbsp;&nbsp;42406134 |
| Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;72723 | &nbsp;&nbsp;&nbsp;&nbsp;1703173 |
| Iridium Communications, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;41810 | &nbsp;&nbsp;&nbsp;&nbsp;2154469 |
| Liberty Global plc, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;90454 | &nbsp;&nbsp;&nbsp;&nbsp;1597417 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;311855 | &nbsp;&nbsp;&nbsp;&nbsp;2295253 |
| T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;196523 | &nbsp;&nbsp;&nbsp;&nbsp;29785026 |
| Verizon Communications, Inc. | 1371011 | &nbsp;&nbsp;&nbsp;&nbsp;51234681 |
|  |  | **131176153** |
| &nbsp;&nbsp;**Transportation 1.8%** | &nbsp;&nbsp;**Transportation 1.8%** | &nbsp;&nbsp;**Transportation 1.8%** |
| Alaska Air Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp;1849536 |
| AMERCO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231 | &nbsp;&nbsp;&nbsp;&nbsp;1858439 |
| American Airlines Group, Inc. \* | &nbsp;&nbsp;&nbsp;211014 | &nbsp;&nbsp;&nbsp;&nbsp;2992178 |
| Avis Budget Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431 | &nbsp;&nbsp;&nbsp;&nbsp;2230054 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40498 | &nbsp;&nbsp;&nbsp;&nbsp;3957465 |
| CSX Corp. | &nbsp;&nbsp;&nbsp;698960 | &nbsp;&nbsp;&nbsp;&nbsp;20311778 |
| Delta Air Lines, Inc. \* | &nbsp;&nbsp;&nbsp;209843 | &nbsp;&nbsp;&nbsp;&nbsp;7119973 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53458 | &nbsp;&nbsp;&nbsp;&nbsp;5230865 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78070 | &nbsp;&nbsp;&nbsp;&nbsp;12513060 |
| GXO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38675 | &nbsp;&nbsp;&nbsp;&nbsp;1413184 |
| Hertz Global Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;58900 | &nbsp;&nbsp;&nbsp;&nbsp;1083760 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27135 | &nbsp;&nbsp;&nbsp;&nbsp;4641984 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52573 | &nbsp;&nbsp;&nbsp;&nbsp;2525081 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11826 | &nbsp;&nbsp;&nbsp;&nbsp;1847458 |
| Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;100086 | &nbsp;&nbsp;&nbsp;&nbsp;1465259 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76682 | &nbsp;&nbsp;&nbsp;&nbsp;17488864 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29913 | &nbsp;&nbsp;&nbsp;&nbsp;8214110 |
| Saia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658 | &nbsp;&nbsp;&nbsp;&nbsp;1721730 |
| Southwest Airlines Co. \* | &nbsp;&nbsp;&nbsp;193379 | &nbsp;&nbsp;&nbsp;&nbsp;7029327 |
| Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;646669 | &nbsp;&nbsp;&nbsp;&nbsp;17181995 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;203838 | &nbsp;&nbsp;&nbsp;&nbsp;40184623 |
| United Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;106722 | &nbsp;&nbsp;&nbsp;&nbsp;4597584 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;238792 | &nbsp;&nbsp;&nbsp;&nbsp;40062134 |

---

<sub>50</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| XPO Logistics, Inc. \* | &nbsp;&nbsp;37571 | &nbsp;&nbsp;&nbsp;&nbsp;1943923 |
|  |  | **209464364** |
| &nbsp;&nbsp;**Utilities 2.9%** | &nbsp;&nbsp;**Utilities 2.9%** | &nbsp;&nbsp;**Utilities 2.9%** |
| Alliant Energy Corp. | &nbsp;&nbsp;81683 | &nbsp;&nbsp;&nbsp;&nbsp;4261402 |
| Ameren Corp. | &nbsp;&nbsp;84273 | &nbsp;&nbsp;&nbsp;&nbsp;6869935 |
| American Electric Power Co., Inc. | 167876 | &nbsp;&nbsp;&nbsp;&nbsp;14759658 |
| American Water Works Co., Inc. | &nbsp;&nbsp;59332 | &nbsp;&nbsp;&nbsp;&nbsp;8623313 |
| Atmos Energy Corp. | &nbsp;&nbsp;45586 | &nbsp;&nbsp;&nbsp;&nbsp;4857188 |
| Avangrid, Inc. | &nbsp;&nbsp;23070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938488 |
| Black Hills Corp. | &nbsp;&nbsp;21135 | &nbsp;&nbsp;&nbsp;&nbsp;1381595 |
| CenterPoint Energy, Inc. | 205368 | &nbsp;&nbsp;&nbsp;&nbsp;5875578 |
| CMS Energy Corp. | &nbsp;&nbsp;94580 | &nbsp;&nbsp;&nbsp;&nbsp;5395789 |
| Consolidated Edison, Inc. | 115701 | &nbsp;&nbsp;&nbsp;&nbsp;10177060 |
| Constellation Energy Corp. | 106519 | &nbsp;&nbsp;&nbsp;&nbsp;10070306 |
| Dominion Energy, Inc. | 271872 | &nbsp;&nbsp;&nbsp;&nbsp;19022884 |
| DTE Energy Co. | &nbsp;&nbsp;63328 | &nbsp;&nbsp;&nbsp;&nbsp;7099702 |
| Duke Energy Corp. | 251357 | &nbsp;&nbsp;&nbsp;&nbsp;23421445 |
| Edison International | 124249 | &nbsp;&nbsp;&nbsp;&nbsp;7459910 |
| Entergy Corp. | &nbsp;&nbsp;66283 | &nbsp;&nbsp;&nbsp;&nbsp;7101561 |
| Essential Utilities, Inc. | &nbsp;&nbsp;77536 | &nbsp;&nbsp;&nbsp;&nbsp;3428642 |
| Evergy, Inc. | &nbsp;&nbsp;74709 | &nbsp;&nbsp;&nbsp;&nbsp;4566961 |
| Eversource Energy | 113276 | &nbsp;&nbsp;&nbsp;&nbsp;8640693 |
| Exelon Corp. | 324093 | &nbsp;&nbsp;&nbsp;&nbsp;12506749 |
| FirstEnergy Corp. | 177472 | &nbsp;&nbsp;&nbsp;&nbsp;6692469 |
| Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;35479 | &nbsp;&nbsp;&nbsp;&nbsp;1349621 |
| IDACORP, Inc. | &nbsp;&nbsp;16635 | &nbsp;&nbsp;&nbsp;&nbsp;1741684 |
| National Fuel Gas Co. | &nbsp;&nbsp;29908 | &nbsp;&nbsp;&nbsp;&nbsp;2018491 |
| New Jersey Resources Corp. | &nbsp;&nbsp;31403 | &nbsp;&nbsp;&nbsp;&nbsp;1401830 |
| NextEra Energy, Inc. | 641572 | &nbsp;&nbsp;&nbsp;&nbsp;49721830 |
| NiSource, Inc. | 132847 | &nbsp;&nbsp;&nbsp;&nbsp;3412839 |
| NRG Energy, Inc. | &nbsp;&nbsp;76540 | &nbsp;&nbsp;&nbsp;&nbsp;3398376 |
| OGE Energy Corp. | &nbsp;&nbsp;65125 | &nbsp;&nbsp;&nbsp;&nbsp;2385529 |
| ONE Gas, Inc. | &nbsp;&nbsp;17650 | &nbsp;&nbsp;&nbsp;&nbsp;1367522 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;14653 | &nbsp;&nbsp;&nbsp;&nbsp;1325364 |
| PG&E Corp. \* | 526036 | &nbsp;&nbsp;&nbsp;&nbsp;7853717 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;37006 | &nbsp;&nbsp;&nbsp;&nbsp;2487173 |
| PNM Resources, Inc. | &nbsp;&nbsp;27978 | &nbsp;&nbsp;&nbsp;&nbsp;1300138 |
| Portland General Electric Co. | &nbsp;&nbsp;28961 | &nbsp;&nbsp;&nbsp;&nbsp;1301507 |
| PPL Corp. | 239695 | &nbsp;&nbsp;&nbsp;&nbsp;6349521 |
| Public Service Enterprise Group, Inc. | 163096 | &nbsp;&nbsp;&nbsp;&nbsp;9144793 |
| Sempra Energy | 102657 | &nbsp;&nbsp;&nbsp;&nbsp;15495048 |
| South Jersey Industries, Inc. | &nbsp;&nbsp;40155 | &nbsp;&nbsp;&nbsp;&nbsp;1392174 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;20127 | &nbsp;&nbsp;&nbsp;&nbsp;1470680 |
| The AES Corp. | 217374 | &nbsp;&nbsp;&nbsp;&nbsp;5686504 |
| The Southern Co. | 347099 | &nbsp;&nbsp;&nbsp;&nbsp;22728043 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| UGI Corp. | &nbsp;&nbsp;67991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402122 |
| Vistra Corp. | 128068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941722 |
| WEC Energy Group, Inc. | 103139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9419685 |
| Xcel Energy, Inc. | 178917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11649286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**342896527** |
| **Total Common Stocks<br> (Cost $3,290,259,237)** | **Total Common Stocks<br> (Cost $3,290,259,237)** | **11831294018** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 0.6% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.6% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.6% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)* | 56315472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56315472 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | 11148600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67464072** |
| **Total Short-Term Investments<br> (Cost $67,464,072)** | **Total Short-Term Investments<br> (Cost $67,464,072)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67464072** |
| **Total Investments in Securities<br> (Cost $3,357,723,309)** | **Total Investments in Securities<br> (Cost $3,357,723,309)** | **11898758090** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55721050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1748573** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $10,725,058.

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

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DIVIDENDS <br> RECEIVED |
| **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** |
| **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** |
| The Charles Schwab Corp. | $39021425 | $1641146 | ($162866) | ($27508) | ($940182) | **$39532015** | 496197 | $385674 |

---

<sub>51</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$11831294018 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11831294018 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67464072 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67464072 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748573 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748573 |
| **Total** | **$11900506663** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$11900506663** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>52</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $5,291,952) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39532015 |
| Investments in securities, at value - unaffiliated (cost $3,352,431,357) including securities on loan of $10,725,058 |  | &nbsp;&nbsp;&nbsp;11859226075 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11867524 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52724 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**11930005924** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148600 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22467303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311463 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41901780** |
| **Net assets** |  | **$11888104144** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;&nbsp;$3281992498 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;8606111646 |
| **Net assets** |  | **$11888104144** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $11888104144 |  | 141466820 |  | $84.03 |

---

<sub>53</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $45,162) |  | &nbsp;&nbsp;&nbsp;&nbsp;$187505742 |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385674 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509697 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188401113** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461785 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594498 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7056283** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**181344830** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27508) |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83154477) |
| Net realized gains on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118772535 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10990124) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24600426** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940182) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(2587358510) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344068) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(2588642760)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(2564042334)** |
| **Decrease in net assets resulting from operations** |  | **($2382697504)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>54</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab 1000 Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$181344830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$171096348 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158449688 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(2588642760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932270152 |
| **Increase (decrease) in net assets resulting from operations** |  | **($2382697504)** | &nbsp;&nbsp;&nbsp;**$4261816188** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($249966849)** | &nbsp;&nbsp;&nbsp;&nbsp;**($306286999)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;15172044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1385599712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15568422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1394601301 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;1982815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202881568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250256414 |
| Shares redeemed | + | &nbsp;&nbsp;(14187727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289927639) | &nbsp;&nbsp;&nbsp;&nbsp;(12663564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1152112463) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2967132** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$298553641** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5931665** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$492745252** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;138499688 | &nbsp;&nbsp;&nbsp;&nbsp;$14222214856 | &nbsp;&nbsp;&nbsp;&nbsp;132568023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9773940415 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;2967132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2334110712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448274441 |
| **End of period** |  | **141466820** | &nbsp;&nbsp;&nbsp;**$11888104144** | &nbsp;&nbsp;&nbsp;**138499688** | &nbsp;&nbsp;&nbsp;**$14222214856** |

---

<sub>55</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;$39.97 | &nbsp;&nbsp;$27.18 | &nbsp;&nbsp;$28.84 | &nbsp;&nbsp;$30.48 | &nbsp;&nbsp;$31.45 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(7.31) | &nbsp;&nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) |
| Net asset value at end of period | &nbsp;&nbsp;$29.87 | &nbsp;&nbsp;$39.97 | &nbsp;&nbsp;$27.18 | &nbsp;&nbsp;$28.84 | &nbsp;&nbsp;$30.48 |
| Total return | &nbsp;&nbsp;&nbsp;(18.53%) | &nbsp;&nbsp;&nbsp;&nbsp;50.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;4.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.04% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$5372 | &nbsp;&nbsp;$6587 | &nbsp;&nbsp;$3988 | &nbsp;&nbsp;$4187 | &nbsp;&nbsp;$3874 |

---

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

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

<sup>3</sup> Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 10/31/19 is a blended ratio.

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

<sub>56</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.8% OF NET ASSETS** | **COMMON STOCKS 99.8% OF NET ASSETS** | **COMMON STOCKS 99.8% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 1.6%** | &nbsp;&nbsp;**Automobiles & Components 1.6%** | &nbsp;&nbsp;**Automobiles & Components 1.6%** |
| Adient plc \* | 212356 | &nbsp;&nbsp;&nbsp;&nbsp;7428213 |
| American Axle & Manufacturing Holdings, Inc. \* | 253407 | &nbsp;&nbsp;&nbsp;&nbsp;2455514 |
| Canoo, Inc. *\*(a)* | 311031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426112 |
| Cenntro Electric Group Ltd. \* | 416026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424346 |
| Dana, Inc. | 288723 | &nbsp;&nbsp;&nbsp;&nbsp;4608019 |
| Dorman Products, Inc. \* | &nbsp;&nbsp;58962 | &nbsp;&nbsp;&nbsp;&nbsp;4812478 |
| Faraday Future Intelligent Electric, Inc. *\*(a)* | 224288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121138 |
| Fisker, Inc. *\*(a)* | 363951 | &nbsp;&nbsp;&nbsp;&nbsp;2966201 |
| Fox Factory Holding Corp. \* | &nbsp;&nbsp;94915 | &nbsp;&nbsp;&nbsp;&nbsp;8338283 |
| Gentherm, Inc. \* | &nbsp;&nbsp;74109 | &nbsp;&nbsp;&nbsp;&nbsp;4329448 |
| Holley, Inc. *\*(a)* | 116742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464633 |
| LCI Industries | &nbsp;&nbsp;55588 | &nbsp;&nbsp;&nbsp;&nbsp;5898443 |
| Lordstown Motors Corp., Class A *\*(a)* | 375943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680457 |
| Luminar Technologies, Inc. *\*(a)* | 551669 | &nbsp;&nbsp;&nbsp;&nbsp;4463002 |
| Modine Manufacturing Co. \* | 111127 | &nbsp;&nbsp;&nbsp;&nbsp;1991396 |
| Motorcar Parts of America, Inc. \* | &nbsp;&nbsp;42004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798076 |
| Mullen Automotive, Inc. \* | 726941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346315 |
| Patrick Industries, Inc. | &nbsp;&nbsp;49157 | &nbsp;&nbsp;&nbsp;&nbsp;2246966 |
| Solid Power, Inc. *\*(a)* | 294436 | &nbsp;&nbsp;&nbsp;&nbsp;1651786 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;45313 | &nbsp;&nbsp;&nbsp;&nbsp;1718722 |
| Stoneridge, Inc. \* | &nbsp;&nbsp;58775 | &nbsp;&nbsp;&nbsp;&nbsp;1226634 |
| Tenneco, Inc., Class A \* | 184621 | &nbsp;&nbsp;&nbsp;&nbsp;3637034 |
| The Goodyear Tire & Rubber Co. \* | 627700 | &nbsp;&nbsp;&nbsp;&nbsp;7971790 |
| Visteon Corp. \* | &nbsp;&nbsp;62240 | &nbsp;&nbsp;&nbsp;&nbsp;8120453 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;69474 | &nbsp;&nbsp;&nbsp;&nbsp;4146903 |
| Workhorse Group, Inc. *\*(a)* | 340701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919893 |
| XPEL, Inc. \* | &nbsp;&nbsp;48179 | &nbsp;&nbsp;&nbsp;&nbsp;3333505 |
|  |  | **85525760** |
| &nbsp;&nbsp;**Banks 11.7%** | &nbsp;&nbsp;**Banks 11.7%** | &nbsp;&nbsp;**Banks 11.7%** |
| 1st Source Corp. | &nbsp;&nbsp;36060 | &nbsp;&nbsp;&nbsp;&nbsp;2097250 |
| ACNB Corp. | &nbsp;&nbsp;18607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680830 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;30875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709816 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;61761 | &nbsp;&nbsp;&nbsp;&nbsp;1859006 |
| American National Bankshares, Inc. | &nbsp;&nbsp;23233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849631 |
| Ameris Bancorp | 148069 | &nbsp;&nbsp;&nbsp;&nbsp;7627034 |
| Arrow Financial Corp. | &nbsp;&nbsp;31711 | &nbsp;&nbsp;&nbsp;&nbsp;1104177 |
| Associated Banc-Corp. | 333828 | &nbsp;&nbsp;&nbsp;&nbsp;8128712 |
| Atlantic Union Bankshares Corp. | 167549 | &nbsp;&nbsp;&nbsp;&nbsp;5787142 |
| Axos Financial, Inc. \* | 128220 | &nbsp;&nbsp;&nbsp;&nbsp;4995451 |
| Banc of California, Inc. | 118235 | &nbsp;&nbsp;&nbsp;&nbsp;1972160 |
| BancFirst Corp. | &nbsp;&nbsp;43985 | &nbsp;&nbsp;&nbsp;&nbsp;4214643 |
| Bank First Corp. | &nbsp;&nbsp;14235 | &nbsp;&nbsp;&nbsp;&nbsp;1226345 |
| Bank of Marin Bancorp | &nbsp;&nbsp;34867 | &nbsp;&nbsp;&nbsp;&nbsp;1258699 |
| BankUnited, Inc. | 174139 | &nbsp;&nbsp;&nbsp;&nbsp;6260297 |
| Bankwell Financial Group, Inc. | &nbsp;&nbsp;12382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379384 |
| Banner Corp. | &nbsp;&nbsp;76461 | &nbsp;&nbsp;&nbsp;&nbsp;5715460 |
| Bar Harbor Bankshares | &nbsp;&nbsp;33024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991050 |
| Baycom Corp. | &nbsp;&nbsp;28223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542728 |
| BCB Bancorp, Inc. | &nbsp;&nbsp;32457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637780 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;98494 | &nbsp;&nbsp;&nbsp;&nbsp;2880949 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Blue Foundry Bancorp \* | &nbsp;&nbsp;58885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724874 |
| Blue Ridge Bankshares, Inc. | &nbsp;&nbsp;38550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503078 |
| Bridgewater Bancshares, Inc. \* | &nbsp;&nbsp;45382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867704 |
| Brookline Bancorp, Inc. | 168656 | &nbsp;&nbsp;&nbsp;2319020 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;47345 | &nbsp;&nbsp;&nbsp;1173209 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;55216 | &nbsp;&nbsp;&nbsp;1276594 |
| Cadence Bank | 405840 | 11221476 |
| Cambridge Bancorp | &nbsp;&nbsp;15343 | &nbsp;&nbsp;&nbsp;1347883 |
| Camden National Corp. | &nbsp;&nbsp;32307 | &nbsp;&nbsp;&nbsp;1406001 |
| Capital Bancorp, Inc. | &nbsp;&nbsp;20392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503275 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;30238 | &nbsp;&nbsp;&nbsp;1071030 |
| Capitol Federal Financial, Inc. | 291367 | &nbsp;&nbsp;&nbsp;2383382 |
| Capstar Financial Holdings, Inc. | &nbsp;&nbsp;45528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804935 |
| Carter Bankshares, Inc. \* | &nbsp;&nbsp;54487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975317 |
| Cathay General Bancorp | 161034 | &nbsp;&nbsp;&nbsp;7343150 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;60113 | &nbsp;&nbsp;&nbsp;1233519 |
| Citizens & Northern Corp. | &nbsp;&nbsp;33752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802623 |
| City Holding Co. | &nbsp;&nbsp;32925 | &nbsp;&nbsp;&nbsp;3320486 |
| Civista Bancshares, Inc. | &nbsp;&nbsp;33937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804307 |
| CNB Financial Corp. | &nbsp;&nbsp;36036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916035 |
| Coastal Financial Corp. \* | &nbsp;&nbsp;23292 | &nbsp;&nbsp;&nbsp;1085873 |
| Colony Bankcorp, Inc. | &nbsp;&nbsp;37078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511676 |
| Columbia Banking System, Inc. | 176282 | &nbsp;&nbsp;&nbsp;5900159 |
| Columbia Financial, Inc. \* | &nbsp;&nbsp;76509 | &nbsp;&nbsp;&nbsp;1571495 |
| Community Bank System, Inc. | 119461 | &nbsp;&nbsp;&nbsp;7457950 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;35110 | &nbsp;&nbsp;&nbsp;1660352 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;83029 | &nbsp;&nbsp;&nbsp;2079876 |
| CrossFirst Bankshares, Inc. \* | 102256 | &nbsp;&nbsp;&nbsp;1422381 |
| Customers Bancorp, Inc. \* | &nbsp;&nbsp;68385 | &nbsp;&nbsp;&nbsp;2303891 |
| CVB Financial Corp. | 298272 | &nbsp;&nbsp;&nbsp;8566372 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;72718 | &nbsp;&nbsp;&nbsp;2510953 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;70935 | &nbsp;&nbsp;&nbsp;3211937 |
| Eastern Bankshares, Inc. | 348885 | &nbsp;&nbsp;&nbsp;6688125 |
| Enact Holdings, Inc. | &nbsp;&nbsp;67464 | &nbsp;&nbsp;&nbsp;1729777 |
| Enterprise Bancorp, Inc. | &nbsp;&nbsp;21008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657130 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;78898 | &nbsp;&nbsp;&nbsp;4218676 |
| Equity Bancshares, Inc., Class A | &nbsp;&nbsp;33945 | &nbsp;&nbsp;&nbsp;1212515 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;15613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705395 |
| Essent Group Ltd. | 235723 | &nbsp;&nbsp;&nbsp;9329916 |
| Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;27128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793765 |
| Farmers National Banc Corp. | &nbsp;&nbsp;70143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963765 |
| FB Financial Corp. | &nbsp;&nbsp;80072 | &nbsp;&nbsp;&nbsp;3359821 |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;20306 | &nbsp;&nbsp;&nbsp;2339251 |
| Finance Of America Cos., Inc., Class A \* | &nbsp;&nbsp;85397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137489 |
| Financial Institutions, Inc. | &nbsp;&nbsp;34041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811197 |
| First BanCorp | 415077 | &nbsp;&nbsp;&nbsp;6554066 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;78969 | &nbsp;&nbsp;&nbsp;3519648 |
| First Bank | &nbsp;&nbsp;35240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553973 |
| First Busey Corp. | 115679 | &nbsp;&nbsp;&nbsp;3055082 |
| First Business Financial Services, Inc. | &nbsp;&nbsp;18093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690248 |
| First Commonwealth Financial Corp. | 208992 | &nbsp;&nbsp;&nbsp;2996945 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;35652 | &nbsp;&nbsp;&nbsp;1327680 |
| First Financial Bancorp | 208444 | &nbsp;&nbsp;&nbsp;5434135 |
| First Financial Bankshares, Inc. | 290814 | 11193431 |
| First Financial Corp. | &nbsp;&nbsp;24743 | &nbsp;&nbsp;&nbsp;1199788 |
| First Foundation, Inc. | 114011 | &nbsp;&nbsp;&nbsp;1819616 |
| First Guaranty Bancshares, Inc. | &nbsp;&nbsp;13326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307431 |

---

<sub>57</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| First Internet Bancorp | &nbsp;&nbsp;19897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511154 |
| First Interstate BancSystem, Inc., Class A | 204522 | &nbsp;&nbsp;&nbsp;9328248 |
| First Merchants Corp. | 128063 | &nbsp;&nbsp;&nbsp;5750029 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;41796 | &nbsp;&nbsp;&nbsp;1496715 |
| First Western Financial, Inc. \* | &nbsp;&nbsp;17910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494495 |
| Five Star Bancorp | &nbsp;&nbsp;28118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815703 |
| Flagstar Bancorp, Inc. | 116965 | &nbsp;&nbsp;&nbsp;4526545 |
| Flushing Financial Corp. | &nbsp;&nbsp;63498 | &nbsp;&nbsp;&nbsp;1250911 |
| Fulton Financial Corp. | 362875 | &nbsp;&nbsp;&nbsp;6615211 |
| FVCBankcorp, Inc. \* | &nbsp;&nbsp;27013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548904 |
| German American Bancorp, Inc. | &nbsp;&nbsp;62101 | &nbsp;&nbsp;&nbsp;2439948 |
| Glacier Bancorp, Inc. | 248734 | 14247484 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;20817 | &nbsp;&nbsp;&nbsp;1290238 |
| Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496170 |
| Guaranty Bancshares, Inc. | &nbsp;&nbsp;18335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678945 |
| Hancock Whitney Corp. | 192841 | 10774027 |
| Hanmi Financial Corp. | &nbsp;&nbsp;67719 | &nbsp;&nbsp;&nbsp;1813515 |
| HarborOne Bancorp, Inc. | &nbsp;&nbsp;99628 | &nbsp;&nbsp;&nbsp;1517334 |
| HBT Financial, Inc. | &nbsp;&nbsp;23136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471743 |
| Heartland Financial USA, Inc. | &nbsp;&nbsp;91896 | &nbsp;&nbsp;&nbsp;4532311 |
| Heritage Commerce Corp. | 131573 | &nbsp;&nbsp;&nbsp;1881494 |
| Heritage Financial Corp. | &nbsp;&nbsp;77587 | &nbsp;&nbsp;&nbsp;2613906 |
| Hilltop Holdings, Inc. | 111586 | &nbsp;&nbsp;&nbsp;3230415 |
| Home Bancorp, Inc. | &nbsp;&nbsp;16460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703665 |
| Home BancShares, Inc. | 425459 | 10844950 |
| Home Point Capital, Inc. | &nbsp;&nbsp;19614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34128 |
| HomeStreet, Inc. | &nbsp;&nbsp;40307 | &nbsp;&nbsp;&nbsp;1046370 |
| HomeTrust Bancshares, Inc. | &nbsp;&nbsp;31967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768167 |
| Hope Bancorp, Inc. | 259225 | &nbsp;&nbsp;&nbsp;3517683 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;90198 | &nbsp;&nbsp;&nbsp;1344852 |
| Independent Bank Corp. | 102512 | &nbsp;&nbsp;&nbsp;8919569 |
| Independent Bank Corp., Michigan | &nbsp;&nbsp;44636 | &nbsp;&nbsp;&nbsp;1032431 |
| Independent Bank Group, Inc. | &nbsp;&nbsp;80071 | &nbsp;&nbsp;&nbsp;5051679 |
| International Bancshares Corp. | 119901 | &nbsp;&nbsp;&nbsp;5947090 |
| John Marshall Bancorp, Inc. | &nbsp;&nbsp;25736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741197 |
| Kearny Financial Corp. | 134775 | &nbsp;&nbsp;&nbsp;1366618 |
| Lakeland Bancorp, Inc. | 138728 | &nbsp;&nbsp;&nbsp;2587277 |
| Lakeland Financial Corp. | &nbsp;&nbsp;54909 | &nbsp;&nbsp;&nbsp;4538229 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;73283 | &nbsp;&nbsp;&nbsp;2379499 |
| Luther Burbank Corp. | &nbsp;&nbsp;32660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412496 |
| Macatawa Bank Corp. | &nbsp;&nbsp;59374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637083 |
| Mercantile Bank Corp. | &nbsp;&nbsp;34598 | &nbsp;&nbsp;&nbsp;1209200 |
| Merchants Bancorp | &nbsp;&nbsp;35445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848908 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;41717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928203 |
| Metropolitan Bank Holding Corp. \* | &nbsp;&nbsp;23084 | &nbsp;&nbsp;&nbsp;1523544 |
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp;32063 | &nbsp;&nbsp;&nbsp;1095913 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;47095 | &nbsp;&nbsp;&nbsp;1320544 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;31666 | &nbsp;&nbsp;&nbsp;1063978 |
| Mr Cooper Group, Inc. \* | 157481 | &nbsp;&nbsp;&nbsp;6218925 |
| MVB Financial Corp. | &nbsp;&nbsp;23072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571263 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;65485 | &nbsp;&nbsp;&nbsp;2869553 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;93522 | &nbsp;&nbsp;&nbsp;4432008 |
| Nicolet Bankshares, Inc. \* | &nbsp;&nbsp;27398 | &nbsp;&nbsp;&nbsp;2090193 |
| NMI Holdings, Inc., Class A \* | 186146 | &nbsp;&nbsp;&nbsp;4082182 |
| Northeast Bank | &nbsp;&nbsp;14739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620512 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;96563 | &nbsp;&nbsp;&nbsp;1548871 |
| Northwest Bancshares, Inc. | 271815 | &nbsp;&nbsp;&nbsp;4093534 |
| OceanFirst Financial Corp. | 130189 | &nbsp;&nbsp;&nbsp;2939668 |
| OFG Bancorp | 104269 | &nbsp;&nbsp;&nbsp;2907020 |
| Old National Bancorp | 656238 | 12836015 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;95038 | &nbsp;&nbsp;&nbsp;1520608 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;50084 | &nbsp;&nbsp;&nbsp;2069972 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;23160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613045 |
| Pacific Premier Bancorp, Inc. | 209772 | &nbsp;&nbsp;&nbsp;7637799 |
| Park National Corp. | &nbsp;&nbsp;32098 | &nbsp;&nbsp;&nbsp;4734455 |
| Parke Bancorp, Inc. | &nbsp;&nbsp;22949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494780 |
| Pathward Financial, Inc. | &nbsp;&nbsp;64277 | &nbsp;&nbsp;&nbsp;2701562 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| PCB Bancorp | &nbsp;&nbsp;26336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487216 |
| PCSB Financial Corp. | &nbsp;&nbsp;28286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551294 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;38780 | &nbsp;&nbsp;&nbsp;1534525 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;62760 | &nbsp;&nbsp;&nbsp;3346363 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;62216 | &nbsp;&nbsp;&nbsp;1883278 |
| Peoples Financial Services Corp. | &nbsp;&nbsp;15674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861913 |
| Pioneer Bancorp, Inc. \* | &nbsp;&nbsp;26534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273566 |
| Preferred Bank | &nbsp;&nbsp;29717 | &nbsp;&nbsp;&nbsp;2284346 |
| Premier Financial Corp. | &nbsp;&nbsp;79508 | &nbsp;&nbsp;&nbsp;2293806 |
| Primis Financial Corp. | &nbsp;&nbsp;49901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643224 |
| Professional Holding Corp., Class A \* | &nbsp;&nbsp;29162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789415 |
| Provident Bancorp, Inc. | &nbsp;&nbsp;32571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402578 |
| Provident Financial Services, Inc. | 163512 | &nbsp;&nbsp;&nbsp;3665939 |
| QCR Holdings, Inc. | &nbsp;&nbsp;35773 | &nbsp;&nbsp;&nbsp;1814049 |
| Radian Group, Inc. | 362551 | &nbsp;&nbsp;&nbsp;7566439 |
| RBB Bancorp | &nbsp;&nbsp;32699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736054 |
| Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561060 |
| Renasant Corp. | 122428 | &nbsp;&nbsp;&nbsp;4942418 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp;19351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896919 |
| Republic First Bancorp, Inc. \* | 106268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300738 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;87484 | &nbsp;&nbsp;&nbsp;3307770 |
| Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;97727 | &nbsp;&nbsp;&nbsp;3463445 |
| Seacoast Banking Corp. of Florida | 135396 | &nbsp;&nbsp;&nbsp;4183736 |
| ServisFirst Bancshares, Inc. | 112258 | &nbsp;&nbsp;&nbsp;8456395 |
| Shore Bancshares, Inc. | &nbsp;&nbsp;39953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796663 |
| Sierra Bancorp | &nbsp;&nbsp;30459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671621 |
| Silvergate Capital Corp., Class A \* | &nbsp;&nbsp;70135 | &nbsp;&nbsp;&nbsp;3980863 |
| Simmons First National Corp., Class A | 274940 | &nbsp;&nbsp;&nbsp;6562818 |
| SmartFinancial, Inc. | &nbsp;&nbsp;34731 | &nbsp;&nbsp;&nbsp;1015534 |
| South Plains Financial, Inc. | &nbsp;&nbsp;22284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696821 |
| Southern First Bancshares, Inc. \* | &nbsp;&nbsp;16981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758711 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;17576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900770 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;68526 | &nbsp;&nbsp;&nbsp;2346330 |
| SouthState Corp. | 167768 | 15171260 |
| Stellar Bancorp, Inc. | 101440 | &nbsp;&nbsp;&nbsp;3331290 |
| Sterling Bancorp, Inc. \* | &nbsp;&nbsp;37651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239837 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;64062 | &nbsp;&nbsp;&nbsp;5009008 |
| Summit Financial Group, Inc. | &nbsp;&nbsp;24989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726430 |
| Texas Capital Bancshares, Inc. \* | 111879 | &nbsp;&nbsp;&nbsp;6712740 |
| The Bancorp, Inc. \* | 123365 | &nbsp;&nbsp;&nbsp;3402407 |
| The Bank of N.T. Butterfield & Son Ltd. | 111217 | &nbsp;&nbsp;&nbsp;3841435 |
| The First BanCorp, Inc. | &nbsp;&nbsp;21794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666025 |
| The First Bancshares, Inc. | &nbsp;&nbsp;44137 | &nbsp;&nbsp;&nbsp;1445045 |
| The First of Long Island Corp. | &nbsp;&nbsp;49424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868874 |
| The Hingham Institution For Savings | &nbsp;&nbsp;&nbsp;&nbsp;3267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807766 |
| Third Coast Bancshares, Inc. \* | &nbsp;&nbsp;28813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558972 |
| Tompkins Financial Corp. | &nbsp;&nbsp;31135 | &nbsp;&nbsp;&nbsp;2579223 |
| Towne Bank | 150608 | &nbsp;&nbsp;&nbsp;4961028 |
| TriCo Bancshares | &nbsp;&nbsp;69782 | &nbsp;&nbsp;&nbsp;4041076 |
| Triumph Bancorp, Inc. \* | &nbsp;&nbsp;52242 | &nbsp;&nbsp;&nbsp;2690463 |
| TrustCo Bank Corp. | &nbsp;&nbsp;42114 | &nbsp;&nbsp;&nbsp;1571694 |
| Trustmark Corp. | 136997 | &nbsp;&nbsp;&nbsp;5009980 |
| UMB Financial Corp. | &nbsp;&nbsp;98512 | &nbsp;&nbsp;&nbsp;8198169 |
| United Bankshares, Inc. | 292136 | 12371960 |
| United Community Banks, Inc. | 237851 | &nbsp;&nbsp;&nbsp;9157263 |
| Unity Bancorp, Inc. | &nbsp;&nbsp;15476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443542 |
| Univest Financial Corp. | &nbsp;&nbsp;65276 | &nbsp;&nbsp;&nbsp;1836867 |
| USCB Financial Holdings, Inc. \* | &nbsp;&nbsp;23684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318076 |
| Valley National Bancorp | 963887 | 11441339 |
| Velocity Financial, Inc. \* | &nbsp;&nbsp;19685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191141 |
| Veritex Holdings, Inc. | 117522 | &nbsp;&nbsp;&nbsp;3711345 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;68674 | &nbsp;&nbsp;&nbsp;6177913 |
| Washington Federal, Inc. | 144958 | &nbsp;&nbsp;&nbsp;5609875 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;38085 | &nbsp;&nbsp;&nbsp;1847122 |
| Waterstone Financial, Inc. | &nbsp;&nbsp;43363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736304 |
| WesBanco, Inc. | 130563 | &nbsp;&nbsp;&nbsp;5279968 |
| West Bancorp, Inc. | &nbsp;&nbsp;36265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814875 |
| Westamerica Bancorp | &nbsp;&nbsp;58281 | &nbsp;&nbsp;&nbsp;3655967 |

---

<sub>58</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| WSFS Financial Corp. | 141375 | &nbsp;&nbsp;&nbsp;&nbsp;6582420 |
|  |  | **627954221** |
| &nbsp;&nbsp;**Capital Goods 10.6%** | &nbsp;&nbsp;**Capital Goods 10.6%** | &nbsp;&nbsp;**Capital Goods 10.6%** |
| 3D Systems Corp. \* | 283651 | &nbsp;&nbsp;&nbsp;&nbsp;2504638 |
| AAON, Inc. | &nbsp;&nbsp;98144 | &nbsp;&nbsp;&nbsp;&nbsp;6329307 |
| AAR Corp. \* | &nbsp;&nbsp;75644 | &nbsp;&nbsp;&nbsp;&nbsp;3352542 |
| Aerojet Rocketdyne Holdings, Inc. \* | 177616 | &nbsp;&nbsp;&nbsp;&nbsp;8605495 |
| AeroVironment, Inc. \* | &nbsp;&nbsp;55195 | &nbsp;&nbsp;&nbsp;&nbsp;5050343 |
| AerSale Corp. \* | &nbsp;&nbsp;35617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755080 |
| Alamo Group, Inc. | &nbsp;&nbsp;22514 | &nbsp;&nbsp;&nbsp;&nbsp;3423929 |
| Albany International Corp., Class A | &nbsp;&nbsp;69766 | &nbsp;&nbsp;&nbsp;&nbsp;6391961 |
| Allied Motion Technologies, Inc. | &nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp;1011218 |
| Alta Equipment Group, Inc. | &nbsp;&nbsp;46277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565968 |
| Altra Industrial Motion Corp. | 145462 | &nbsp;&nbsp;&nbsp;&nbsp;8748085 |
| Ameresco, Inc., Class A \* | &nbsp;&nbsp;71165 | &nbsp;&nbsp;&nbsp;&nbsp;4304059 |
| American Woodmark Corp. \* | &nbsp;&nbsp;36956 | &nbsp;&nbsp;&nbsp;&nbsp;1675955 |
| API Group Corp. \* | 462940 | &nbsp;&nbsp;&nbsp;&nbsp;7633881 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;49767 | &nbsp;&nbsp;&nbsp;&nbsp;2283310 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;85656 | &nbsp;&nbsp;&nbsp;&nbsp;10653893 |
| Archer Aviation, Inc., Class A \* | 318671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908212 |
| Arcosa, Inc. | 108386 | &nbsp;&nbsp;&nbsp;&nbsp;6958381 |
| Argan, Inc. | &nbsp;&nbsp;29989 | &nbsp;&nbsp;&nbsp;&nbsp;1039719 |
| Array Technologies, Inc. \* | 337390 | &nbsp;&nbsp;&nbsp;&nbsp;6106759 |
| Astec Industries, Inc. | &nbsp;&nbsp;50953 | &nbsp;&nbsp;&nbsp;&nbsp;2224098 |
| Astra Space, Inc. \* | 335254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211344 |
| Astronics Corp. \* | &nbsp;&nbsp;57485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532311 |
| Atkore, Inc. \* | &nbsp;&nbsp;92238 | &nbsp;&nbsp;&nbsp;&nbsp;8790281 |
| AZZ, Inc. | &nbsp;&nbsp;54748 | &nbsp;&nbsp;&nbsp;&nbsp;2200870 |
| Babcock & Wilcox Enterprises, Inc. \* | 135891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619663 |
| Barnes Group, Inc. | 109556 | &nbsp;&nbsp;&nbsp;&nbsp;3874996 |
| Beacon Roofing Supply, Inc. \* | 114944 | &nbsp;&nbsp;&nbsp;&nbsp;6477094 |
| Berkshire Grey, Inc. \* | 107250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143715 |
| Blink Charging Co. *\*(a)* | &nbsp;&nbsp;79700 | &nbsp;&nbsp;&nbsp;&nbsp;1179560 |
| Bloom Energy Corp., Class A \* | 393549 | &nbsp;&nbsp;&nbsp;&nbsp;7363302 |
| Blue Bird Corp. \* | &nbsp;&nbsp;38321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351404 |
| BlueLinx Holdings, Inc. \* | &nbsp;&nbsp;20023 | &nbsp;&nbsp;&nbsp;&nbsp;1410821 |
| Boise Cascade Co. | &nbsp;&nbsp;88392 | &nbsp;&nbsp;&nbsp;&nbsp;5901934 |
| Brookfield Business Corp., Class A | &nbsp;&nbsp;57846 | &nbsp;&nbsp;&nbsp;&nbsp;1482015 |
| Cadre Holdings, Inc. | &nbsp;&nbsp;42511 | &nbsp;&nbsp;&nbsp;&nbsp;1248548 |
| Caesarstone Ltd. | &nbsp;&nbsp;51397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456405 |
| Chart Industries, Inc. \* | &nbsp;&nbsp;82196 | &nbsp;&nbsp;&nbsp;&nbsp;18319844 |
| CIRCOR International, Inc. \* | &nbsp;&nbsp;41534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858508 |
| Columbus McKinnon Corp. | &nbsp;&nbsp;62691 | &nbsp;&nbsp;&nbsp;&nbsp;1787947 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;79308 | &nbsp;&nbsp;&nbsp;&nbsp;9777090 |
| Concrete Pumping Holdings, Inc. \* | &nbsp;&nbsp;59374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380290 |
| Construction Partners, Inc., Class A \* | &nbsp;&nbsp;89298 | &nbsp;&nbsp;&nbsp;&nbsp;2780740 |
| CSW Industrials, Inc. | &nbsp;&nbsp;32711 | &nbsp;&nbsp;&nbsp;&nbsp;4217102 |
| Custom Truck One Source, Inc. \* | 134052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928980 |
| Desktop Metal, Inc., Class A *\*(a)* | 590931 | &nbsp;&nbsp;&nbsp;&nbsp;1495055 |
| Distribution Solutions Group, Inc. \* | &nbsp;&nbsp;10769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323932 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;50328 | &nbsp;&nbsp;&nbsp;&nbsp;1708636 |
| Ducommun, Inc. \* | &nbsp;&nbsp;24699 | &nbsp;&nbsp;&nbsp;&nbsp;1166040 |
| DXP Enterprises, Inc. \* | &nbsp;&nbsp;33961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971624 |
| Dycom Industries, Inc. \* | &nbsp;&nbsp;64611 | &nbsp;&nbsp;&nbsp;&nbsp;7635728 |
| EMCOR Group, Inc. | 109437 | &nbsp;&nbsp;&nbsp;&nbsp;15441561 |
| Encore Wire Corp. | &nbsp;&nbsp;41309 | &nbsp;&nbsp;&nbsp;&nbsp;5683705 |
| Energy Recovery, Inc. \* | 123131 | &nbsp;&nbsp;&nbsp;&nbsp;3168161 |
| Energy Vault Holdings, Inc. *\*(a)* | 142347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458357 |
| Enerpac Tool Group Corp. | 130839 | &nbsp;&nbsp;&nbsp;&nbsp;3324619 |
| EnerSys | &nbsp;&nbsp;91306 | &nbsp;&nbsp;&nbsp;&nbsp;6052675 |
| Enovix Corp. \* | 243425 | &nbsp;&nbsp;&nbsp;&nbsp;4593430 |
| EnPro Industries, Inc. | &nbsp;&nbsp;46566 | &nbsp;&nbsp;&nbsp;&nbsp;4959279 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;57660 | &nbsp;&nbsp;&nbsp;&nbsp;4968562 |
| ESS Tech, Inc. *\*(a)* | 181832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769149 |
| Evoqua Water Technologies Corp. \* | 263241 | &nbsp;&nbsp;&nbsp;&nbsp;10313782 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Fathom Digital Manufacturing Corp., Class A \* | &nbsp;&nbsp;22178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56332 |
| Federal Signal Corp. | 133667 | 6235566 |
| Fluence Energy, Inc. *\*(a)* | &nbsp;&nbsp;80688 | 1204672 |
| Fluor Corp. \* | 318516 | 9638294 |
| Franklin Electric Co., Inc. | 103143 | 8451537 |
| FTC Solar, Inc. \* | &nbsp;&nbsp;94269 | &nbsp;&nbsp;&nbsp;&nbsp;195137 |
| FuelCell Energy, Inc. \* | 871716 | 2719754 |
| GATX Corp. | &nbsp;&nbsp;79455 | 8319733 |
| Gibraltar Industries, Inc. \* | &nbsp;&nbsp;71053 | 3629387 |
| Global Industrial Co. | &nbsp;&nbsp;29026 | &nbsp;&nbsp;&nbsp;&nbsp;921285 |
| GMS, Inc. \* | &nbsp;&nbsp;96767 | 4567402 |
| GrafTech International Ltd. | 434491 | 2211559 |
| Granite Construction, Inc. | &nbsp;&nbsp;99041 | 3340653 |
| Great Lakes Dredge & Dock Corp. \* | 146403 | 1106807 |
| Griffon Corp. | 103048 | 3311963 |
| H&E Equipment Services, Inc. | &nbsp;&nbsp;71502 | 2699916 |
| Heliogen, Inc. *\*(a)* | 199959 | &nbsp;&nbsp;&nbsp;&nbsp;359926 |
| Helios Technologies, Inc. | &nbsp;&nbsp;72815 | 4127882 |
| Herc Holdings, Inc. | &nbsp;&nbsp;57426 | 6753872 |
| Hillenbrand, Inc. | 155025 | 6849005 |
| Hillman Solutions Corp. \* | 301660 | 2355965 |
| Hudson Technologies, Inc. \* | &nbsp;&nbsp;97069 | &nbsp;&nbsp;&nbsp;&nbsp;894005 |
| Hydrofarm Holdings Group, Inc. \* | &nbsp;&nbsp;95161 | &nbsp;&nbsp;&nbsp;&nbsp;245515 |
| Hyliion Holdings Corp. *\*(a)* | 296407 | &nbsp;&nbsp;&nbsp;&nbsp;844760 |
| Hyster-Yale Materials Handling, Inc. | &nbsp;&nbsp;24380 | &nbsp;&nbsp;&nbsp;&nbsp;710921 |
| Hyzon Motors, Inc. *\*(a)* | 197533 | &nbsp;&nbsp;&nbsp;&nbsp;377288 |
| IES Holdings, Inc. \* | &nbsp;&nbsp;19343 | &nbsp;&nbsp;&nbsp;&nbsp;639093 |
| Insteel Industries, Inc. | &nbsp;&nbsp;41987 | 1106357 |
| Janus International Group, Inc. \* | 182720 | 1759594 |
| JELD-WEN Holding, Inc. \* | 187315 | 1987412 |
| John Bean Technologies Corp. | &nbsp;&nbsp;70783 | 6455410 |
| Kadant, Inc. | &nbsp;&nbsp;25969 | 4621184 |
| Kaman Corp. | &nbsp;&nbsp;62557 | 2008080 |
| Karat Packaging, Inc. \* | &nbsp;&nbsp;12467 | &nbsp;&nbsp;&nbsp;&nbsp;204209 |
| Kennametal, Inc. | 182104 | 4863998 |
| Kratos Defense & Security Solutions, Inc. \* | 276586 | 3064573 |
| Lightning eMotors, Inc. *\*(a)* | &nbsp;&nbsp;86027 | &nbsp;&nbsp;&nbsp;&nbsp;132482 |
| Lindsay Corp. | &nbsp;&nbsp;24628 | 4169520 |
| Luxfer Holdings plc | &nbsp;&nbsp;60801 | &nbsp;&nbsp;&nbsp;&nbsp;879790 |
| Markforged Holding Corp. *\*(a)* | 243036 | &nbsp;&nbsp;&nbsp;&nbsp;529818 |
| Masonite International Corp. \* | &nbsp;&nbsp;49789 | 3561407 |
| Maxar Technologies, Inc. | 164572 | 3676538 |
| McGrath RentCorp | &nbsp;&nbsp;54206 | 5098074 |
| Microvast Holdings, Inc. \* | 376904 | &nbsp;&nbsp;&nbsp;&nbsp;923415 |
| Miller Industries, Inc. | &nbsp;&nbsp;25020 | &nbsp;&nbsp;&nbsp;&nbsp;636259 |
| Momentus, Inc. \* | 119773 | &nbsp;&nbsp;&nbsp;&nbsp;174869 |
| Moog, Inc., Class A | &nbsp;&nbsp;64051 | 5428322 |
| MRC Global, Inc. \* | 185979 | 1865369 |
| Mueller Industries, Inc. | 125185 | 7841588 |
| Mueller Water Products, Inc., Class A | 348961 | 4082844 |
| MYR Group, Inc. \* | &nbsp;&nbsp;36678 | 3209692 |
| National Presto Industries, Inc. | &nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;810635 |
| Nikola Corp. *\*(a)* | 721519 | 2734557 |
| Northwest Pipe Co. \* | &nbsp;&nbsp;21989 | &nbsp;&nbsp;&nbsp;&nbsp;747406 |
| NOW, Inc. \* | 246805 | 3141828 |
| NuScale Power Corp. *\*(a)* | &nbsp;&nbsp;70203 | &nbsp;&nbsp;&nbsp;&nbsp;791890 |
| NV5 Global, Inc. \* | &nbsp;&nbsp;30257 | 4385752 |
| Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7332 | &nbsp;&nbsp;&nbsp;&nbsp;692141 |
| Park Aerospace Corp. | &nbsp;&nbsp;44466 | &nbsp;&nbsp;&nbsp;&nbsp;553157 |
| Parsons Corp. \* | &nbsp;&nbsp;75256 | 3528001 |
| PGT Innovations, Inc. \* | 129247 | 2754254 |
| Powell Industries, Inc. | &nbsp;&nbsp;20801 | &nbsp;&nbsp;&nbsp;&nbsp;513161 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;5494 | &nbsp;&nbsp;&nbsp;&nbsp;436059 |
| Primoris Services Corp. | 118964 | 2401883 |
| Proterra, Inc. \* | 494999 | 3088794 |
| Proto Labs, Inc. \* | &nbsp;&nbsp;61677 | 2355445 |

---

<sub>59</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Quanex Building Products Corp. | &nbsp;&nbsp;74128 | &nbsp;&nbsp;&nbsp;&nbsp;1642676 |
| RBC Bearings, Inc. \* | &nbsp;&nbsp;63828 | &nbsp;&nbsp;&nbsp;&nbsp;16182313 |
| Redwire Corp. \* | &nbsp;&nbsp;42522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116510 |
| Resideo Technologies, Inc. \* | 323546 | &nbsp;&nbsp;&nbsp;&nbsp;7642157 |
| REV Group, Inc. | &nbsp;&nbsp;75634 | &nbsp;&nbsp;&nbsp;&nbsp;1039211 |
| Rocket Lab USA, Inc. \* | 483280 | &nbsp;&nbsp;&nbsp;&nbsp;2459895 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp;94980 | &nbsp;&nbsp;&nbsp;&nbsp;4738552 |
| Rush Enterprises, Inc., Class B | &nbsp;&nbsp;14723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789447 |
| Sarcos Technology and Robotics Corp. *\*(a)* | 247920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500798 |
| Shoals Technologies Group, Inc., Class A \* | 250295 | &nbsp;&nbsp;&nbsp;&nbsp;5784317 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;97006 | &nbsp;&nbsp;&nbsp;&nbsp;8292073 |
| SPX Technologies, Inc. \* | &nbsp;&nbsp;97968 | &nbsp;&nbsp;&nbsp;&nbsp;6450213 |
| Standex International Corp. | &nbsp;&nbsp;26771 | &nbsp;&nbsp;&nbsp;&nbsp;2651668 |
| Stem, Inc. \* | 322493 | &nbsp;&nbsp;&nbsp;&nbsp;4385905 |
| Sterling Infrastructure, Inc. \* | &nbsp;&nbsp;65576 | &nbsp;&nbsp;&nbsp;&nbsp;1769896 |
| SunPower Corp. \* | 183115 | &nbsp;&nbsp;&nbsp;&nbsp;3385796 |
| Tennant Co. | &nbsp;&nbsp;41534 | &nbsp;&nbsp;&nbsp;&nbsp;2419356 |
| Terex Corp. | 149191 | &nbsp;&nbsp;&nbsp;&nbsp;6048203 |
| Terran Orbital Corp. *\*(a)* | &nbsp;&nbsp;52616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137854 |
| Textainer Group Holdings Ltd. | 100986 | &nbsp;&nbsp;&nbsp;&nbsp;3021501 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;51016 | &nbsp;&nbsp;&nbsp;&nbsp;1384574 |
| The Greenbrier Cos., Inc. | &nbsp;&nbsp;70978 | &nbsp;&nbsp;&nbsp;&nbsp;2506233 |
| The Manitowoc Co., Inc. \* | &nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711360 |
| The Shyft Group, Inc. | &nbsp;&nbsp;77268 | &nbsp;&nbsp;&nbsp;&nbsp;1775619 |
| Thermon Group Holdings, Inc. \* | &nbsp;&nbsp;73907 | &nbsp;&nbsp;&nbsp;&nbsp;1312588 |
| Titan International, Inc. \* | 114509 | &nbsp;&nbsp;&nbsp;&nbsp;1713055 |
| Titan Machinery, Inc. \* | &nbsp;&nbsp;45348 | &nbsp;&nbsp;&nbsp;&nbsp;1559064 |
| TPI Composites, Inc. \* | &nbsp;&nbsp;81666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813393 |
| Transcat, Inc. \* | &nbsp;&nbsp;15897 | &nbsp;&nbsp;&nbsp;&nbsp;1315636 |
| Trinity Industries, Inc. | 183858 | &nbsp;&nbsp;&nbsp;&nbsp;5245469 |
| Triton International Ltd. | 137507 | &nbsp;&nbsp;&nbsp;&nbsp;8345300 |
| Triumph Group, Inc. \* | 143586 | &nbsp;&nbsp;&nbsp;&nbsp;1299453 |
| Tutor Perini Corp. \* | &nbsp;&nbsp;94355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700114 |
| UFP Industries, Inc. | 133799 | &nbsp;&nbsp;&nbsp;&nbsp;9530503 |
| V2X, Inc. \* | &nbsp;&nbsp;26889 | &nbsp;&nbsp;&nbsp;&nbsp;1102180 |
| Velo3D, Inc. *\*(a)* | 126556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498631 |
| Veritiv Corp. \* | &nbsp;&nbsp;30287 | &nbsp;&nbsp;&nbsp;&nbsp;3521167 |
| Vicor Corp. \* | &nbsp;&nbsp;49270 | &nbsp;&nbsp;&nbsp;&nbsp;2353628 |
| View, Inc. *\*(a)* | 246431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332682 |
| Virgin Galactic Holdings, Inc. *\*(a)* | 511063 | &nbsp;&nbsp;&nbsp;&nbsp;2361111 |
| Wabash National Corp. | 108825 | &nbsp;&nbsp;&nbsp;&nbsp;2356061 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;61237 | &nbsp;&nbsp;&nbsp;&nbsp;8962647 |
| Xos, Inc. \* | 120236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135867 |
| Zurn Water Solutions Corp. | 277888 | &nbsp;&nbsp;&nbsp;&nbsp;6527589 |
|  |  | **570662153** |
| &nbsp;&nbsp;**Commercial & Professional Services 3.1%** | &nbsp;&nbsp;**Commercial & Professional Services 3.1%** | &nbsp;&nbsp;**Commercial & Professional Services 3.1%** |
| ABM Industries, Inc. | 150034 | &nbsp;&nbsp;&nbsp;&nbsp;6678013 |
| ACCO Brands Corp. | 205594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945732 |
| ACV Auctions, Inc., Class A \* | 258395 | &nbsp;&nbsp;&nbsp;&nbsp;2356562 |
| Alight, Inc., Class A \* | 759738 | &nbsp;&nbsp;&nbsp;&nbsp;6298228 |
| Aris Water Solution, Inc., Class A | &nbsp;&nbsp;49458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842270 |
| ASGN, Inc. \* | 109804 | &nbsp;&nbsp;&nbsp;&nbsp;9309183 |
| Atlas Technical Consultants, Inc. \* | &nbsp;&nbsp;41272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312842 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;15535 | &nbsp;&nbsp;&nbsp;&nbsp;1354963 |
| Brady Corp., Class A | 102109 | &nbsp;&nbsp;&nbsp;&nbsp;4671487 |
| BrightView Holdings, Inc. \* | &nbsp;&nbsp;99081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883803 |
| Casella Waste Systems, Inc., Class A \* | 111732 | &nbsp;&nbsp;&nbsp;&nbsp;9140795 |
| CBIZ, Inc. \* | 108431 | &nbsp;&nbsp;&nbsp;&nbsp;5382515 |
| Cimpress plc \* | &nbsp;&nbsp;39665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923401 |
| CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60533 |
| CoreCivic, Inc. \* | 261285 | &nbsp;&nbsp;&nbsp;&nbsp;2735654 |
| CRA International, Inc. | &nbsp;&nbsp;15465 | &nbsp;&nbsp;&nbsp;&nbsp;1588874 |
| Deluxe Corp. | &nbsp;&nbsp;96490 | &nbsp;&nbsp;&nbsp;&nbsp;1773486 |
| Ennis, Inc. | &nbsp;&nbsp;56590 | &nbsp;&nbsp;&nbsp;&nbsp;1276670 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Exponent, Inc. | 113802 | &nbsp;&nbsp;&nbsp;&nbsp;10840779 |
| First Advantage Corp. \* | 131398 | &nbsp;&nbsp;&nbsp;&nbsp;1846142 |
| Forrester Research, Inc. \* | &nbsp;&nbsp;25202 | &nbsp;&nbsp;&nbsp;&nbsp;1066549 |
| Franklin Covey Co. \* | &nbsp;&nbsp;27108 | &nbsp;&nbsp;&nbsp;&nbsp;1371665 |
| Harsco Corp. \* | 174447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922825 |
| Healthcare Services Group, Inc. | 166403 | &nbsp;&nbsp;&nbsp;&nbsp;2322986 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;43451 | &nbsp;&nbsp;&nbsp;&nbsp;1223580 |
| Heritage-Crystal Clean, Inc. \* | &nbsp;&nbsp;34979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960873 |
| HireRight Holdings Corp. \* | &nbsp;&nbsp;47706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642123 |
| HNI Corp. | &nbsp;&nbsp;92178 | &nbsp;&nbsp;&nbsp;&nbsp;2672240 |
| Huron Consulting Group, Inc. \* | &nbsp;&nbsp;46002 | &nbsp;&nbsp;&nbsp;&nbsp;3387127 |
| ICF International, Inc. | &nbsp;&nbsp;41299 | &nbsp;&nbsp;&nbsp;&nbsp;4940599 |
| Insperity, Inc. | &nbsp;&nbsp;81200 | &nbsp;&nbsp;&nbsp;&nbsp;9583224 |
| Interface, Inc. | 131260 | &nbsp;&nbsp;&nbsp;&nbsp;1484551 |
| KAR Auction Services, Inc. \* | 257113 | &nbsp;&nbsp;&nbsp;&nbsp;3735852 |
| Kelly Services, Inc., Class A | &nbsp;&nbsp;75350 | &nbsp;&nbsp;&nbsp;&nbsp;1231219 |
| Kforce, Inc. | &nbsp;&nbsp;45621 | &nbsp;&nbsp;&nbsp;&nbsp;2886441 |
| Kimball International, Inc., Class B | &nbsp;&nbsp;81701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603770 |
| Korn Ferry | 121456 | &nbsp;&nbsp;&nbsp;&nbsp;6751739 |
| LegalZoom.com, Inc. \* | 215205 | &nbsp;&nbsp;&nbsp;&nbsp;1990646 |
| Li-Cycle Holdings Corp. *\*(a)* | 307032 | &nbsp;&nbsp;&nbsp;&nbsp;1829911 |
| Matthews International Corp., Class A | &nbsp;&nbsp;66567 | &nbsp;&nbsp;&nbsp;&nbsp;1789321 |
| MillerKnoll, Inc. | 170094 | &nbsp;&nbsp;&nbsp;&nbsp;3602591 |
| Montrose Environmental Group, Inc. \* | &nbsp;&nbsp;61527 | &nbsp;&nbsp;&nbsp;&nbsp;2693652 |
| NL Industries, Inc. | &nbsp;&nbsp;18784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164548 |
| Pitney Bowes, Inc. | 387757 | &nbsp;&nbsp;&nbsp;&nbsp;1205924 |
| Planet Labs PBC \* | 348533 | &nbsp;&nbsp;&nbsp;&nbsp;1829798 |
| Quad Graphics, Inc. \* | &nbsp;&nbsp;76817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213551 |
| Red Violet, Inc. \* | &nbsp;&nbsp;21589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376512 |
| Resources Connection, Inc. | &nbsp;&nbsp;72107 | &nbsp;&nbsp;&nbsp;&nbsp;1317395 |
| Skillsoft Corp. \* | 178447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319420 |
| SP Plus Corp. \* | &nbsp;&nbsp;51829 | &nbsp;&nbsp;&nbsp;&nbsp;1919228 |
| Spire Global, Inc. *\*(a)* | 273832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394318 |
| Steelcase, Inc., Class A | 194968 | &nbsp;&nbsp;&nbsp;&nbsp;1514901 |
| Sterling Check Corp. \* | &nbsp;&nbsp;52980 | &nbsp;&nbsp;&nbsp;&nbsp;1034699 |
| The Brink's Co. | 103863 | &nbsp;&nbsp;&nbsp;&nbsp;6193351 |
| The GEO Group, Inc. *\*(a)* | 265227 | &nbsp;&nbsp;&nbsp;&nbsp;2243820 |
| TriNet Group, Inc. \* | &nbsp;&nbsp;83798 | &nbsp;&nbsp;&nbsp;&nbsp;5445194 |
| TrueBlue, Inc. \* | &nbsp;&nbsp;72330 | &nbsp;&nbsp;&nbsp;&nbsp;1422008 |
| UniFirst Corp. | &nbsp;&nbsp;33499 | &nbsp;&nbsp;&nbsp;&nbsp;6164151 |
| Upwork, Inc. \* | 268323 | &nbsp;&nbsp;&nbsp;&nbsp;3608944 |
| Viad Corp. \* | &nbsp;&nbsp;45368 | &nbsp;&nbsp;&nbsp;&nbsp;1691319 |
| VSE Corp. | &nbsp;&nbsp;23761 | &nbsp;&nbsp;&nbsp;&nbsp;1099897 |
| Willdan Group, Inc. \* | &nbsp;&nbsp;25962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358795 |
|  |  | **165433189** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 2.5%** | &nbsp;&nbsp;**Consumer Durables & Apparel 2.5%** | &nbsp;&nbsp;**Consumer Durables & Apparel 2.5%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;75491 | &nbsp;&nbsp;&nbsp;&nbsp;3515616 |
| Allbirds, Inc., Class A *\*(a)* | 217340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747650 |
| AMMO, Inc. *\*(a)* | 196546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638775 |
| Aterian, Inc. *\*(a)* | 145213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159734 |
| Beazer Homes USA, Inc. \* | &nbsp;&nbsp;66936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757046 |
| Cavco Industries, Inc. \* | &nbsp;&nbsp;19934 | &nbsp;&nbsp;&nbsp;&nbsp;4518440 |
| Century Communities, Inc. | &nbsp;&nbsp;64130 | &nbsp;&nbsp;&nbsp;&nbsp;2854426 |
| Clarus Corp. | &nbsp;&nbsp;64654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782960 |
| Crocs, Inc. \* | 135771 | &nbsp;&nbsp;&nbsp;&nbsp;9605798 |
| Dream Finders Homes, Inc., Class A \* | &nbsp;&nbsp;47139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523243 |
| Ermenegildo Zegna N.V. *(a)* | 106495 | &nbsp;&nbsp;&nbsp;&nbsp;1167185 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;50491 | &nbsp;&nbsp;&nbsp;&nbsp;1292065 |
| Fossil Group, Inc. \* | 104873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445710 |
| G-III Apparel Group Ltd. \* | &nbsp;&nbsp;97508 | &nbsp;&nbsp;&nbsp;&nbsp;1901406 |
| GoPro, Inc., Class A \* | 290122 | &nbsp;&nbsp;&nbsp;&nbsp;1581165 |
| Green Brick Partners, Inc. \* | &nbsp;&nbsp;60476 | &nbsp;&nbsp;&nbsp;&nbsp;1398810 |
| Helen of Troy Ltd. \* | &nbsp;&nbsp;53199 | &nbsp;&nbsp;&nbsp;&nbsp;5033689 |
| Hovnanian Enterprises, Inc., Class A \* | &nbsp;&nbsp;11682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471135 |
| Installed Building Products, Inc. | &nbsp;&nbsp;53257 | &nbsp;&nbsp;&nbsp;&nbsp;4580102 |
| iRobot Corp. \* | &nbsp;&nbsp;60063 | &nbsp;&nbsp;&nbsp;&nbsp;3393560 |

---

<sub>60</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;12002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631545 |
| KB Home | 176105 | &nbsp;&nbsp;&nbsp;&nbsp;5075346 |
| Kontoor Brands, Inc. | 124320 | &nbsp;&nbsp;&nbsp;&nbsp;4438224 |
| Landsea Homes Corp. \* | &nbsp;&nbsp;22748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110555 |
| Latham Group, Inc. \* | &nbsp;&nbsp;97554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431189 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;95843 | &nbsp;&nbsp;&nbsp;&nbsp;2374031 |
| Legacy Housing Corp. \* | &nbsp;&nbsp;19950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370272 |
| LGI Homes, Inc. \* | &nbsp;&nbsp;45910 | &nbsp;&nbsp;&nbsp;&nbsp;4226015 |
| Lifetime Brands, Inc. | &nbsp;&nbsp;28014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239940 |
| M.D.C. Holdings, Inc. | 127947 | &nbsp;&nbsp;&nbsp;&nbsp;3897266 |
| M/I Homes, Inc. \* | &nbsp;&nbsp;60316 | &nbsp;&nbsp;&nbsp;&nbsp;2502511 |
| Malibu Boats, Inc., Class A \* | &nbsp;&nbsp;45640 | &nbsp;&nbsp;&nbsp;&nbsp;2414356 |
| Marine Products Corp. | &nbsp;&nbsp;18875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188750 |
| MasterCraft Boat Holdings, Inc. \* | &nbsp;&nbsp;39968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869704 |
| Meritage Homes Corp. \* | &nbsp;&nbsp;81258 | &nbsp;&nbsp;&nbsp;&nbsp;6188609 |
| Movado Group, Inc. | &nbsp;&nbsp;34362 | &nbsp;&nbsp;&nbsp;&nbsp;1136351 |
| Oxford Industries, Inc. | &nbsp;&nbsp;33828 | &nbsp;&nbsp;&nbsp;&nbsp;3441322 |
| PLBY Group, Inc. *\*(a)* | &nbsp;&nbsp;68766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248933 |
| Purple Innovation, Inc. \* | 122975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432872 |
| Rocky Brands, Inc. | &nbsp;&nbsp;15725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309547 |
| Skyline Champion Corp. \* | 119344 | &nbsp;&nbsp;&nbsp;&nbsp;6947014 |
| Smith & Wesson Brands, Inc. | 101112 | &nbsp;&nbsp;&nbsp;&nbsp;1141554 |
| Snap One Holdings Corp. \* | &nbsp;&nbsp;40993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488637 |
| Solo Brands, Inc., Class A *\*(a)* | &nbsp;&nbsp;48272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199363 |
| Sonos, Inc. \* | 285572 | &nbsp;&nbsp;&nbsp;&nbsp;4603421 |
| Steven Madden Ltd. | 174695 | &nbsp;&nbsp;&nbsp;&nbsp;5218140 |
| Sturm, Ruger & Co., Inc. | &nbsp;&nbsp;38431 | &nbsp;&nbsp;&nbsp;&nbsp;2157132 |
| Superior Group of Cos., Inc. | &nbsp;&nbsp;26971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267552 |
| Taylor Morrison Home Corp. \* | 245547 | &nbsp;&nbsp;&nbsp;&nbsp;6467708 |
| The Lovesac Co. \* | &nbsp;&nbsp;31297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761769 |
| Topgolf Callaway Brands Corp. \* | 313032 | &nbsp;&nbsp;&nbsp;&nbsp;5859959 |
| Traeger, Inc. \* | &nbsp;&nbsp;70397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292148 |
| Tri Pointe Homes, Inc. \* | 225656 | &nbsp;&nbsp;&nbsp;&nbsp;3779738 |
| Tupperware Brands Corp. \* | &nbsp;&nbsp;99327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767798 |
| Unifi, Inc. \* | &nbsp;&nbsp;30460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277795 |
| Universal Electronics, Inc. \* | &nbsp;&nbsp;27230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555764 |
| Vista Outdoor, Inc. \* | 125022 | &nbsp;&nbsp;&nbsp;&nbsp;3630639 |
| Vizio Holding Corp., Class A \* | 151442 | &nbsp;&nbsp;&nbsp;&nbsp;1696150 |
| Vuzix Corp. *\*(a)* | 132925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664625 |
| Weber, Inc., Class A *(a)* | &nbsp;&nbsp;59485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396170 |
| Wolverine World Wide, Inc. | 173243 | &nbsp;&nbsp;&nbsp;&nbsp;2967653 |
|  |  | **134036582** |
| &nbsp;&nbsp;**Consumer Services 3.4%** | &nbsp;&nbsp;**Consumer Services 3.4%** | &nbsp;&nbsp;**Consumer Services 3.4%** |
| 2U, Inc. \* | 167184 | &nbsp;&nbsp;&nbsp;&nbsp;1034869 |
| Accel Entertainment, Inc. \* | 128423 | &nbsp;&nbsp;&nbsp;&nbsp;1261114 |
| Adtalem Global Education, Inc. \* | 100421 | &nbsp;&nbsp;&nbsp;&nbsp;4187556 |
| American Public Education, Inc. \* | &nbsp;&nbsp;42144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539865 |
| Bally's Corp. \* | &nbsp;&nbsp;81646 | &nbsp;&nbsp;&nbsp;&nbsp;1840301 |
| Biglari Holdings, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223479 |
| BJ's Restaurants, Inc. \* | &nbsp;&nbsp;50503 | &nbsp;&nbsp;&nbsp;&nbsp;1659024 |
| Bloomin' Brands, Inc. | 197526 | &nbsp;&nbsp;&nbsp;&nbsp;4742599 |
| Bluegreen Vacations Holding Corp. | &nbsp;&nbsp;26849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464756 |
| Bowlero Corp. *\*(a)* | &nbsp;&nbsp;90043 | &nbsp;&nbsp;&nbsp;&nbsp;1311026 |
| Brinker International, Inc. \* | &nbsp;&nbsp;97295 | &nbsp;&nbsp;&nbsp;&nbsp;3248680 |
| Carriage Services, Inc. | &nbsp;&nbsp;29525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720705 |
| Century Casinos, Inc. \* | &nbsp;&nbsp;59838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475712 |
| Chegg, Inc. \* | 278388 | &nbsp;&nbsp;&nbsp;&nbsp;6004829 |
| Chuy's Holdings, Inc. \* | &nbsp;&nbsp;42070 | &nbsp;&nbsp;&nbsp;&nbsp;1232651 |
| Coursera, Inc. \* | 255400 | &nbsp;&nbsp;&nbsp;&nbsp;3292106 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;50930 | &nbsp;&nbsp;&nbsp;&nbsp;5817225 |
| Dave & Buster's Entertainment, Inc. \* | &nbsp;&nbsp;96095 | &nbsp;&nbsp;&nbsp;&nbsp;3829386 |
| Denny's Corp. \* | 125632 | &nbsp;&nbsp;&nbsp;&nbsp;1423411 |
| Dine Brands Global, Inc. | &nbsp;&nbsp;33136 | &nbsp;&nbsp;&nbsp;&nbsp;2388774 |
| Duolingo, Inc. \* | &nbsp;&nbsp;52682 | &nbsp;&nbsp;&nbsp;&nbsp;4311495 |
| El Pollo Loco Holdings, Inc. | &nbsp;&nbsp;44232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444089 |
| European Wax Center, Inc., Class A | &nbsp;&nbsp;54406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782358 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Everi Holdings, Inc. \* | 193044 | &nbsp;&nbsp;&nbsp;&nbsp;3663975 |
| F45 Training Holdings, Inc. \* | &nbsp;&nbsp;79535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265647 |
| First Watch Restaurant Group, Inc. \* | &nbsp;&nbsp;21823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372082 |
| Frontdoor, Inc. \* | 185291 | &nbsp;&nbsp;&nbsp;&nbsp;4087519 |
| Full House Resorts, Inc. \* | &nbsp;&nbsp;72490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508155 |
| Golden Entertainment, Inc. \* | &nbsp;&nbsp;45131 | &nbsp;&nbsp;&nbsp;&nbsp;1905431 |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp;&nbsp;5198709 |
| Hilton Grand Vacations, Inc. \* | 196605 | &nbsp;&nbsp;&nbsp;&nbsp;7714780 |
| Inspirato, Inc. \* | &nbsp;&nbsp;45298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96938 |
| Inspired Entertainment, Inc. \* | &nbsp;&nbsp;47484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486236 |
| International Game Technology plc | 219831 | &nbsp;&nbsp;&nbsp;&nbsp;4407612 |
| Jack in the Box, Inc. | &nbsp;&nbsp;47397 | &nbsp;&nbsp;&nbsp;&nbsp;4181837 |
| Krispy Kreme, Inc. | 161015 | &nbsp;&nbsp;&nbsp;&nbsp;2310565 |
| Kura Sushi USA, Inc., Class A \* | &nbsp;&nbsp;10397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821675 |
| Laureate Education, Inc., Class A | 242145 | &nbsp;&nbsp;&nbsp;&nbsp;3060713 |
| Life Time Group Holdings, Inc. \* | &nbsp;&nbsp;93749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983427 |
| Lindblad Expeditions Holdings, Inc. \* | &nbsp;&nbsp;76136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638781 |
| Monarch Casino & Resort, Inc. \* | &nbsp;&nbsp;29773 | &nbsp;&nbsp;&nbsp;&nbsp;2364274 |
| NEOGAMES S.A. \* | &nbsp;&nbsp;28925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497510 |
| Nerdy, Inc. \* | 124321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302100 |
| Noodles & Co. \* | &nbsp;&nbsp;92816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540189 |
| OneSpaWorld Holdings Ltd. \* | 147862 | &nbsp;&nbsp;&nbsp;&nbsp;1341108 |
| Papa John's International, Inc. | &nbsp;&nbsp;72997 | &nbsp;&nbsp;&nbsp;&nbsp;5301772 |
| Perdoceo Education Corp. \* | 150964 | &nbsp;&nbsp;&nbsp;&nbsp;1725519 |
| Portillo's, Inc., Class A *\*(a)* | &nbsp;&nbsp;52144 | &nbsp;&nbsp;&nbsp;&nbsp;1117967 |
| RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;19174 | &nbsp;&nbsp;&nbsp;&nbsp;1618861 |
| Red Rock Resorts, Inc., Class A | 113501 | &nbsp;&nbsp;&nbsp;&nbsp;4727317 |
| Rover Group, Inc. *\*(a)* | 207690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911759 |
| Rush Street Interactive, Inc. \* | 135867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563848 |
| Ruth's Hospitality Group, Inc. | &nbsp;&nbsp;71586 | &nbsp;&nbsp;&nbsp;&nbsp;1487557 |
| Scientific Games Corp., Class A \* | 211349 | &nbsp;&nbsp;&nbsp;&nbsp;11865133 |
| SeaWorld Entertainment, Inc. \* | &nbsp;&nbsp;94139 | &nbsp;&nbsp;&nbsp;&nbsp;5475124 |
| Shake Shack, Inc., Class A \* | &nbsp;&nbsp;83908 | &nbsp;&nbsp;&nbsp;&nbsp;4662768 |
| Sonder Holdings, Inc. *\*(a)* | 425418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931665 |
| StoneMor, Inc. \* | &nbsp;&nbsp;60164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209972 |
| Strategic Education, Inc. | &nbsp;&nbsp;50814 | &nbsp;&nbsp;&nbsp;&nbsp;3506166 |
| Stride, Inc. \* | &nbsp;&nbsp;90846 | &nbsp;&nbsp;&nbsp;&nbsp;3044249 |
| Sweetgreen, Inc., Class A \* | 196101 | &nbsp;&nbsp;&nbsp;&nbsp;3647479 |
| Target Hospitality Corp. \* | &nbsp;&nbsp;65557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797829 |
| Texas Roadhouse, Inc. | 150050 | &nbsp;&nbsp;&nbsp;&nbsp;14847447 |
| The Beachbody Co., Inc. *\*(a)* | 229991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232291 |
| The Cheesecake Factory, Inc. | 110189 | &nbsp;&nbsp;&nbsp;&nbsp;3945868 |
| The ONE Group Hospitality, Inc. \* | &nbsp;&nbsp;49618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371143 |
| Udemy, Inc. \* | 161651 | &nbsp;&nbsp;&nbsp;&nbsp;2352022 |
| Universal Technical Institute, Inc. \* | &nbsp;&nbsp;73377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506301 |
| Vacasa, Inc., Class A *\*(a)* | 250745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915219 |
| Vivint Smart Home, Inc. \* | 211544 | &nbsp;&nbsp;&nbsp;&nbsp;1618312 |
| Wingstop, Inc. | &nbsp;&nbsp;67082 | &nbsp;&nbsp;&nbsp;&nbsp;10625118 |
| WW International, Inc. \* | 122166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552190 |
| Xponential Fitness, Inc., Class A \* | &nbsp;&nbsp;39195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758423 |
|  |  | **185304592** |
| &nbsp;&nbsp;**Diversified Financials 3.8%** | &nbsp;&nbsp;**Diversified Financials 3.8%** | &nbsp;&nbsp;**Diversified Financials 3.8%** |
| AFC Gamma, Inc. | &nbsp;&nbsp;35143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602000 |
| Alerus Financial Corp. | &nbsp;&nbsp;33913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756260 |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;40295 | &nbsp;&nbsp;&nbsp;&nbsp;1225371 |
| Angel Oak Mortgage, Inc. *(a)* | &nbsp;&nbsp;26214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270791 |
| Apollo Commercial Real Estate Finance, Inc. | 315031 | &nbsp;&nbsp;&nbsp;&nbsp;3547249 |
| Arbor Realty Trust, Inc. | 369825 | &nbsp;&nbsp;&nbsp;&nbsp;5092490 |
| Ares Commercial Real Estate Corp. | 114293 | &nbsp;&nbsp;&nbsp;&nbsp;1410376 |
| ARMOUR Residential REIT, Inc. | 254414 | &nbsp;&nbsp;&nbsp;&nbsp;1353482 |
| Artisan Partners Asset Management, Inc., Class A | 134478 | &nbsp;&nbsp;&nbsp;&nbsp;3833968 |
| Assetmark Financial Holdings, Inc. \* | &nbsp;&nbsp;48204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998305 |
| Associated Capital Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159185 |
| Atlanticus Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270435 |

---

<sub>61</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| B. Riley Financial, Inc. | &nbsp;&nbsp;46082 | 1874616 |
| Bakkt Holdings, Inc. *\*(a)* | 140127 | &nbsp;&nbsp;&nbsp;&nbsp;298471 |
| Banco Latinoamericano de Comercio Exterior S.A., Class E | &nbsp;&nbsp;61532 | &nbsp;&nbsp;&nbsp;&nbsp;965437 |
| BGC Partners, Inc., Class A | 715088 | 2831748 |
| Blackstone Mortgage Trust, Inc., Class A | 381225 | 9515376 |
| Blucora, Inc. \* | 106653 | 2349566 |
| Bread Financial Holdings, Inc. | 112044 | 4045909 |
| Brightsphere Investment Group, Inc. | &nbsp;&nbsp;71919 | 1353516 |
| BrightSpire Capital, Inc., Class A | 208599 | 1602040 |
| Broadmark Realty Capital, Inc. | 291648 | 1697391 |
| Cannae Holdings, Inc. \* | 159582 | 3695919 |
| Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;12008 | &nbsp;&nbsp;&nbsp;&nbsp;177959 |
| Chimera Investment Corp. | 520675 | 3514556 |
| Claros Mortgage Trust, Inc. *(a)* | 205916 | 3294656 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;56828 | 3418772 |
| Compass Diversified Holdings | 138653 | 2950536 |
| Consumer Portfolio Services, Inc. \* | &nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp;134178 |
| Cowen, Inc., Class A | &nbsp;&nbsp;58898 | 2274641 |
| Curo Group Holdings Corp. | &nbsp;&nbsp;47866 | &nbsp;&nbsp;&nbsp;&nbsp;247467 |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6583 | 1184611 |
| Donnelley Financial Solutions, Inc. \* | &nbsp;&nbsp;57922 | 2341786 |
| Dynex Capital, Inc. | &nbsp;&nbsp;97453 | 1163589 |
| Ellington Financial, Inc. | 126662 | 1694738 |
| Encore Capital Group, Inc. \* | &nbsp;&nbsp;52945 | 2695959 |
| Enova International, Inc. \* | &nbsp;&nbsp;70119 | 2628761 |
| EZCORP, Inc., Class A \* | 111868 | 1080645 |
| Federated Hermes, Inc. | 191021 | 6637980 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;86366 | 8502733 |
| Focus Financial Partners, Inc., Class A \* | 129801 | 4515777 |
| Franklin BSP Realty Trust, Inc. *(a)* | 188820 | 2660474 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;92279 | &nbsp;&nbsp;&nbsp;&nbsp;763147 |
| Granite Point Mortgage Trust, Inc. | 116799 | &nbsp;&nbsp;&nbsp;&nbsp;918040 |
| Green Dot Corp., Class A \* | 107736 | 2050216 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;78993 | 4725361 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 190732 | 5184096 |
| Houlihan Lokey, Inc. | 111928 | 9997409 |
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;74374 | &nbsp;&nbsp;&nbsp;&nbsp;870920 |
| Jackson Financial, Inc., Class A | 171056 | 6561708 |
| KKR Real Estate Finance Trust, Inc. | 128165 | 2232634 |
| Ladder Capital Corp. REIT | 254320 | 2713594 |
| LendingClub Corp. \* | 229646 | 2443433 |
| LendingTree, Inc. \* | &nbsp;&nbsp;23463 | &nbsp;&nbsp;&nbsp;&nbsp;591971 |
| MarketWise, Inc. \* | &nbsp;&nbsp;37407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92021 |
| MFA Financial, Inc. | 229927 | 2290073 |
| Moelis & Co., Class A | 142625 | 6055857 |
| Moneylion, Inc. \* | 274360 | &nbsp;&nbsp;&nbsp;&nbsp;307283 |
| Navient Corp. | 249285 | 3774175 |
| Nelnet, Inc., Class A | &nbsp;&nbsp;32642 | 2908076 |
| NerdWallet, Inc., Class A *\*(a)* | &nbsp;&nbsp;57867 | &nbsp;&nbsp;&nbsp;&nbsp;679359 |
| New York Mortgage Trust, Inc. | 853038 | 2294672 |
| Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;18128 | &nbsp;&nbsp;&nbsp;&nbsp;318509 |
| Open Lending Corp., Class A \* | 235296 | 1687072 |
| Oportun Financial Corp. \* | &nbsp;&nbsp;63540 | &nbsp;&nbsp;&nbsp;&nbsp;349470 |
| Oppenheimer Holdings, Inc., Class A | &nbsp;&nbsp;18509 | &nbsp;&nbsp;&nbsp;&nbsp;637080 |
| OppFi, Inc. *\*(a)* | &nbsp;&nbsp;29587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67162 |
| Orchid Island Capital, Inc. *(a)* | &nbsp;&nbsp;79446 | &nbsp;&nbsp;&nbsp;&nbsp;800017 |
| PennyMac Mortgage Investment Trust | 203317 | 2820007 |
| Perella Weinberg Partners, Class A | &nbsp;&nbsp;92562 | &nbsp;&nbsp;&nbsp;&nbsp;729389 |
| Piper Sandler Cos. | &nbsp;&nbsp;38029 | 4866571 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp;52838 | 3931147 |
| PRA Group, Inc. \* | &nbsp;&nbsp;86218 | 2888303 |
| PROG Holdings, Inc. \* | 112125 | 1852305 |
| Ready Capital Corp. | 165398 | 2004624 |
| Redwood Trust, Inc. | 260167 | 1854991 |
| Regional Management Corp. | &nbsp;&nbsp;17341 | &nbsp;&nbsp;&nbsp;&nbsp;588900 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sculptor Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609290 |
| Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;21812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414210 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;119211 | &nbsp;&nbsp;&nbsp;&nbsp;3519109 |
| StoneX Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38492 | &nbsp;&nbsp;&nbsp;&nbsp;3592073 |
| Sunlight Financial Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;53414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64631 |
| SWK Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145433 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;155094 | &nbsp;&nbsp;&nbsp;&nbsp;1313646 |
| Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;773703 | &nbsp;&nbsp;&nbsp;&nbsp;2754383 |
| Value Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108701 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36910 | &nbsp;&nbsp;&nbsp;&nbsp;1067437 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15545 | &nbsp;&nbsp;&nbsp;&nbsp;2665812 |
| WisdomTree Investments, Inc. | &nbsp;&nbsp;&nbsp;304849 | &nbsp;&nbsp;&nbsp;&nbsp;1655330 |
| World Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710188 |
|  |  | **202339554** |
| &nbsp;&nbsp;**Energy 7.0%** | &nbsp;&nbsp;**Energy 7.0%** | &nbsp;&nbsp;**Energy 7.0%** |
| Aemetis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;67039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496089 |
| Alto Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;163263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674276 |
| Amplify Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;80340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794563 |
| Arch Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34087 | &nbsp;&nbsp;&nbsp;&nbsp;5191109 |
| Archaea Energy, Inc. \* | &nbsp;&nbsp;&nbsp;133467 | &nbsp;&nbsp;&nbsp;&nbsp;3444783 |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;302040 | &nbsp;&nbsp;&nbsp;&nbsp;2268320 |
| Ardmore Shipping Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;78555 | &nbsp;&nbsp;&nbsp;&nbsp;1062849 |
| Battalion Oil Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72386 |
| Berry Corp. | &nbsp;&nbsp;&nbsp;174185 | &nbsp;&nbsp;&nbsp;&nbsp;1545021 |
| Borr Drilling Ltd. \* | &nbsp;&nbsp;&nbsp;437779 | &nbsp;&nbsp;&nbsp;&nbsp;2149495 |
| Brigham Minerals, Inc., Class A | &nbsp;&nbsp;&nbsp;117134 | &nbsp;&nbsp;&nbsp;&nbsp;3631154 |
| Bristow Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;52059 | &nbsp;&nbsp;&nbsp;&nbsp;1558646 |
| Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;131897 | &nbsp;&nbsp;&nbsp;&nbsp;6821713 |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;169943 | &nbsp;&nbsp;&nbsp;&nbsp;7666129 |
| Callon Petroleum Co. \* | &nbsp;&nbsp;&nbsp;110110 | &nbsp;&nbsp;&nbsp;&nbsp;4840436 |
| Centrus Energy Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;23946 | &nbsp;&nbsp;&nbsp;&nbsp;1132885 |
| ChampionX Corp. | &nbsp;&nbsp;&nbsp;457211 | &nbsp;&nbsp;&nbsp;&nbsp;13085379 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92955 | &nbsp;&nbsp;&nbsp;&nbsp;14230481 |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;164996 | &nbsp;&nbsp;&nbsp;&nbsp;11534870 |
| Clean Energy Fuels Corp. \* | &nbsp;&nbsp;&nbsp;380061 | &nbsp;&nbsp;&nbsp;&nbsp;2550209 |
| CNX Resources Corp. \* | &nbsp;&nbsp;&nbsp;418917 | &nbsp;&nbsp;&nbsp;&nbsp;7041995 |
| Comstock Resources, Inc. \* | &nbsp;&nbsp;&nbsp;205078 | &nbsp;&nbsp;&nbsp;&nbsp;3851365 |
| CONSOL Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76795 | &nbsp;&nbsp;&nbsp;&nbsp;4839621 |
| Crescent Energy Co., Class A *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;72543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999643 |
| CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66243 | &nbsp;&nbsp;&nbsp;&nbsp;2587452 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;157700 | &nbsp;&nbsp;&nbsp;&nbsp;4677382 |
| Denbury, Inc. \* | &nbsp;&nbsp;&nbsp;112138 | &nbsp;&nbsp;&nbsp;&nbsp;10250535 |
| DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;306824 | &nbsp;&nbsp;&nbsp;&nbsp;2733802 |
| Diamond Offshore Drilling, Inc. \* | &nbsp;&nbsp;&nbsp;227113 | &nbsp;&nbsp;&nbsp;&nbsp;2237063 |
| DMC Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;42234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913944 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68505 | &nbsp;&nbsp;&nbsp;&nbsp;1237885 |
| Dril-Quip, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;76292 | &nbsp;&nbsp;&nbsp;&nbsp;1898145 |
| Earthstone Energy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;100844 | &nbsp;&nbsp;&nbsp;&nbsp;1629639 |
| Empire Petroleum Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;22237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355792 |
| Energy Fuels, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;347996 | &nbsp;&nbsp;&nbsp;&nbsp;2505571 |
| Equitrans Midstream Corp. | &nbsp;&nbsp;&nbsp;919901 | &nbsp;&nbsp;&nbsp;&nbsp;7745566 |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;41511 | &nbsp;&nbsp;&nbsp;&nbsp;1146534 |
| Expro Group Holdings N.V. \* | &nbsp;&nbsp;&nbsp;173528 | &nbsp;&nbsp;&nbsp;&nbsp;3284885 |
| FLEX LNG Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;63598 | &nbsp;&nbsp;&nbsp;&nbsp;1987437 |
| Frontline Ltd. *(a)* | &nbsp;&nbsp;&nbsp;278980 | &nbsp;&nbsp;&nbsp;&nbsp;3503989 |
| Gevo, Inc. \* | &nbsp;&nbsp;&nbsp;438412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986427 |
| Golar LNG Ltd. \* | &nbsp;&nbsp;&nbsp;225808 | &nbsp;&nbsp;&nbsp;&nbsp;6281979 |
| Green Plains, Inc. \* | &nbsp;&nbsp;&nbsp;117957 | &nbsp;&nbsp;&nbsp;&nbsp;3407778 |
| Gulfport Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;25119 | &nbsp;&nbsp;&nbsp;&nbsp;2248402 |
| Helix Energy Solutions Group, Inc. \* | &nbsp;&nbsp;&nbsp;318591 | &nbsp;&nbsp;&nbsp;&nbsp;2230137 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;230026 | &nbsp;&nbsp;&nbsp;&nbsp;11388587 |
| HighPeak Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345509 |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;110222 | &nbsp;&nbsp;&nbsp;&nbsp;4674515 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39391 | &nbsp;&nbsp;&nbsp;&nbsp;1448801 |
| Kosmos Energy Ltd. \* | 1010224 | &nbsp;&nbsp;&nbsp;&nbsp;6556354 |

---

<sub>62</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Laredo Petroleum, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;37742 | &nbsp;&nbsp;&nbsp;&nbsp;2440020 |
| Liberty Energy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;319455 | &nbsp;&nbsp;&nbsp;&nbsp;5401984 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;373248 | &nbsp;&nbsp;&nbsp;&nbsp;9585009 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;251862 | &nbsp;&nbsp;&nbsp;&nbsp;16736230 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;329772 | &nbsp;&nbsp;&nbsp;&nbsp;15997240 |
| Nabors Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;20301 | &nbsp;&nbsp;&nbsp;&nbsp;3532983 |
| NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521427 |
| National Energy Services Reunited Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;86075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650727 |
| Newpark Resources, Inc. \* | &nbsp;&nbsp;&nbsp;191203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699803 |
| NextDecade Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;73358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513506 |
| NexTier Oilfield Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;392955 | &nbsp;&nbsp;&nbsp;&nbsp;3960986 |
| Noble Corp. plc \* | &nbsp;&nbsp;&nbsp;165327 | &nbsp;&nbsp;&nbsp;&nbsp;5958385 |
| Nordic American Tankers Ltd. | &nbsp;&nbsp;&nbsp;441586 | &nbsp;&nbsp;&nbsp;&nbsp;1364501 |
| Northern Oil and Gas, Inc. | &nbsp;&nbsp;&nbsp;149745 | &nbsp;&nbsp;&nbsp;&nbsp;5112294 |
| Oceaneering International, Inc. \* | &nbsp;&nbsp;&nbsp;224422 | &nbsp;&nbsp;&nbsp;&nbsp;3139664 |
| Oil States International, Inc. \* | &nbsp;&nbsp;&nbsp;142152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919723 |
| Par Pacific Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;109350 | &nbsp;&nbsp;&nbsp;&nbsp;2501928 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;479999 | &nbsp;&nbsp;&nbsp;&nbsp;8471982 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;216609 | &nbsp;&nbsp;&nbsp;&nbsp;9584948 |
| Peabody Energy Corp. \* | &nbsp;&nbsp;&nbsp;263439 | &nbsp;&nbsp;&nbsp;&nbsp;6296192 |
| Permian Resources Corp., Class A \* | &nbsp;&nbsp;&nbsp;460198 | &nbsp;&nbsp;&nbsp;&nbsp;4496134 |
| ProFrac Holding Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;36069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790272 |
| ProPetro Holding Corp. \* | &nbsp;&nbsp;&nbsp;195439 | &nbsp;&nbsp;&nbsp;&nbsp;2313998 |
| Ranger Oil Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;44743 | &nbsp;&nbsp;&nbsp;&nbsp;1829989 |
| REX American Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;35341 | &nbsp;&nbsp;&nbsp;&nbsp;1059877 |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683378 |
| Ring Energy, Inc. \* | &nbsp;&nbsp;&nbsp;195801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624605 |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;165756 | &nbsp;&nbsp;&nbsp;&nbsp;1844864 |
| SandRidge Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;71051 | &nbsp;&nbsp;&nbsp;&nbsp;1342153 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;109099 | &nbsp;&nbsp;&nbsp;&nbsp;5230206 |
| Select Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;159134 | &nbsp;&nbsp;&nbsp;&nbsp;1535643 |
| SFL Corp., Ltd. | &nbsp;&nbsp;&nbsp;257380 | &nbsp;&nbsp;&nbsp;&nbsp;2625276 |
| SilverBow Resources, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934351 |
| Sitio Royalties Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;26216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743486 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;271003 | &nbsp;&nbsp;&nbsp;&nbsp;12189715 |
| Solaris Oilfield Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;70973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966652 |
| Talos Energy, Inc. \* | &nbsp;&nbsp;&nbsp;147979 | &nbsp;&nbsp;&nbsp;&nbsp;3148993 |
| Teekay Corp. \* | &nbsp;&nbsp;&nbsp;158425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619442 |
| Teekay Tankers Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;50961 | &nbsp;&nbsp;&nbsp;&nbsp;1604762 |
| Tellurian, Inc. \* | 1141626 | &nbsp;&nbsp;&nbsp;&nbsp;3082390 |
| TETRA Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;277329 | &nbsp;&nbsp;&nbsp;&nbsp;1370005 |
| Tidewater, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;95145 | &nbsp;&nbsp;&nbsp;&nbsp;3225415 |
| Uranium Energy Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;718204 | &nbsp;&nbsp;&nbsp;&nbsp;3023639 |
| Ur-Energy, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;471434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608150 |
| US Silica Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;166198 | &nbsp;&nbsp;&nbsp;&nbsp;2391589 |
| VAALCO Energy, Inc. | &nbsp;&nbsp;&nbsp;237769 | &nbsp;&nbsp;&nbsp;&nbsp;1224510 |
| Valaris Ltd. \* | &nbsp;&nbsp;&nbsp;136312 | &nbsp;&nbsp;&nbsp;&nbsp;9123362 |
| Vertex Energy, Inc. \* | &nbsp;&nbsp;&nbsp;121273 | &nbsp;&nbsp;&nbsp;&nbsp;1034459 |
| W&T Offshore, Inc. \* | &nbsp;&nbsp;&nbsp;211774 | &nbsp;&nbsp;&nbsp;&nbsp;1607365 |
| Weatherford International plc \* | &nbsp;&nbsp;&nbsp;158164 | &nbsp;&nbsp;&nbsp;&nbsp;6592275 |
| World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;137154 | &nbsp;&nbsp;&nbsp;&nbsp;3496055 |
|  |  | **374500069** |
| &nbsp;&nbsp;**Food & Staples Retailing 0.6%** | &nbsp;&nbsp;**Food & Staples Retailing 0.6%** | &nbsp;&nbsp;**Food & Staples Retailing 0.6%** |
| HF Foods Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;79646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368761 |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;31811 | &nbsp;&nbsp;&nbsp;&nbsp;3002004 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234761 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55058 | &nbsp;&nbsp;&nbsp;&nbsp;3522060 |
| Rite Aid Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;122810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641068 |
| SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;79981 | &nbsp;&nbsp;&nbsp;&nbsp;2856122 |
| Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;&nbsp;240717 | &nbsp;&nbsp;&nbsp;&nbsp;7101152 |
| The Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71831 | &nbsp;&nbsp;&nbsp;&nbsp;2533479 |
| The Chefs' Warehouse, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;76462 | &nbsp;&nbsp;&nbsp;&nbsp;2800803 |
| United Natural Foods, Inc. \* | &nbsp;&nbsp;&nbsp;130038 | &nbsp;&nbsp;&nbsp;&nbsp;5514912 |
| Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413108 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Weis Markets, Inc. | &nbsp;&nbsp;36775 | &nbsp;&nbsp;&nbsp;&nbsp;3444714 |
|  |  | &nbsp;&nbsp;&nbsp;**32432944** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 1.9%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 1.9%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 1.9%** |
| 22nd Century Group, Inc. *\*(a)* | 366917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480661 |
| Alico, Inc. | &nbsp;&nbsp;14250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436335 |
| AppHarvest, Inc. *\*(a)* | 168178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358219 |
| B&G Foods, Inc. *(a)* | 158435 | &nbsp;&nbsp;&nbsp;&nbsp;2595165 |
| Benson Hill, Inc. \* | 382840 | &nbsp;&nbsp;&nbsp;&nbsp;1297828 |
| Beyond Meat, Inc. *\*(a)* | 137740 | &nbsp;&nbsp;&nbsp;&nbsp;2162518 |
| Brookfield Realty Capital Corp., Class A *\*(a)* | &nbsp;&nbsp;58186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421848 |
| Calavo Growers, Inc. | &nbsp;&nbsp;38696 | &nbsp;&nbsp;&nbsp;&nbsp;1338495 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;84827 | &nbsp;&nbsp;&nbsp;&nbsp;4793574 |
| Celsius Holdings, Inc. \* | 124304 | &nbsp;&nbsp;&nbsp;&nbsp;11321608 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;10511 | &nbsp;&nbsp;&nbsp;&nbsp;5118962 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;68134 | &nbsp;&nbsp;&nbsp;&nbsp;1776935 |
| Hostess Brands, Inc. \* | 304424 | &nbsp;&nbsp;&nbsp;&nbsp;8061147 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;34014 | &nbsp;&nbsp;&nbsp;&nbsp;5020807 |
| John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;20044 | &nbsp;&nbsp;&nbsp;&nbsp;1671870 |
| Lancaster Colony Corp. | &nbsp;&nbsp;43507 | &nbsp;&nbsp;&nbsp;&nbsp;7843442 |
| Landec Corp. \* | &nbsp;&nbsp;59401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591040 |
| Local Bounti Corp. *\*(a)* | &nbsp;&nbsp;94637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280126 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;31404 | &nbsp;&nbsp;&nbsp;&nbsp;3518818 |
| Mission Produce, Inc. \* | &nbsp;&nbsp;89218 | &nbsp;&nbsp;&nbsp;&nbsp;1484587 |
| National Beverage Corp. | &nbsp;&nbsp;52870 | &nbsp;&nbsp;&nbsp;&nbsp;2507095 |
| Primo Water Corp. | 352549 | &nbsp;&nbsp;&nbsp;&nbsp;5143690 |
| Seneca Foods Corp., Class A \* | &nbsp;&nbsp;12180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768680 |
| Sovos Brands, Inc. \* | &nbsp;&nbsp;85265 | &nbsp;&nbsp;&nbsp;&nbsp;1181773 |
| SunOpta, Inc. \* | 218713 | &nbsp;&nbsp;&nbsp;&nbsp;2456147 |
| Tattooed Chef, Inc. *\*(a)* | 110153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523227 |
| The Duckhorn Portfolio, Inc. \* | &nbsp;&nbsp;82922 | &nbsp;&nbsp;&nbsp;&nbsp;1212320 |
| The Hain Celestial Group, Inc. \* | 168254 | &nbsp;&nbsp;&nbsp;&nbsp;3148032 |
| The Simply Good Foods Co. \* | 201492 | &nbsp;&nbsp;&nbsp;&nbsp;7717144 |
| The Vita Coco Co., Inc. \* | &nbsp;&nbsp;62744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643753 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;34777 | &nbsp;&nbsp;&nbsp;&nbsp;1404643 |
| TreeHouse Foods, Inc. \* | 113805 | &nbsp;&nbsp;&nbsp;&nbsp;5717563 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;33525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789849 |
| Universal Corp. | &nbsp;&nbsp;54183 | &nbsp;&nbsp;&nbsp;&nbsp;2742202 |
| Utz Brands, Inc. | 147422 | &nbsp;&nbsp;&nbsp;&nbsp;2389711 |
| Vector Group Ltd. | 321685 | &nbsp;&nbsp;&nbsp;&nbsp;3416295 |
| Vintage Wine Estates, Inc. \* | &nbsp;&nbsp;70706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195856 |
| Vital Farms, Inc. \* | &nbsp;&nbsp;67102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888430 |
| Whole Earth Brands, Inc. \* | &nbsp;&nbsp;89374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308340 |
|  |  | **103728735** |
| &nbsp;&nbsp;**Health Care Equipment & Services 7.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 7.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 7.3%** |
| 1Life Healthcare, Inc. \* | 403489 | &nbsp;&nbsp;&nbsp;&nbsp;6899662 |
| 23andMe Holding Co., Class A *\*(a)* | 579618 | &nbsp;&nbsp;&nbsp;&nbsp;1820000 |
| Accolade, Inc. \* | 146096 | &nbsp;&nbsp;&nbsp;&nbsp;1574915 |
| AdaptHealth Corp. \* | 161628 | &nbsp;&nbsp;&nbsp;&nbsp;3685118 |
| Addus HomeCare Corp. \* | &nbsp;&nbsp;34584 | &nbsp;&nbsp;&nbsp;&nbsp;3542093 |
| Agiliti, Inc. \* | &nbsp;&nbsp;62625 | &nbsp;&nbsp;&nbsp;&nbsp;1094059 |
| AirSculpt Technologies, Inc. | &nbsp;&nbsp;27204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184443 |
| Alignment Healthcare, Inc. \* | 188928 | &nbsp;&nbsp;&nbsp;&nbsp;2501407 |
| Allscripts Healthcare Solutions, Inc. \* | 244670 | &nbsp;&nbsp;&nbsp;&nbsp;3596649 |
| Alphatec Holdings, Inc. \* | 161483 | &nbsp;&nbsp;&nbsp;&nbsp;1653586 |
| American Well Corp., Class A \* | 511669 | &nbsp;&nbsp;&nbsp;&nbsp;2092726 |
| AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;96845 | &nbsp;&nbsp;&nbsp;&nbsp;12154047 |
| AngioDynamics, Inc. \* | &nbsp;&nbsp;83498 | &nbsp;&nbsp;&nbsp;&nbsp;1176487 |
| Apollo Medical Holdings, Inc. \* | &nbsp;&nbsp;87113 | &nbsp;&nbsp;&nbsp;&nbsp;3089027 |
| Artivion, Inc. \* | &nbsp;&nbsp;86719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967784 |
| ATI Physical Therapy, Inc. \* | 164381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179175 |
| AtriCure, Inc. \* | 102025 | &nbsp;&nbsp;&nbsp;&nbsp;4297293 |
| Atrion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp;1842952 |
| Avanos Medical, Inc. \* | 103793 | &nbsp;&nbsp;&nbsp;&nbsp;2299015 |

---

<sub>63</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Aveanna Healthcare Holdings, Inc. \* | &nbsp;&nbsp;97815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135963 |
| AxoGen, Inc. \* | &nbsp;&nbsp;91160 | &nbsp;&nbsp;&nbsp;1041047 |
| Axonics, Inc. \* | 109685 | &nbsp;&nbsp;&nbsp;8022361 |
| Babylon Holdings Ltd., Class A \* | 239249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113284 |
| Bioventus, Inc., Class A \* | &nbsp;&nbsp;71493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581953 |
| Brookdale Senior Living, Inc. \* | 414872 | &nbsp;&nbsp;&nbsp;1854478 |
| Butterfly Network, Inc. \* | 295922 | &nbsp;&nbsp;&nbsp;1450018 |
| Cano Health, Inc. \* | 362263 | &nbsp;&nbsp;&nbsp;1296901 |
| Cardiovascular Systems, Inc. \* | &nbsp;&nbsp;89202 | &nbsp;&nbsp;&nbsp;1288077 |
| CareMax, Inc. \* | 133357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938833 |
| Castle Biosciences, Inc. \* | &nbsp;&nbsp;55198 | &nbsp;&nbsp;&nbsp;1408653 |
| Cerus Corp. \* | 386932 | &nbsp;&nbsp;&nbsp;1416171 |
| Clover Health Investments Corp. \* | 860500 | &nbsp;&nbsp;&nbsp;1359590 |
| Community Health Systems, Inc. \* | 279864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803210 |
| Computer Programs & Systems, Inc. \* | &nbsp;&nbsp;31813 | &nbsp;&nbsp;&nbsp;1027560 |
| CONMED Corp. | &nbsp;&nbsp;65160 | &nbsp;&nbsp;&nbsp;5195207 |
| CorVel Corp. \* | &nbsp;&nbsp;19835 | &nbsp;&nbsp;&nbsp;3257105 |
| Cross Country Healthcare, Inc. \* | &nbsp;&nbsp;81986 | &nbsp;&nbsp;&nbsp;3040861 |
| Cue Health, Inc. \* | 242494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962701 |
| Cutera, Inc. \* | &nbsp;&nbsp;37141 | &nbsp;&nbsp;&nbsp;1707372 |
| DocGo, Inc. \* | 180678 | &nbsp;&nbsp;&nbsp;1788712 |
| Embecta Corp. | 130275 | &nbsp;&nbsp;&nbsp;4028103 |
| Evolent Health, Inc., Class A \* | 183500 | &nbsp;&nbsp;&nbsp;5837135 |
| Figs, Inc., Class A \* | 285439 | &nbsp;&nbsp;&nbsp;2106540 |
| Fulgent Genetics, Inc. \* | &nbsp;&nbsp;48239 | &nbsp;&nbsp;&nbsp;1911712 |
| Glaukos Corp. \* | 102375 | &nbsp;&nbsp;&nbsp;5740166 |
| Haemonetics Corp. \* | 113650 | &nbsp;&nbsp;&nbsp;9654567 |
| Health Catalyst, Inc. \* | 122329 | &nbsp;&nbsp;&nbsp;1078942 |
| HealthEquity, Inc. \* | 185759 | 14472484 |
| HealthStream, Inc. \* | &nbsp;&nbsp;53865 | &nbsp;&nbsp;&nbsp;1330465 |
| Heska Corp. \* | &nbsp;&nbsp;21610 | &nbsp;&nbsp;&nbsp;1550734 |
| Hims & Hers Health, Inc. \* | 272880 | &nbsp;&nbsp;&nbsp;1238875 |
| Inari Medical, Inc. \* | 107961 | &nbsp;&nbsp;&nbsp;8305440 |
| Innovage Holding Corp. *\*(a)* | &nbsp;&nbsp;42380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262332 |
| Inogen, Inc. \* | &nbsp;&nbsp;51241 | &nbsp;&nbsp;&nbsp;1161121 |
| Inspire Medical Systems, Inc. \* | &nbsp;&nbsp;63169 | 12314796 |
| Integer Holdings Corp. \* | &nbsp;&nbsp;73754 | &nbsp;&nbsp;&nbsp;4597087 |
| Invitae Corp. *\*(a)* | 525618 | &nbsp;&nbsp;&nbsp;1356094 |
| iRadimed Corp. | &nbsp;&nbsp;16071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466863 |
| iRhythm Technologies, Inc. \* | &nbsp;&nbsp;66777 | &nbsp;&nbsp;&nbsp;8513400 |
| Lantheus Holdings, Inc. \* | 152896 | 11312775 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;43731 | &nbsp;&nbsp;&nbsp;1897925 |
| LHC Group, Inc. \* | &nbsp;&nbsp;66737 | 11151753 |
| LifeStance Health Group, Inc. *\*(a)* | 161161 | &nbsp;&nbsp;&nbsp;1216766 |
| LivaNova plc \* | 120149 | &nbsp;&nbsp;&nbsp;5659018 |
| Meridian Bioscience, Inc. \* | &nbsp;&nbsp;96201 | &nbsp;&nbsp;&nbsp;3075546 |
| Merit Medical Systems, Inc. \* | 125093 | &nbsp;&nbsp;&nbsp;8602646 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;11220 | &nbsp;&nbsp;&nbsp;1483396 |
| ModivCare, Inc. \* | &nbsp;&nbsp;28311 | &nbsp;&nbsp;&nbsp;2752962 |
| Multiplan Corp. \* | 846273 | &nbsp;&nbsp;&nbsp;2428803 |
| Nano-X Imaging Ltd. *\*(a)* | 101939 | &nbsp;&nbsp;&nbsp;1447534 |
| National HealthCare Corp. | &nbsp;&nbsp;28063 | &nbsp;&nbsp;&nbsp;1709598 |
| National Research Corp. | &nbsp;&nbsp;31343 | &nbsp;&nbsp;&nbsp;1276600 |
| Neogen Corp. \* | 242333 | &nbsp;&nbsp;&nbsp;3198796 |
| Nevro Corp. \* | &nbsp;&nbsp;78109 | &nbsp;&nbsp;&nbsp;2994699 |
| NextGen Healthcare, Inc. \* | 126899 | &nbsp;&nbsp;&nbsp;2543056 |
| Nutex Health, Inc. \* | &nbsp;&nbsp;85197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68584 |
| NuVasive, Inc. \* | 117189 | &nbsp;&nbsp;&nbsp;5171551 |
| Omnicell, Inc. \* | &nbsp;&nbsp;98287 | &nbsp;&nbsp;&nbsp;7599551 |
| OPKO Health, Inc. \* | 900537 | &nbsp;&nbsp;&nbsp;1711020 |
| OptimizeRx Corp. \* | &nbsp;&nbsp;39408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607474 |
| Option Care Health, Inc. \* | 349780 | 10584343 |
| OraSure Technologies, Inc. \* | 161880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705797 |
| Orthofix Medical, Inc. \* | &nbsp;&nbsp;43194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693696 |
| OrthoPediatrics Corp. \* | &nbsp;&nbsp;33211 | &nbsp;&nbsp;&nbsp;1411135 |
| Outset Medical, Inc. \* | 107315 | &nbsp;&nbsp;&nbsp;1667675 |
| Owens & Minor, Inc. | 165152 | &nbsp;&nbsp;&nbsp;2807584 |
| Owlet, Inc. \* | &nbsp;&nbsp;36191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| P3 Health Partners, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;53288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263776 |
| Paragon 28, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;102822 | &nbsp;&nbsp;&nbsp;&nbsp;2053355 |
| Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;195103 | &nbsp;&nbsp;&nbsp;&nbsp;5066825 |
| Pear Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;150851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414840 |
| Pediatrix Medical Group, Inc. \* | &nbsp;&nbsp;&nbsp;185907 | &nbsp;&nbsp;&nbsp;&nbsp;3606596 |
| PetIQ, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;61041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501757 |
| Phreesia, Inc. \* | &nbsp;&nbsp;&nbsp;109958 | &nbsp;&nbsp;&nbsp;&nbsp;3004053 |
| Privia Health Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;99840 | &nbsp;&nbsp;&nbsp;&nbsp;3342643 |
| PROCEPT BioRobotics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;57333 | &nbsp;&nbsp;&nbsp;&nbsp;2604638 |
| Progyny, Inc. \* | &nbsp;&nbsp;&nbsp;167413 | &nbsp;&nbsp;&nbsp;&nbsp;7444856 |
| Pulmonx Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;76123 | &nbsp;&nbsp;&nbsp;&nbsp;1017003 |
| R1 RCM, Inc. \* | &nbsp;&nbsp;&nbsp;336302 | &nbsp;&nbsp;&nbsp;&nbsp;5939093 |
| RadNet, Inc. \* | &nbsp;&nbsp;&nbsp;111815 | &nbsp;&nbsp;&nbsp;&nbsp;2137903 |
| RxSight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;46308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576071 |
| Schrodinger, Inc. \* | &nbsp;&nbsp;&nbsp;120856 | &nbsp;&nbsp;&nbsp;&nbsp;2896918 |
| SeaSpine Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;80727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519075 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;233040 | &nbsp;&nbsp;&nbsp;&nbsp;5984467 |
| Sema4 Holdings Corp. \* | &nbsp;&nbsp;&nbsp;360012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370812 |
| Senseonics Holdings, Inc. *\*(a)* | 1027893 | &nbsp;&nbsp;&nbsp;&nbsp;1212914 |
| Sharecare, Inc. \* | &nbsp;&nbsp;&nbsp;655284 | &nbsp;&nbsp;&nbsp;&nbsp;1258145 |
| Shockwave Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;79663 | &nbsp;&nbsp;&nbsp;&nbsp;23353208 |
| SI-BONE, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;75631 | &nbsp;&nbsp;&nbsp;&nbsp;1470267 |
| Sight Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386042 |
| Silk Road Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;77339 | &nbsp;&nbsp;&nbsp;&nbsp;3409103 |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34988 | &nbsp;&nbsp;&nbsp;&nbsp;1452002 |
| STAAR Surgical Co. \* | &nbsp;&nbsp;&nbsp;107305 | &nbsp;&nbsp;&nbsp;&nbsp;7604705 |
| Surgery Partners, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;88877 | &nbsp;&nbsp;&nbsp;&nbsp;2416566 |
| Surmodics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;30337 | &nbsp;&nbsp;&nbsp;&nbsp;1035705 |
| Tactile Systems Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;43239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321698 |
| Tenon Medical, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12617 |
| The Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;120556 | &nbsp;&nbsp;&nbsp;&nbsp;10823518 |
| The Joint Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;31059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513095 |
| The Oncology Institute, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;76583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347687 |
| The Pennant Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;57916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712946 |
| TransMedics Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;68267 | &nbsp;&nbsp;&nbsp;&nbsp;3291835 |
| Treace Medical Concepts, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;74886 | &nbsp;&nbsp;&nbsp;&nbsp;1833209 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28782 | &nbsp;&nbsp;&nbsp;&nbsp;2555842 |
| UFP Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15208 | &nbsp;&nbsp;&nbsp;&nbsp;1427271 |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693207 |
| Varex Imaging Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;86146 | &nbsp;&nbsp;&nbsp;&nbsp;1904688 |
| Vicarious Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;120032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464524 |
| ViewRay, Inc. \* | &nbsp;&nbsp;&nbsp;329985 | &nbsp;&nbsp;&nbsp;&nbsp;1415636 |
| Zimvie, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;47407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415759 |
| Zynex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563103 |
|  |  | **393722260** |
| &nbsp;&nbsp;**Household & Personal Products 1.0%** | &nbsp;&nbsp;**Household & Personal Products 1.0%** | &nbsp;&nbsp;**Household & Personal Products 1.0%** |
| BellRing Brands, Inc. \* | &nbsp;&nbsp;&nbsp;295144 | &nbsp;&nbsp;&nbsp;&nbsp;7148388 |
| Central Garden & Pet Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;21790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899273 |
| Central Garden & Pet Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;90021 | &nbsp;&nbsp;&nbsp;&nbsp;3523422 |
| Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;115317 | &nbsp;&nbsp;&nbsp;&nbsp;4519273 |
| elf Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;108336 | &nbsp;&nbsp;&nbsp;&nbsp;4686615 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;149251 | &nbsp;&nbsp;&nbsp;&nbsp;4311861 |
| Herbalife Nutrition Ltd. \* | &nbsp;&nbsp;&nbsp;219236 | &nbsp;&nbsp;&nbsp;&nbsp;4660957 |
| Inter Parfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40176 | &nbsp;&nbsp;&nbsp;&nbsp;3249435 |
| Medifast, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24344 | &nbsp;&nbsp;&nbsp;&nbsp;2848005 |
| Nature's Sunshine Products, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252162 |
| Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;111757 | &nbsp;&nbsp;&nbsp;&nbsp;4268000 |
| The Beauty Health Co. \* | &nbsp;&nbsp;&nbsp;223205 | &nbsp;&nbsp;&nbsp;&nbsp;2551233 |
| The Honest Co., Inc. \* | &nbsp;&nbsp;&nbsp;143335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474439 |
| Thorne HealthTech, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;30226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146898 |
| USANA Health Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25101 | &nbsp;&nbsp;&nbsp;&nbsp;1318054 |
| Veru, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;145940 | &nbsp;&nbsp;&nbsp;&nbsp;1786306 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;30567 | &nbsp;&nbsp;&nbsp;&nbsp;4895611 |
|  |  | &nbsp;&nbsp;&nbsp;**51539932** |

---

<sub>64</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Insurance 2.1%** | &nbsp;&nbsp;**Insurance 2.1%** | &nbsp;&nbsp;**Insurance 2.1%** |
| Ambac Financial Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;98556 | &nbsp;&nbsp;&nbsp;&nbsp;1384712 |
| American Equity Investment Life Holding Co. | &nbsp;&nbsp;&nbsp;161974 | &nbsp;&nbsp;&nbsp;&nbsp;6977840 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42611 | &nbsp;&nbsp;&nbsp;&nbsp;2488908 |
| Argo Group International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71105 | &nbsp;&nbsp;&nbsp;&nbsp;1768381 |
| Bright Health Group, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;439758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452951 |
| BRP Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;133385 | &nbsp;&nbsp;&nbsp;&nbsp;3781465 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;253922 | &nbsp;&nbsp;&nbsp;&nbsp;5601519 |
| Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;33903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203079 |
| Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501991 |
| eHealth, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;53376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143048 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61021 | &nbsp;&nbsp;&nbsp;&nbsp;2661126 |
| Enstar Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;25144 | &nbsp;&nbsp;&nbsp;&nbsp;5041875 |
| Genworth Financial, Inc., Class A \* | 1123334 | &nbsp;&nbsp;&nbsp;&nbsp;5245970 |
| Goosehead Insurance, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;42628 | &nbsp;&nbsp;&nbsp;&nbsp;1769488 |
| Greenlight Capital Re Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;59457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501817 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535310 |
| Hippo Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;35748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617730 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91958 | &nbsp;&nbsp;&nbsp;&nbsp;3628663 |
| Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419689 |
| James River Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82060 | &nbsp;&nbsp;&nbsp;&nbsp;2073656 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48431 | &nbsp;&nbsp;&nbsp;&nbsp;15263998 |
| Lemonade, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;104031 | &nbsp;&nbsp;&nbsp;&nbsp;2517550 |
| MBIA, Inc. \* | &nbsp;&nbsp;&nbsp;108129 | &nbsp;&nbsp;&nbsp;&nbsp;1163468 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60113 | &nbsp;&nbsp;&nbsp;&nbsp;1743277 |
| National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072 | &nbsp;&nbsp;&nbsp;&nbsp;1004357 |
| NI Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259025 |
| Oscar Health, Inc., Class A \* | &nbsp;&nbsp;&nbsp;264102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985100 |
| Palomar Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;54332 | &nbsp;&nbsp;&nbsp;&nbsp;4833375 |
| ProAssurance Corp. | &nbsp;&nbsp;&nbsp;120805 | &nbsp;&nbsp;&nbsp;&nbsp;2683079 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87368 | &nbsp;&nbsp;&nbsp;&nbsp;11363956 |
| Root, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;17055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145480 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31877 | &nbsp;&nbsp;&nbsp;&nbsp;2771705 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;133533 | &nbsp;&nbsp;&nbsp;&nbsp;13096917 |
| Selectquote, Inc. \* | &nbsp;&nbsp;&nbsp;292939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197441 |
| SiriusPoint Ltd. \* | &nbsp;&nbsp;&nbsp;207585 | &nbsp;&nbsp;&nbsp;&nbsp;1332696 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60042 | &nbsp;&nbsp;&nbsp;&nbsp;2339236 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680618 |
| Trean Insurance Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182271 |
| Trupanion, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;87254 | &nbsp;&nbsp;&nbsp;&nbsp;4403709 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47720 | &nbsp;&nbsp;&nbsp;&nbsp;1293212 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594880 |
|  |  | **114654568** |
| &nbsp;&nbsp;**Materials 4.2%** | &nbsp;&nbsp;**Materials 4.2%** | &nbsp;&nbsp;**Materials 4.2%** |
| 5E Advanced Materials, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;74036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990602 |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60703 | &nbsp;&nbsp;&nbsp;&nbsp;2208375 |
| Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37047 | &nbsp;&nbsp;&nbsp;&nbsp;6255386 |
| American Vanguard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65447 | &nbsp;&nbsp;&nbsp;&nbsp;1522952 |
| Amyris, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;439405 | &nbsp;&nbsp;&nbsp;&nbsp;1234728 |
| Arconic Corp. \* | &nbsp;&nbsp;&nbsp;229762 | &nbsp;&nbsp;&nbsp;&nbsp;4769859 |
| Aspen Aerogels, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;69241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877976 |
| ATI, Inc. \* | &nbsp;&nbsp;&nbsp;277728 | &nbsp;&nbsp;&nbsp;&nbsp;8265185 |
| Avient Corp. | &nbsp;&nbsp;&nbsp;203689 | &nbsp;&nbsp;&nbsp;&nbsp;7025234 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71292 | &nbsp;&nbsp;&nbsp;&nbsp;9966622 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;124417 | &nbsp;&nbsp;&nbsp;&nbsp;9142161 |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;106916 | &nbsp;&nbsp;&nbsp;&nbsp;3998658 |
| Century Aluminum Co. \* | &nbsp;&nbsp;&nbsp;116716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841522 |
| Chase Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16888 | &nbsp;&nbsp;&nbsp;&nbsp;1591018 |
| Clearwater Paper Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;37269 | &nbsp;&nbsp;&nbsp;&nbsp;1657725 |
| Coeur Mining, Inc. \* | &nbsp;&nbsp;&nbsp;624555 | &nbsp;&nbsp;&nbsp;&nbsp;2360818 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;270766 | &nbsp;&nbsp;&nbsp;&nbsp;12319853 |
| Compass Minerals International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76739 | &nbsp;&nbsp;&nbsp;&nbsp;3034260 |
| Constellium SE \* | &nbsp;&nbsp;&nbsp;282839 | &nbsp;&nbsp;&nbsp;&nbsp;3116886 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Cryptyde, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21886 |
| Dakota Gold Corp. \* | &nbsp;&nbsp;&nbsp;116224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400973 |
| Danimer Scientific, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;203912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534249 |
| Diversey Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;174576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942710 |
| Ecovyst, Inc. \* | &nbsp;&nbsp;&nbsp;170880 | &nbsp;&nbsp;&nbsp;&nbsp;1700256 |
| Ferroglobe Representation and Warranty Insurance Trust *\*(b)* | &nbsp;&nbsp;&nbsp;108500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388396 |
| Glatfelter Corp. | &nbsp;&nbsp;&nbsp;101328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286758 |
| Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;57863 | &nbsp;&nbsp;&nbsp;&nbsp;3831109 |
| Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;12056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853685 |
| H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;118752 | &nbsp;&nbsp;&nbsp;&nbsp;8278202 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43325 | &nbsp;&nbsp;&nbsp;&nbsp;1950925 |
| Haynes International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27358 | &nbsp;&nbsp;&nbsp;&nbsp;1338080 |
| Hecla Mining Co. | 1238051 | &nbsp;&nbsp;&nbsp;&nbsp;5657893 |
| Hycroft Mining Holding Corp. \* | &nbsp;&nbsp;&nbsp;331668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228718 |
| Ingevity Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;85485 | &nbsp;&nbsp;&nbsp;&nbsp;5750576 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55393 | &nbsp;&nbsp;&nbsp;&nbsp;5538746 |
| Intrepid Potash, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24858 | &nbsp;&nbsp;&nbsp;&nbsp;1124824 |
| Ivanhoe Electric, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;32010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334825 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35437 | &nbsp;&nbsp;&nbsp;&nbsp;2862955 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45146 | &nbsp;&nbsp;&nbsp;&nbsp;1126844 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473091 |
| Livent Corp. \* | &nbsp;&nbsp;&nbsp;362665 | &nbsp;&nbsp;&nbsp;&nbsp;11449334 |
| LSB Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;70885 | &nbsp;&nbsp;&nbsp;&nbsp;1249703 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45680 | &nbsp;&nbsp;&nbsp;&nbsp;3915233 |
| Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;121766 | &nbsp;&nbsp;&nbsp;&nbsp;2890726 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72505 | &nbsp;&nbsp;&nbsp;&nbsp;3988500 |
| Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81216 | &nbsp;&nbsp;&nbsp;&nbsp;1647873 |
| Novagold Resources, Inc. \* | &nbsp;&nbsp;&nbsp;535907 | &nbsp;&nbsp;&nbsp;&nbsp;2481249 |
| O-I Glass, Inc. \* | &nbsp;&nbsp;&nbsp;348256 | &nbsp;&nbsp;&nbsp;&nbsp;5680055 |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590403 |
| Origin Materials, Inc. \* | &nbsp;&nbsp;&nbsp;233965 | &nbsp;&nbsp;&nbsp;&nbsp;1328921 |
| Orion Engineered Carbons S.A. | &nbsp;&nbsp;&nbsp;135670 | &nbsp;&nbsp;&nbsp;&nbsp;2165293 |
| Pactiv Evergreen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96890 | &nbsp;&nbsp;&nbsp;&nbsp;1057070 |
| Perimeter Solutions S.A. \* | &nbsp;&nbsp;&nbsp;273202 | &nbsp;&nbsp;&nbsp;&nbsp;2182884 |
| Piedmont Lithium, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38895 | &nbsp;&nbsp;&nbsp;&nbsp;2420047 |
| PolyMet Mining Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;66038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197454 |
| PureCycle Technologies, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;238192 | &nbsp;&nbsp;&nbsp;&nbsp;1969848 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30313 | &nbsp;&nbsp;&nbsp;&nbsp;4930106 |
| Ramaco Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571229 |
| Ranpak Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;94933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360745 |
| Rayonier Advanced Materials, Inc. \* | &nbsp;&nbsp;&nbsp;137433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625320 |
| Resolute Forest Products, Inc. \* | &nbsp;&nbsp;&nbsp;103149 | &nbsp;&nbsp;&nbsp;&nbsp;2146531 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43320 | &nbsp;&nbsp;&nbsp;&nbsp;1453386 |
| Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;57975 | &nbsp;&nbsp;&nbsp;&nbsp;1564745 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93859 | &nbsp;&nbsp;&nbsp;&nbsp;6707164 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;47783 | &nbsp;&nbsp;&nbsp;&nbsp;4990457 |
| Summit Materials, Inc., Class A \* | &nbsp;&nbsp;&nbsp;265264 | &nbsp;&nbsp;&nbsp;&nbsp;6989706 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;185447 | &nbsp;&nbsp;&nbsp;&nbsp;1346345 |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79416 | &nbsp;&nbsp;&nbsp;&nbsp;3825469 |
| TimkenSteel Corp. \* | &nbsp;&nbsp;&nbsp;103456 | &nbsp;&nbsp;&nbsp;&nbsp;1804273 |
| Tredegar Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666381 |
| TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93774 | &nbsp;&nbsp;&nbsp;&nbsp;2142736 |
| Trinseo plc | &nbsp;&nbsp;&nbsp;&nbsp;78630 | &nbsp;&nbsp;&nbsp;&nbsp;1479817 |
| Tronox Holdings plc, Class A | &nbsp;&nbsp;&nbsp;261735 | &nbsp;&nbsp;&nbsp;&nbsp;3140820 |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578902 |
| Valhi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144441 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;115215 | &nbsp;&nbsp;&nbsp;&nbsp;4279085 |
| Worthington Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70311 | &nbsp;&nbsp;&nbsp;&nbsp;3343991 |
|  |  | **223111763** |
| &nbsp;&nbsp;**Media & Entertainment 1.9%** | &nbsp;&nbsp;**Media & Entertainment 1.9%** | &nbsp;&nbsp;**Media & Entertainment 1.9%** |
| AdTheorent Holding Co., Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;80170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169960 |
| Advantage Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;187093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632374 |
| AMC Networks, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;67424 | &nbsp;&nbsp;&nbsp;&nbsp;1517714 |
| Audacy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;266264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92021 |

---

<sub>65</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Boston Omaha Corp., Class A \* | &nbsp;&nbsp;48858 | &nbsp;&nbsp;&nbsp;&nbsp;1361672 |
| Bumble, Inc., Class A \* | 193034 | &nbsp;&nbsp;&nbsp;&nbsp;4903064 |
| Cardlytics, Inc. \* | &nbsp;&nbsp;71994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678903 |
| Cargurus, Inc. \* | 228365 | &nbsp;&nbsp;&nbsp;&nbsp;3324994 |
| Cars.com, Inc. \* | 151280 | &nbsp;&nbsp;&nbsp;&nbsp;2099766 |
| Cinemark Holdings, Inc. \* | 243977 | &nbsp;&nbsp;&nbsp;&nbsp;2588596 |
| Clear Channel Outdoor Holdings, Inc. \* | 822116 | &nbsp;&nbsp;&nbsp;&nbsp;1175626 |
| Cumulus Media, Inc., Class A \* | &nbsp;&nbsp;38913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286789 |
| Daily Journal Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726421 |
| DHI Group, Inc. \* | &nbsp;&nbsp;96597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618221 |
| Entravision Communications Corp., Class A | 134235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628220 |
| Eventbrite, Inc., Class A \* | 172301 | &nbsp;&nbsp;&nbsp;&nbsp;1132018 |
| EverQuote, Inc., Class A \* | &nbsp;&nbsp;44086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268484 |
| fuboTV, Inc. *\*(a)* | 398629 | &nbsp;&nbsp;&nbsp;&nbsp;1458982 |
| Gambling.com Group Ltd. \* | &nbsp;&nbsp;19065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159765 |
| Gannett Co., Inc. \* | 323952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469730 |
| Gray Television, Inc. | 183782 | &nbsp;&nbsp;&nbsp;&nbsp;2600515 |
| iHeartMedia, Inc., Class A \* | 270407 | &nbsp;&nbsp;&nbsp;&nbsp;2238970 |
| IMAX Corp. \* | 104759 | &nbsp;&nbsp;&nbsp;&nbsp;1333582 |
| Innovid Corp. *\*(a)* | 168381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629745 |
| Integral Ad Science Holding Corp. \* | &nbsp;&nbsp;85775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722226 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;96158 | &nbsp;&nbsp;&nbsp;&nbsp;4056906 |
| Leafly Holdings, Inc. \* | &nbsp;&nbsp;67445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59790 |
| Liberty Media Corp. - Liberty Braves, Class A \* | &nbsp;&nbsp;22253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709648 |
| Liberty Media Corp. - Liberty Braves, Class C \* | &nbsp;&nbsp;84516 | &nbsp;&nbsp;&nbsp;&nbsp;2633519 |
| Lions Gate Entertainment Corp., Class A \* | 130729 | &nbsp;&nbsp;&nbsp;&nbsp;1053676 |
| Lions Gate Entertainment Corp., Class B \* | 258188 | &nbsp;&nbsp;&nbsp;&nbsp;1959647 |
| Loyalty Ventures, Inc. \* | &nbsp;&nbsp;44080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52014 |
| Madison Square Garden Entertainment Corp. \* | &nbsp;&nbsp;57651 | &nbsp;&nbsp;&nbsp;&nbsp;2826629 |
| Magnite, Inc. \* | 292062 | &nbsp;&nbsp;&nbsp;&nbsp;2129132 |
| MediaAlpha, Inc., Class A \* | &nbsp;&nbsp;53547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587946 |
| Outbrain, Inc. \* | &nbsp;&nbsp;87040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372531 |
| Playstudios, Inc. \* | 178129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803362 |
| PubMatic, Inc., Class A \* | &nbsp;&nbsp;95803 | &nbsp;&nbsp;&nbsp;&nbsp;1666972 |
| QuinStreet, Inc. \* | 115619 | &nbsp;&nbsp;&nbsp;&nbsp;1319213 |
| Reservoir Media, Inc. \* | &nbsp;&nbsp;44949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260704 |
| Scholastic Corp. | &nbsp;&nbsp;66703 | &nbsp;&nbsp;&nbsp;&nbsp;2544052 |
| Shutterstock, Inc. | &nbsp;&nbsp;54274 | &nbsp;&nbsp;&nbsp;&nbsp;2715328 |
| Sinclair Broadcast Group, Inc., Class A | &nbsp;&nbsp;89966 | &nbsp;&nbsp;&nbsp;&nbsp;1602295 |
| Skillz, Inc. *\*(a)* | 705959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727138 |
| Stagwell, Inc. \* | 174031 | &nbsp;&nbsp;&nbsp;&nbsp;1320895 |
| TechTarget, Inc. \* | &nbsp;&nbsp;61359 | &nbsp;&nbsp;&nbsp;&nbsp;3960723 |
| TEGNA, Inc. | 498676 | &nbsp;&nbsp;&nbsp;&nbsp;10412355 |
| The Arena Group Holdings, Inc. \* | &nbsp;&nbsp;24915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351302 |
| The E.W. Scripps Co., Class A \* | 130913 | &nbsp;&nbsp;&nbsp;&nbsp;1857656 |
| The Marcus Corp. | &nbsp;&nbsp;53012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797301 |
| Thryv Holdings, Inc. \* | &nbsp;&nbsp;56600 | &nbsp;&nbsp;&nbsp;&nbsp;1158036 |
| TrueCar, Inc. \* | 203165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365697 |
| Urban One, Inc. \* | &nbsp;&nbsp;24134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119946 |
| Urban One, Inc. \* | &nbsp;&nbsp;19434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117187 |
| Vimeo, Inc. \* | 320858 | &nbsp;&nbsp;&nbsp;&nbsp;1219260 |
| Vinco Ventures, Inc. *\*(a)* | 515848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470247 |
| Wejo Group Ltd. \* | &nbsp;&nbsp;50427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54461 |
| WideOpenWest, Inc. \* | 120003 | &nbsp;&nbsp;&nbsp;&nbsp;1645241 |
| Yelp, Inc. \* | 153876 | &nbsp;&nbsp;&nbsp;&nbsp;5910377 |
| Ziff Davis, Inc. \* | 102230 | &nbsp;&nbsp;&nbsp;&nbsp;7911580 |
| ZipRecruiter, Inc., Class A \* | 178800 | &nbsp;&nbsp;&nbsp;&nbsp;2998476 |
|  |  | **100569600** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 9.5%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 9.5%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 9.5%** |
| 2seventy bio, Inc. \* | &nbsp;&nbsp;83287 | &nbsp;&nbsp;&nbsp;1322598 |
| 4D Molecular Therapeutics, Inc. \* | &nbsp;&nbsp;67494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584498 |
| Aadi Bioscience, Inc. \* | &nbsp;&nbsp;32925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425226 |
| AbCellera Biologics, Inc. *\*(a)* | 463357 | &nbsp;&nbsp;&nbsp;5481513 |
| Absci Corp. *\*(a)* | 115388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364626 |
| ACADIA Pharmaceuticals, Inc. \* | 268983 | &nbsp;&nbsp;&nbsp;4311797 |
| Aclaris Therapeutics, Inc. \* | 144732 | &nbsp;&nbsp;&nbsp;2259266 |
| Adaptive Biotechnologies Corp. \* | 250286 | &nbsp;&nbsp;&nbsp;1947225 |
| Adicet Bio, Inc. \* | &nbsp;&nbsp;63097 | &nbsp;&nbsp;&nbsp;1040470 |
| ADMA Biologics, Inc. \* | 414978 | &nbsp;&nbsp;&nbsp;1170238 |
| Aerie Pharmaceuticals, Inc. \* | 106764 | &nbsp;&nbsp;&nbsp;1624948 |
| Aerovate Therapeutics, Inc. \* | &nbsp;&nbsp;20978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409281 |
| Affimed N.V. \* | 317498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558796 |
| Agenus, Inc. \* | 635546 | &nbsp;&nbsp;&nbsp;1595220 |
| Agios Pharmaceuticals, Inc. \* | 122102 | &nbsp;&nbsp;&nbsp;3362689 |
| Akero Therapeutics, Inc. \* | &nbsp;&nbsp;62724 | &nbsp;&nbsp;&nbsp;2650716 |
| Akoya Biosciences, Inc. \* | &nbsp;&nbsp;35694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490792 |
| Albireo Pharma, Inc. \* | &nbsp;&nbsp;38329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786511 |
| Alector, Inc. \* | 139514 | &nbsp;&nbsp;&nbsp;1283529 |
| Alkermes plc \* | 364800 | &nbsp;&nbsp;&nbsp;8280960 |
| Allogene Therapeutics, Inc. \* | 178782 | &nbsp;&nbsp;&nbsp;1841455 |
| Allovir, Inc. \* | &nbsp;&nbsp;68859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477193 |
| Alpha Teknova, Inc. \* | &nbsp;&nbsp;13552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62204 |
| Alpine Immune Sciences, Inc. \* | &nbsp;&nbsp;34323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202849 |
| ALX Oncology Holdings, Inc. \* | &nbsp;&nbsp;48734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591631 |
| Amicus Therapeutics, Inc. \* | 617018 | &nbsp;&nbsp;&nbsp;6170180 |
| Amneal Pharmaceuticals, Inc. \* | 230165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506363 |
| Amphastar Pharmaceuticals, Inc. \* | &nbsp;&nbsp;85741 | &nbsp;&nbsp;&nbsp;2649397 |
| Amylyx Pharmaceuticals, Inc. *\*(a)* | &nbsp;&nbsp;78876 | &nbsp;&nbsp;&nbsp;2813507 |
| AN2 Therapeutics, Inc. \* | &nbsp;&nbsp;11027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159009 |
| AnaptysBio, Inc. \* | &nbsp;&nbsp;45351 | &nbsp;&nbsp;&nbsp;1308376 |
| Anavex Life Sciences Corp. \* | 155442 | &nbsp;&nbsp;&nbsp;1891729 |
| ANI Pharmaceuticals, Inc. \* | &nbsp;&nbsp;28157 | &nbsp;&nbsp;&nbsp;1086579 |
| Anika Therapeutics, Inc. \* | &nbsp;&nbsp;32616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926947 |
| Apellis Pharmaceuticals, Inc. \* | 209818 | 12691891 |
| Arbutus Biopharma Corp. \* | 244362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571807 |
| Arcellx, Inc. \* | &nbsp;&nbsp;65825 | &nbsp;&nbsp;&nbsp;1545571 |
| Arcturus Therapeutics Holdings, Inc. \* | &nbsp;&nbsp;51531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912099 |
| Arcus Biosciences, Inc. \* | 114902 | &nbsp;&nbsp;&nbsp;2927703 |
| Arcutis Biotherapeutics, Inc. \* | &nbsp;&nbsp;91748 | &nbsp;&nbsp;&nbsp;1622105 |
| Arrowhead Pharmaceuticals, Inc. \* | 230282 | &nbsp;&nbsp;&nbsp;8016116 |
| Arvinas, Inc. \* | 108826 | &nbsp;&nbsp;&nbsp;5409740 |
| Atara Biotherapeutics, Inc. \* | 206699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963217 |
| Atea Pharmaceuticals, Inc. \* | 170066 | &nbsp;&nbsp;&nbsp;1020396 |
| Athira Pharma, Inc. \* | &nbsp;&nbsp;74945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248068 |
| Aura Biosciences, Inc. \* | &nbsp;&nbsp;41119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509464 |
| Aurinia Pharmaceuticals, Inc. *\*(a)* | 300513 | &nbsp;&nbsp;&nbsp;2443171 |
| Avid Bioservices, Inc. \* | 136750 | &nbsp;&nbsp;&nbsp;2316545 |
| Avidity Biosciences, Inc. \* | 114944 | &nbsp;&nbsp;&nbsp;1641400 |
| Axsome Therapeutics, Inc. \* | &nbsp;&nbsp;66544 | &nbsp;&nbsp;&nbsp;3004462 |
| Beam Therapeutics, Inc. \* | 142197 | &nbsp;&nbsp;&nbsp;6265200 |
| Berkeley Lights, Inc. \* | 122300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271506 |
| BioCryst Pharmaceuticals, Inc. \* | 415003 | &nbsp;&nbsp;&nbsp;5540290 |
| Biohaven Ltd. \* | &nbsp;&nbsp;70999 | &nbsp;&nbsp;&nbsp;1176453 |
| BioLife Solutions, Inc. \* | &nbsp;&nbsp;75707 | &nbsp;&nbsp;&nbsp;1780629 |
| Bionano Genomics, Inc. *\*(a)* | 655029 | &nbsp;&nbsp;&nbsp;1532768 |
| Bioxcel Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;42834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539280 |
| Bluebird Bio, Inc. \* | 172242 | &nbsp;&nbsp;&nbsp;1079957 |
| Blueprint Medicines Corp. \* | 133694 | &nbsp;&nbsp;&nbsp;6930697 |
| Bridgebio Pharma, Inc. \* | 234467 | &nbsp;&nbsp;&nbsp;2445491 |
| C4 Therapeutics, Inc. \* | &nbsp;&nbsp;94126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905492 |
| Cara Therapeutics, Inc. \* | 100211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941983 |
| CareDx, Inc. \* | 113591 | &nbsp;&nbsp;&nbsp;2261597 |
| Caribou Biosciences, Inc. \* | 124865 | &nbsp;&nbsp;&nbsp;1216185 |
| Cassava Sciences, Inc. *\*(a)* | &nbsp;&nbsp;85341 | &nbsp;&nbsp;&nbsp;3109826 |
| Catalyst Pharmaceuticals, Inc. \* | 214318 | &nbsp;&nbsp;&nbsp;2972591 |

---

<sub>66</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Celldex Therapeutics, Inc. \* | 102537 | &nbsp;&nbsp;&nbsp;3602125 |
| Celularity, Inc. \* | 148312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345567 |
| Century Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;45787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480763 |
| Cerevel Therapeutics Holdings, Inc. \* | 121582 | &nbsp;&nbsp;&nbsp;3399433 |
| Chimerix, Inc. \* | 184631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326797 |
| Chinook Therapeutics, Inc. \* | 111797 | &nbsp;&nbsp;&nbsp;2431585 |
| CinCor Pharma, Inc. *\*(a)* | &nbsp;&nbsp;45028 | &nbsp;&nbsp;&nbsp;1514742 |
| Codexis, Inc. \* | 135589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762010 |
| Cogent Biosciences, Inc. \* | 143563 | &nbsp;&nbsp;&nbsp;1959635 |
| Coherus Biosciences, Inc. \* | 164576 | &nbsp;&nbsp;&nbsp;1431811 |
| Collegium Pharmaceutical, Inc. \* | &nbsp;&nbsp;75704 | &nbsp;&nbsp;&nbsp;1358130 |
| Corcept Therapeutics, Inc. \* | 190744 | &nbsp;&nbsp;&nbsp;5455278 |
| Crinetics Pharmaceuticals, Inc. \* | 118132 | &nbsp;&nbsp;&nbsp;2180717 |
| CryoPort, Inc. \* | &nbsp;&nbsp;98018 | &nbsp;&nbsp;&nbsp;2720980 |
| CTI BioPharma Corp. \* | 222878 | &nbsp;&nbsp;&nbsp;1092102 |
| Cullinan Oncology, Inc. \* | &nbsp;&nbsp;67998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893494 |
| Cytek Biosciences, Inc. \* | 255497 | &nbsp;&nbsp;&nbsp;3965313 |
| Cytokinetics, Inc. \* | 183697 | &nbsp;&nbsp;&nbsp;8020211 |
| Day One Biopharmaceuticals, Inc. \* | &nbsp;&nbsp;61642 | &nbsp;&nbsp;&nbsp;1303112 |
| Deciphera Pharmaceuticals, Inc. \* | 100548 | &nbsp;&nbsp;&nbsp;1630889 |
| Denali Therapeutics, Inc. \* | 220435 | &nbsp;&nbsp;&nbsp;6322076 |
| Design Therapeutics, Inc. \* | &nbsp;&nbsp;75577 | &nbsp;&nbsp;&nbsp;1180513 |
| DICE Therapeutics, Inc. \* | &nbsp;&nbsp;63779 | &nbsp;&nbsp;&nbsp;2264792 |
| Dynavax Technologies Corp. \* | 264763 | &nbsp;&nbsp;&nbsp;3031536 |
| Dyne Therapeutics, Inc. \* | &nbsp;&nbsp;70809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807223 |
| Eagle Pharmaceuticals, Inc. \* | &nbsp;&nbsp;23107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727177 |
| Edgewise Therapeutics, Inc. \* | &nbsp;&nbsp;66853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635772 |
| Editas Medicine, Inc. \* | 155181 | &nbsp;&nbsp;&nbsp;1947522 |
| Eiger BioPharmaceuticals, Inc. \* | &nbsp;&nbsp;92051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470381 |
| Emergent BioSolutions, Inc. \* | 112831 | &nbsp;&nbsp;&nbsp;2353655 |
| Enanta Pharmaceuticals, Inc. \* | &nbsp;&nbsp;43896 | &nbsp;&nbsp;&nbsp;1980149 |
| Enochian Biosciences, Inc. \* | &nbsp;&nbsp;43414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88130 |
| EQRx, Inc. *\*(a)* | 450324 | &nbsp;&nbsp;&nbsp;2314665 |
| Erasca, Inc. *\*(a)* | 144541 | &nbsp;&nbsp;&nbsp;1180900 |
| Esperion Therapeutics, Inc. \* | 148753 | &nbsp;&nbsp;&nbsp;1209362 |
| Evolus, Inc. \* | &nbsp;&nbsp;79498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680503 |
| EyePoint Pharmaceuticals, Inc. \* | &nbsp;&nbsp;59603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321856 |
| Fate Therapeutics, Inc. \* | 185966 | &nbsp;&nbsp;&nbsp;3890409 |
| FibroGen, Inc. \* | 195745 | &nbsp;&nbsp;&nbsp;3186729 |
| Foghorn Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;44129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385687 |
| Fulcrum Therapeutics, Inc. \* | &nbsp;&nbsp;77321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429905 |
| Gelesis Holdings, Inc. \* | &nbsp;&nbsp;35034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13057 |
| Generation Bio Co. \* | 106621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545900 |
| Geron Corp. \* | 806768 | &nbsp;&nbsp;&nbsp;1791025 |
| Gossamer Bio, Inc. \* | 140419 | &nbsp;&nbsp;&nbsp;1558651 |
| GreenLight Biosciences Holdings PBC *\*(a)* | 159497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283905 |
| Halozyme Therapeutics, Inc. \* | 303622 | 14516168 |
| Harmony Biosciences Holdings, Inc. \* | &nbsp;&nbsp;58650 | &nbsp;&nbsp;&nbsp;3049800 |
| Heron Therapeutics, Inc. \* | 228346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879132 |
| HilleVax, Inc. \* | &nbsp;&nbsp;29325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626968 |
| Humacyte, Inc. *\*(a)* | &nbsp;&nbsp;38779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133594 |
| Icosavax, Inc. \* | &nbsp;&nbsp;48839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167518 |
| Ideaya Biosciences, Inc. \* | &nbsp;&nbsp;80011 | &nbsp;&nbsp;&nbsp;1351386 |
| IGM Biosciences, Inc. \* | &nbsp;&nbsp;24001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480020 |
| Imago Biosciences, Inc. \* | &nbsp;&nbsp;58727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998359 |
| ImmunityBio, Inc. *\*(a)* | 184206 | &nbsp;&nbsp;&nbsp;1013133 |
| ImmunoGen, Inc. \* | 480515 | &nbsp;&nbsp;&nbsp;2854259 |
| Immunovant, Inc. \* | &nbsp;&nbsp;90272 | &nbsp;&nbsp;&nbsp;1011046 |
| Inhibrx, Inc. \* | &nbsp;&nbsp;65317 | &nbsp;&nbsp;&nbsp;2101901 |
| Innoviva, Inc. \* | 141192 | &nbsp;&nbsp;&nbsp;1914564 |
| Inotiv, Inc. \* | &nbsp;&nbsp;39167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813890 |
| Inovio Pharmaceuticals, Inc. \* | 552840 | &nbsp;&nbsp;&nbsp;1194134 |
| Insmed, Inc. \* | 266815 | &nbsp;&nbsp;&nbsp;4621236 |
| Instil Bio, Inc. \* | 155472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513058 |
| Intellia Therapeutics, Inc. \* | 168715 | &nbsp;&nbsp;&nbsp;8904778 |
| Intercept Pharmaceuticals, Inc. \* | &nbsp;&nbsp;55077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763918 |
| Intra-Cellular Therapies, Inc. \* | 204984 | &nbsp;&nbsp;&nbsp;9361619 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Invivyd, Inc. \* | 112840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445718 |
| Iovance Biotherapeutics, Inc. \* | 337358 | &nbsp;&nbsp;&nbsp;3150924 |
| Ironwood Pharmaceuticals, Inc. \* | 305723 | &nbsp;&nbsp;&nbsp;3344610 |
| iTeos Therapeutics, Inc. \* | &nbsp;&nbsp;52441 | &nbsp;&nbsp;&nbsp;1021551 |
| IVERIC bio, Inc. \* | 265137 | &nbsp;&nbsp;&nbsp;6342077 |
| Janux Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;38809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701667 |
| Jounce Therapeutics, Inc. \* | &nbsp;&nbsp;92459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201561 |
| KalVista Pharmaceuticals, Inc. \* | &nbsp;&nbsp;54264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275118 |
| Karuna Therapeutics, Inc. \* | &nbsp;&nbsp;66808 | 14653667 |
| Karyopharm Therapeutics, Inc. \* | 170694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812503 |
| Keros Therapeutics, Inc. \* | &nbsp;&nbsp;40412 | &nbsp;&nbsp;&nbsp;2034340 |
| Kezar Life Sciences, Inc. \* | 117494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882967 |
| Kiniksa Pharmaceuticals Ltd., Class A \* | &nbsp;&nbsp;70115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800713 |
| Kinnate Biopharma, Inc. \* | &nbsp;&nbsp;65765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554399 |
| Kodiak Sciences, Inc. \* | &nbsp;&nbsp;75418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541501 |
| Kronos Bio, Inc. \* | &nbsp;&nbsp;90167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266894 |
| Krystal Biotech, Inc. \* | &nbsp;&nbsp;47715 | &nbsp;&nbsp;&nbsp;3650197 |
| Kura Oncology, Inc. \* | 142344 | &nbsp;&nbsp;&nbsp;2209179 |
| Kymera Therapeutics, Inc. \* | &nbsp;&nbsp;84919 | &nbsp;&nbsp;&nbsp;2576442 |
| Lexicon Pharmaceuticals, Inc. \* | 183411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394334 |
| Ligand Pharmaceuticals, Inc. \* | &nbsp;&nbsp;33820 | &nbsp;&nbsp;&nbsp;2964323 |
| Liquidia Corp. \* | 105805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517386 |
| Lyell Immunopharma, Inc. *\*(a)* | 387211 | &nbsp;&nbsp;&nbsp;2276801 |
| MacroGenics, Inc. \* | 136729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700052 |
| Madrigal Pharmaceuticals, Inc. \* | &nbsp;&nbsp;28582 | &nbsp;&nbsp;&nbsp;2024177 |
| MannKind Corp. \* | 559221 | &nbsp;&nbsp;&nbsp;1890167 |
| MaxCyte, Inc. \* | 193640 | &nbsp;&nbsp;&nbsp;1339989 |
| Medpace Holdings, Inc. \* | &nbsp;&nbsp;56789 | 12606022 |
| MeiraGTx Holdings plc \* | &nbsp;&nbsp;68201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495821 |
| Mersana Therapeutics, Inc. \* | 200724 | &nbsp;&nbsp;&nbsp;1577691 |
| MiMedx Group, Inc. \* | 253295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749753 |
| Mirum Pharmaceuticals, Inc. \* | &nbsp;&nbsp;40478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912779 |
| Monte Rosa Therapeutics, Inc. \* | &nbsp;&nbsp;64436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592811 |
| Morphic Holding, Inc. \* | &nbsp;&nbsp;57842 | &nbsp;&nbsp;&nbsp;1620154 |
| Myriad Genetics, Inc. \* | 177891 | &nbsp;&nbsp;&nbsp;3689459 |
| NanoString Technologies, Inc. \* | 104324 | &nbsp;&nbsp;&nbsp;1091229 |
| Nautilus Biotechnology, Inc. \* | 104750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258732 |
| Nektar Therapeutics \* | 406495 | &nbsp;&nbsp;&nbsp;1528421 |
| NeoGenomics, Inc. \* | 282196 | &nbsp;&nbsp;&nbsp;2146101 |
| NGM Biopharmaceuticals, Inc. \* | &nbsp;&nbsp;88652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473402 |
| Nkarta, Inc. \* | &nbsp;&nbsp;72450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913594 |
| Nurix Therapeutics, Inc. \* | 103353 | &nbsp;&nbsp;&nbsp;1315684 |
| Nuvalent, Inc., Class A \* | &nbsp;&nbsp;37773 | &nbsp;&nbsp;&nbsp;1348874 |
| Nuvation Bio, Inc. \* | 260365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572803 |
| Ocugen, Inc. *\*(a)* | 477831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821869 |
| Ocular Therapeutix, Inc. \* | 173463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626201 |
| Organogenesis Holdings, Inc. \* | 156729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514071 |
| Outlook Therapeutics, Inc. *\*(a)* | 266760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309442 |
| Pacific Biosciences of California, Inc. \* | 505427 | &nbsp;&nbsp;&nbsp;4265804 |
| Pacira BioSciences, Inc. \* | 100503 | &nbsp;&nbsp;&nbsp;5202035 |
| Pardes Biosciences, Inc. \* | &nbsp;&nbsp;75704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90845 |
| PepGen, Inc. *\*(a)* | &nbsp;&nbsp;21133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259513 |
| Phathom Pharmaceuticals, Inc. \* | &nbsp;&nbsp;52056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551794 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp;45620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670158 |
| PMV Pharmaceuticals, Inc. \* | &nbsp;&nbsp;82973 | &nbsp;&nbsp;&nbsp;1021398 |
| Point Biopharma Global, Inc. \* | 165036 | &nbsp;&nbsp;&nbsp;1539786 |
| Praxis Precision Medicines, Inc. \* | &nbsp;&nbsp;84185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165844 |
| Precigen, Inc. \* | 227116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367928 |
| Prestige Consumer Healthcare, Inc. \* | 111403 | &nbsp;&nbsp;&nbsp;6069235 |
| Prometheus Biosciences, Inc. \* | &nbsp;&nbsp;68489 | &nbsp;&nbsp;&nbsp;3597042 |
| Protagonist Therapeutics, Inc. \* | 102668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831611 |
| Prothena Corp. plc \* | &nbsp;&nbsp;79370 | &nbsp;&nbsp;&nbsp;4876493 |
| Provention Bio, Inc. \* | 131989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916004 |
| PTC Therapeutics, Inc. \* | 157164 | &nbsp;&nbsp;&nbsp;5943942 |
| Quanterix Corp. \* | &nbsp;&nbsp;75914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840368 |
| Quantum-Si, Inc. \* | 206210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624816 |
| Rallybio Corp. \* | &nbsp;&nbsp;35048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335059 |
| RAPT Therapeutics, Inc. \* | &nbsp;&nbsp;57918 | &nbsp;&nbsp;&nbsp;1263771 |

---

<sub>67</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Reata Pharmaceuticals, Inc., Class A \* | &nbsp;&nbsp;61546 | &nbsp;&nbsp;&nbsp;&nbsp;1981781 |
| Recursion Pharmaceuticals, Inc., Class A \* | 305753 | &nbsp;&nbsp;&nbsp;&nbsp;3225694 |
| REGENXBIO, Inc. \* | &nbsp;&nbsp;90027 | &nbsp;&nbsp;&nbsp;&nbsp;2130939 |
| Relay Therapeutics, Inc. \* | 171156 | &nbsp;&nbsp;&nbsp;&nbsp;3803086 |
| Relmada Therapeutics, Inc. \* | &nbsp;&nbsp;61410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392410 |
| Replimune Group, Inc. \* | &nbsp;&nbsp;90531 | &nbsp;&nbsp;&nbsp;&nbsp;1662149 |
| Revance Therapeutics, Inc. \* | 160507 | &nbsp;&nbsp;&nbsp;&nbsp;3580911 |
| REVOLUTION Medicines, Inc. \* | 166596 | &nbsp;&nbsp;&nbsp;&nbsp;3375235 |
| Rigel Pharmaceuticals, Inc. \* | 380139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276969 |
| Rocket Pharmaceuticals, Inc. \* | &nbsp;&nbsp;97586 | &nbsp;&nbsp;&nbsp;&nbsp;1820955 |
| Sage Therapeutics, Inc. \* | 116533 | &nbsp;&nbsp;&nbsp;&nbsp;4388633 |
| Sana Biotechnology, Inc. \* | 199802 | &nbsp;&nbsp;&nbsp;&nbsp;1158852 |
| Sangamo Therapeutics, Inc. \* | 285099 | &nbsp;&nbsp;&nbsp;&nbsp;1251585 |
| Science 37 Holdings, Inc. \* | 136794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198351 |
| Seer, Inc. \* | 115164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901734 |
| Seres Therapeutics, Inc. \* | 157681 | &nbsp;&nbsp;&nbsp;&nbsp;1397054 |
| SIGA Technologies, Inc. | 105712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971493 |
| Singular Genomics Systems, Inc. *\*(a)* | 126875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337487 |
| SomaLogic, Inc. \* | 335875 | &nbsp;&nbsp;&nbsp;&nbsp;1165486 |
| Sorrento Therapeutics, Inc. \* | 854496 | &nbsp;&nbsp;&nbsp;&nbsp;1341559 |
| SpringWorks Therapeutics, Inc. \* | &nbsp;&nbsp;77811 | &nbsp;&nbsp;&nbsp;&nbsp;1868242 |
| Stoke Therapeutics, Inc. \* | &nbsp;&nbsp;50512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750103 |
| Supernus Pharmaceuticals, Inc. \* | 109597 | &nbsp;&nbsp;&nbsp;&nbsp;3755889 |
| Sutro Biopharma, Inc. \* | 110497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809943 |
| Syndax Pharmaceuticals, Inc. \* | 119031 | &nbsp;&nbsp;&nbsp;&nbsp;2732952 |
| Talaris Therapeutics, Inc. \* | &nbsp;&nbsp;50489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76238 |
| Tango Therapeutics, Inc. \* | 102798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826496 |
| Tarsus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;40786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751278 |
| Tenaya Therapeutics, Inc. \* | &nbsp;&nbsp;61401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164555 |
| TG Therapeutics, Inc. \* | 298052 | &nbsp;&nbsp;&nbsp;&nbsp;1734663 |
| Theravance Biopharma, Inc. \* | 144305 | &nbsp;&nbsp;&nbsp;&nbsp;1438721 |
| Theseus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;37327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200819 |
| Travere Therapeutics, Inc. \* | 136257 | &nbsp;&nbsp;&nbsp;&nbsp;2954052 |
| Tricida, Inc. *\*(a)* | &nbsp;&nbsp;74893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24887 |
| Twist Bioscience Corp. \* | 125578 | &nbsp;&nbsp;&nbsp;&nbsp;4122726 |
| Tyra Biosciences, Inc. \* | &nbsp;&nbsp;28831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199511 |
| Vanda Pharmaceuticals, Inc. \* | 124053 | &nbsp;&nbsp;&nbsp;&nbsp;1298835 |
| Vaxart, Inc. *\*(a)* | 276951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462508 |
| Vaxcyte, Inc. \* | 150984 | &nbsp;&nbsp;&nbsp;&nbsp;6584412 |
| VBI Vaccines, Inc. \* | 440434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317157 |
| Ventyx Biosciences, Inc. \* | &nbsp;&nbsp;49976 | &nbsp;&nbsp;&nbsp;&nbsp;1617723 |
| Vera Therapeutics, Inc. \* | &nbsp;&nbsp;31143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580506 |
| Veracyte, Inc. \* | 160370 | &nbsp;&nbsp;&nbsp;&nbsp;3225041 |
| Vericel Corp. \* | 105633 | &nbsp;&nbsp;&nbsp;&nbsp;2839415 |
| Verve Therapeutics, Inc. \* | 101797 | &nbsp;&nbsp;&nbsp;&nbsp;3837747 |
| Vir Biotechnology, Inc. \* | 162244 | &nbsp;&nbsp;&nbsp;&nbsp;3566123 |
| Viridian Therapeutics, Inc. \* | &nbsp;&nbsp;59054 | &nbsp;&nbsp;&nbsp;&nbsp;1175175 |
| VistaGen Therapeutics, Inc. \* | 427939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56745 |
| Xencor, Inc. \* | 128422 | &nbsp;&nbsp;&nbsp;&nbsp;3595816 |
| Xeris Biopharma Holdings, Inc. \* | 300770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481232 |
| Y-mAbs Therapeutics, Inc. \* | &nbsp;&nbsp;82029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296125 |
| Zentalis Pharmaceuticals, Inc. \* | 105164 | &nbsp;&nbsp;&nbsp;&nbsp;2638565 |
|  |  | **507716852** |
| &nbsp;&nbsp;**Real Estate 6.4%** | &nbsp;&nbsp;**Real Estate 6.4%** | &nbsp;&nbsp;**Real Estate 6.4%** |
| Acadia Realty Trust | 208357 | &nbsp;&nbsp;&nbsp;&nbsp;2910747 |
| Agree Realty Corp. | 176542 | &nbsp;&nbsp;&nbsp;&nbsp;12128435 |
| Alexander & Baldwin, Inc. | 162063 | &nbsp;&nbsp;&nbsp;&nbsp;3156987 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp;1124888 |
| American Assets Trust, Inc. | 110539 | &nbsp;&nbsp;&nbsp;&nbsp;3037612 |
| American Realty Investors, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58172 |
| Anywhere Real Estate, Inc. \* | 251421 | &nbsp;&nbsp;&nbsp;&nbsp;1868058 |
| Apartment Investment & Management Co., Class A | 335086 | &nbsp;&nbsp;&nbsp;&nbsp;2660583 |
| Apple Hospitality REIT, Inc. | 481348 | &nbsp;&nbsp;&nbsp;&nbsp;8240678 |
| Armada Hoffler Properties, Inc. | 150095 | &nbsp;&nbsp;&nbsp;&nbsp;1754611 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ashford Hospitality Trust, Inc. \* | &nbsp;&nbsp;78017 | &nbsp;&nbsp;&nbsp;&nbsp;633498 |
| Bluerock Homes Trust, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7987 | &nbsp;&nbsp;&nbsp;&nbsp;202071 |
| Braemar Hotels & Resorts, Inc. | 153801 | &nbsp;&nbsp;&nbsp;&nbsp;758239 |
| Brandywine Realty Trust | 380398 | 2495411 |
| Broadstone Net Lease, Inc. | 373312 | 6398568 |
| BRT Apartments Corp. | &nbsp;&nbsp;26640 | &nbsp;&nbsp;&nbsp;&nbsp;590342 |
| CareTrust REIT, Inc. | 216089 | 4036543 |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;59612 | 1712653 |
| Centerspace | &nbsp;&nbsp;34396 | 2383643 |
| Chatham Lodging Trust \* | 107910 | 1399593 |
| City Office REIT, Inc. | &nbsp;&nbsp;91139 | &nbsp;&nbsp;&nbsp;&nbsp;967896 |
| Clipper Realty, Inc. | &nbsp;&nbsp;26341 | &nbsp;&nbsp;&nbsp;&nbsp;186758 |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;52924 | 1831170 |
| Compass, Inc., Class A \* | 612928 | 1618130 |
| Corporate Office Properties Trust | 252103 | 6718545 |
| CTO Realty Growth, Inc. | &nbsp;&nbsp;39172 | &nbsp;&nbsp;&nbsp;&nbsp;787357 |
| Cushman & Wakefield plc \* | 355695 | 4108277 |
| DiamondRock Hospitality Co. | 469289 | 4383159 |
| DigitalBridge Group, Inc. | 362747 | 4643165 |
| Diversified Healthcare Trust | 537555 | &nbsp;&nbsp;&nbsp;&nbsp;731075 |
| Doma Holdings, Inc. \* | 300934 | &nbsp;&nbsp;&nbsp;&nbsp;163287 |
| Douglas Elliman, Inc. | 169624 | &nbsp;&nbsp;&nbsp;&nbsp;783663 |
| Easterly Government Properties, Inc. | 204072 | 3548812 |
| Elme Communities | 195605 | 3734099 |
| Empire State Realty Trust, Inc., Class A | 302633 | 2230405 |
| Equity Commonwealth | 238336 | 6234870 |
| Essential Properties Realty Trust, Inc. | 314526 | 6768600 |
| eXp World Holdings, Inc. *(a)* | 155912 | 2059598 |
| Farmland Partners, Inc. | 108007 | 1513178 |
| Forestar Group, Inc. \* | &nbsp;&nbsp;40339 | &nbsp;&nbsp;&nbsp;&nbsp;467126 |
| Four Corners Property Trust, Inc. | 181805 | 4657844 |
| Franklin Street Properties Corp. | 221253 | &nbsp;&nbsp;&nbsp;&nbsp;637209 |
| FRP Holdings, Inc. \* | &nbsp;&nbsp;14951 | &nbsp;&nbsp;&nbsp;&nbsp;906479 |
| Getty Realty Corp. | &nbsp;&nbsp;94445 | 2974073 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;87282 | 1535290 |
| Gladstone Land Corp. | &nbsp;&nbsp;72391 | 1473157 |
| Global Medical REIT, Inc. | 135445 | 1237967 |
| Global Net Lease, Inc. | 233102 | 2855499 |
| Hersha Hospitality Trust | &nbsp;&nbsp;71030 | &nbsp;&nbsp;&nbsp;&nbsp;649924 |
| Independence Realty Trust, Inc. | 496096 | 8314569 |
| Indus Realty Trust, Inc. | &nbsp;&nbsp;12044 | &nbsp;&nbsp;&nbsp;&nbsp;623759 |
| Industrial Logistics Properties Trust | 146817 | &nbsp;&nbsp;&nbsp;&nbsp;687104 |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp;62149 | 6718307 |
| InvenTrust Properties Corp. | 151610 | 3820572 |
| iStar, Inc. | 152046 | 1593442 |
| Kennedy-Wilson Holdings, Inc. | 264317 | 4390305 |
| Kite Realty Group Trust | 487524 | 9574971 |
| LTC Properties, Inc. | &nbsp;&nbsp;89413 | 3457601 |
| LXP Industrial Trust | 618129 | 5983489 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;57214 | 2107764 |
| National Health Investors, Inc. | &nbsp;&nbsp;96187 | 5453803 |
| NETSTREIT Corp. | 136418 | 2567387 |
| Newmark Group, Inc., Class A | 316965 | 2595943 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;50772 | 2315203 |
| Offerpad Solutions, Inc. *\*(a)* | 150020 | &nbsp;&nbsp;&nbsp;&nbsp;146194 |
| Office Properties Income Trust | 106999 | 1637085 |
| One Liberty Properties, Inc. | &nbsp;&nbsp;36487 | &nbsp;&nbsp;&nbsp;&nbsp;822417 |
| Orion Office REIT, Inc. | 128215 | 1201375 |
| Outfront Media, Inc. | 327680 | 5914624 |
| Paramount Group, Inc. | 430139 | 2782999 |
| Pebblebrook Hotel Trust | 290624 | 4661609 |
| Phillips Edison & Co., Inc. | 262164 | 7901623 |
| Physicians Realty Trust | 503489 | 7582544 |
| Piedmont Office Realty Trust, Inc., Class A | 275304 | 2876927 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;84457 | 1557387 |
| Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;39805 | &nbsp;&nbsp;&nbsp;&nbsp;624142 |
| PotlatchDeltic Corp. | 178052 | 7921533 |

---

<sub>68</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| RE/MAX Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;41044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798716 |
| Redfin Corp. \* | &nbsp;&nbsp;&nbsp;236933 | &nbsp;&nbsp;&nbsp;&nbsp;1139648 |
| Retail Opportunity Investments Corp. | &nbsp;&nbsp;&nbsp;269749 | &nbsp;&nbsp;&nbsp;&nbsp;3905966 |
| RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;358862 | &nbsp;&nbsp;&nbsp;&nbsp;4367351 |
| RPT Realty | &nbsp;&nbsp;&nbsp;188540 | &nbsp;&nbsp;&nbsp;&nbsp;1753422 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;120422 | &nbsp;&nbsp;&nbsp;&nbsp;10707924 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;516491 | &nbsp;&nbsp;&nbsp;&nbsp;7055267 |
| Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48761 | &nbsp;&nbsp;&nbsp;&nbsp;1426259 |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26286 | &nbsp;&nbsp;&nbsp;&nbsp;1076412 |
| Service Properties Trust | &nbsp;&nbsp;&nbsp;368410 | &nbsp;&nbsp;&nbsp;&nbsp;2987805 |
| SITE Centers Corp. | &nbsp;&nbsp;&nbsp;435824 | &nbsp;&nbsp;&nbsp;&nbsp;5395501 |
| STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;403726 | &nbsp;&nbsp;&nbsp;&nbsp;12753704 |
| Stratus Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388507 |
| Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;234385 | &nbsp;&nbsp;&nbsp;&nbsp;2025086 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;474629 | &nbsp;&nbsp;&nbsp;&nbsp;5292113 |
| Tanger Factory Outlet Centers, Inc. | &nbsp;&nbsp;&nbsp;226919 | &nbsp;&nbsp;&nbsp;&nbsp;4086811 |
| Tejon Ranch Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;46661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790437 |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;166319 | &nbsp;&nbsp;&nbsp;&nbsp;9503468 |
| The Macerich Co. | &nbsp;&nbsp;&nbsp;481966 | &nbsp;&nbsp;&nbsp;&nbsp;5364282 |
| The Necessity Retail REIT, Inc. | &nbsp;&nbsp;&nbsp;299044 | &nbsp;&nbsp;&nbsp;&nbsp;2045461 |
| The RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934959 |
| The St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;77152 | &nbsp;&nbsp;&nbsp;&nbsp;2741211 |
| Transcontinental Realty Investors, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113408 |
| UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;110566 | &nbsp;&nbsp;&nbsp;&nbsp;1939328 |
| Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;531156 | &nbsp;&nbsp;&nbsp;&nbsp;4121771 |
| Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;28810 | &nbsp;&nbsp;&nbsp;&nbsp;1402183 |
| Urban Edge Properties | &nbsp;&nbsp;&nbsp;256005 | &nbsp;&nbsp;&nbsp;&nbsp;3614791 |
| Urstadt Biddle Properties, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;66347 | &nbsp;&nbsp;&nbsp;&nbsp;1243343 |
| Veris Residential, Inc. \* | &nbsp;&nbsp;&nbsp;193193 | &nbsp;&nbsp;&nbsp;&nbsp;3058245 |
| Whitestone REIT | &nbsp;&nbsp;&nbsp;104291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981378 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;255917 | &nbsp;&nbsp;&nbsp;&nbsp;4371062 |
|  |  | **341178441** |
| &nbsp;&nbsp;**Retailing 2.9%** | &nbsp;&nbsp;**Retailing 2.9%** | &nbsp;&nbsp;**Retailing 2.9%** |
| 1-800-Flowers.com, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;61116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445536 |
| 1stdibs.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;53589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362798 |
| Abercrombie & Fitch Co., Class A \* | &nbsp;&nbsp;&nbsp;110644 | &nbsp;&nbsp;&nbsp;&nbsp;1945122 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;185161 | &nbsp;&nbsp;&nbsp;&nbsp;8152639 |
| aka Brands Holding Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;25881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52797 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;345108 | &nbsp;&nbsp;&nbsp;&nbsp;3920427 |
| America's Car-Mart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914999 |
| Arko Corp. | &nbsp;&nbsp;&nbsp;187193 | &nbsp;&nbsp;&nbsp;&nbsp;1918728 |
| Asbury Automotive Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49573 | &nbsp;&nbsp;&nbsp;&nbsp;7820141 |
| BARK, Inc. \* | &nbsp;&nbsp;&nbsp;271168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496237 |
| Bed Bath & Beyond, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;177790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812500 |
| Big 5 Sporting Goods Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;48422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624160 |
| Big Lots, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63433 | &nbsp;&nbsp;&nbsp;&nbsp;1196981 |
| Boot Barn Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;66057 | &nbsp;&nbsp;&nbsp;&nbsp;3752038 |
| Boxed, Inc. \* | &nbsp;&nbsp;&nbsp;126619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63297 |
| Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567102 |
| Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78975 | &nbsp;&nbsp;&nbsp;&nbsp;2158387 |
| Camping World Holdings, Inc., Class A *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;86182 | &nbsp;&nbsp;&nbsp;&nbsp;2398445 |
| CarParts.com, Inc. \* | &nbsp;&nbsp;&nbsp;113148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529533 |
| Chico's FAS, Inc. \* | &nbsp;&nbsp;&nbsp;273316 | &nbsp;&nbsp;&nbsp;&nbsp;1607098 |
| Citi Trends, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416634 |
| Conn's, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235315 |
| ContextLogic, Inc., Class A \* | 1292778 | &nbsp;&nbsp;&nbsp;&nbsp;1012245 |
| Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;125652 | &nbsp;&nbsp;&nbsp;&nbsp;1913680 |
| Destination XL Group, Inc. \* | &nbsp;&nbsp;&nbsp;130731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873283 |
| Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9164 | &nbsp;&nbsp;&nbsp;&nbsp;3013032 |
| Duluth Holdings, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;29107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253231 |
| EVgo, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;151246 | &nbsp;&nbsp;&nbsp;&nbsp;1120733 |
| Express, Inc. \* | &nbsp;&nbsp;&nbsp;141166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172223 |
| Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;182893 | &nbsp;&nbsp;&nbsp;&nbsp;5797708 |
| Franchise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61646 | &nbsp;&nbsp;&nbsp;&nbsp;1870956 |
| Funko, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;71268 | &nbsp;&nbsp;&nbsp;&nbsp;1471684 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Genesco, Inc. \* | &nbsp;&nbsp;29389 | &nbsp;&nbsp;&nbsp;&nbsp;1382459 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;34223 | &nbsp;&nbsp;&nbsp;&nbsp;5920579 |
| Groupon, Inc. *\*(a)* | &nbsp;&nbsp;48635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358440 |
| GrowGeneration Corp. *\*(a)* | 130424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465614 |
| Guess?, Inc. | &nbsp;&nbsp;75857 | &nbsp;&nbsp;&nbsp;&nbsp;1288052 |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;33006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877299 |
| Hibbett, Inc. | &nbsp;&nbsp;28667 | &nbsp;&nbsp;&nbsp;&nbsp;1789394 |
| JOANN, Inc. *(a)* | &nbsp;&nbsp;24227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128161 |
| Lands' End, Inc. \* | &nbsp;&nbsp;33817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354402 |
| Liquidity Services, Inc. \* | &nbsp;&nbsp;54581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937702 |
| LL Flooring Holdings, Inc. \* | &nbsp;&nbsp;64103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533337 |
| Lulu's Fashion Lounge Holdings, Inc. \* | &nbsp;&nbsp;36636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229341 |
| MarineMax, Inc. \* | &nbsp;&nbsp;47335 | &nbsp;&nbsp;&nbsp;&nbsp;1529394 |
| Monro, Inc. | &nbsp;&nbsp;71521 | &nbsp;&nbsp;&nbsp;&nbsp;3415128 |
| Murphy USA, Inc. | &nbsp;&nbsp;48378 | &nbsp;&nbsp;&nbsp;&nbsp;15215365 |
| National Vision Holdings, Inc. \* | 175580 | &nbsp;&nbsp;&nbsp;&nbsp;6503483 |
| OneWater Marine, Inc., Class A \* | &nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834900 |
| Overstock.com, Inc. \* | &nbsp;&nbsp;95439 | &nbsp;&nbsp;&nbsp;&nbsp;2218957 |
| Party City Holdco, Inc. \* | 240702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406786 |
| PetMed Express, Inc. | &nbsp;&nbsp;45075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960999 |
| Porch Group, Inc. \* | 179660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244338 |
| Poshmark, Inc., Class A \* | 103064 | &nbsp;&nbsp;&nbsp;&nbsp;1840723 |
| Quotient Technology, Inc. \* | 201688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496152 |
| Qurate Retail, Inc., Class A | 786073 | &nbsp;&nbsp;&nbsp;&nbsp;1839411 |
| Rent the Runway, Inc., Class A *\*(a)* | 103424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201677 |
| Rent-A-Center, Inc. | 118874 | &nbsp;&nbsp;&nbsp;&nbsp;2478523 |
| Revolve Group, Inc. \* | &nbsp;&nbsp;91082 | &nbsp;&nbsp;&nbsp;&nbsp;2185968 |
| RumbleON, Inc., Class B \* | &nbsp;&nbsp;22694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371501 |
| Sally Beauty Holdings, Inc. \* | 239717 | &nbsp;&nbsp;&nbsp;&nbsp;3046803 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;38643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926659 |
| Signet Jewelers Ltd. | 102477 | &nbsp;&nbsp;&nbsp;&nbsp;6685599 |
| Sleep Number Corp. \* | &nbsp;&nbsp;47830 | &nbsp;&nbsp;&nbsp;&nbsp;1326804 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp;44668 | &nbsp;&nbsp;&nbsp;&nbsp;2088229 |
| Sportsman's Warehouse Holdings, Inc. \* | &nbsp;&nbsp;97100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871958 |
| Stitch Fix, Inc., Class A \* | 180462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721848 |
| The Aaron's Co., Inc. | &nbsp;&nbsp;67891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707424 |
| The Buckle, Inc. | &nbsp;&nbsp;67749 | &nbsp;&nbsp;&nbsp;&nbsp;2664568 |
| The Cato Corp., Class A | &nbsp;&nbsp;40280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479735 |
| The Children's Place, Inc. \* | &nbsp;&nbsp;28651 | &nbsp;&nbsp;&nbsp;&nbsp;1159792 |
| The Container Store Group, Inc. \* | &nbsp;&nbsp;72643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394451 |
| The ODP Corp. \* | &nbsp;&nbsp;95106 | &nbsp;&nbsp;&nbsp;&nbsp;3763344 |
| The RealReal, Inc. \* | 189657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320520 |
| ThredUp, Inc., Class A \* | 127326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156611 |
| Tile Shop Holdings, Inc. | &nbsp;&nbsp;79998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315192 |
| Tilly's, Inc., Class A | &nbsp;&nbsp;50699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449193 |
| Torrid Holdings, Inc. *\*(a)* | &nbsp;&nbsp;32709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161255 |
| TravelCenters of America, Inc. \* | &nbsp;&nbsp;28167 | &nbsp;&nbsp;&nbsp;&nbsp;1790858 |
| Urban Outfitters, Inc. \* | 142943 | &nbsp;&nbsp;&nbsp;&nbsp;3410620 |
| Vivid Seats, Inc., Class A \* | &nbsp;&nbsp;58160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476912 |
| Volta, Inc. *\*(a)* | 267275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296675 |
| Warby Parker, Inc., Class A *\*(a)* | 186790 | &nbsp;&nbsp;&nbsp;&nbsp;2997980 |
| Weyco Group, Inc. | &nbsp;&nbsp;12962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334808 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6321 | &nbsp;&nbsp;&nbsp;&nbsp;1590616 |
| Xometry, Inc., Class A \* | &nbsp;&nbsp;75616 | &nbsp;&nbsp;&nbsp;&nbsp;4541497 |
| Zumiez, Inc. \* | &nbsp;&nbsp;35029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785700 |
|  |  | **155363425** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** |
| ACM Research, Inc., Class A \* | 107990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691136 |
| Alpha & Omega Semiconductor Ltd. \* | &nbsp;&nbsp;49196 | &nbsp;&nbsp;&nbsp;&nbsp;1611169 |
| Ambarella, Inc. \* | &nbsp;&nbsp;81505 | &nbsp;&nbsp;&nbsp;&nbsp;4460769 |
| Amkor Technology, Inc. | 227021 | &nbsp;&nbsp;&nbsp;&nbsp;4719767 |
| Atomera, Inc. *\*(a)* | &nbsp;&nbsp;46490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418875 |
| Axcelis Technologies, Inc. \* | &nbsp;&nbsp;73100 | &nbsp;&nbsp;&nbsp;&nbsp;4239800 |
| AXT, Inc. \* | &nbsp;&nbsp;89727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407361 |
| CEVA, Inc. \* | &nbsp;&nbsp;51140 | &nbsp;&nbsp;&nbsp;&nbsp;1414532 |
| Cohu, Inc. \* | 107454 | &nbsp;&nbsp;&nbsp;&nbsp;3537386 |

---

<sub>69</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Credo Technology Group Holding Ltd. *\*(a)* | 216031 | &nbsp;&nbsp;&nbsp;&nbsp;2968266 |
| CyberOptics Corp. \* | &nbsp;&nbsp;16148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871507 |
| Diodes, Inc. \* | &nbsp;&nbsp;99589 | &nbsp;&nbsp;&nbsp;&nbsp;7137544 |
| FormFactor, Inc. \* | 172514 | &nbsp;&nbsp;&nbsp;&nbsp;3486508 |
| Ichor Holdings Ltd. \* | &nbsp;&nbsp;62777 | &nbsp;&nbsp;&nbsp;&nbsp;1597047 |
| Impinj, Inc. \* | &nbsp;&nbsp;47028 | &nbsp;&nbsp;&nbsp;&nbsp;5390820 |
| indie Semiconductor, Inc., Class A *\*(a)* | 229042 | &nbsp;&nbsp;&nbsp;&nbsp;1791108 |
| Kulicke & Soffa Industries, Inc. | 127714 | &nbsp;&nbsp;&nbsp;&nbsp;5356325 |
| MACOM Technology Solutions Holdings, Inc. \* | 113092 | &nbsp;&nbsp;&nbsp;&nbsp;6544634 |
| MaxLinear, Inc. \* | 162746 | &nbsp;&nbsp;&nbsp;&nbsp;5025596 |
| Onto Innovation, Inc. \* | 110924 | &nbsp;&nbsp;&nbsp;&nbsp;7414160 |
| PDF Solutions, Inc. \* | &nbsp;&nbsp;66785 | &nbsp;&nbsp;&nbsp;&nbsp;1574790 |
| Photronics, Inc. \* | 134287 | &nbsp;&nbsp;&nbsp;&nbsp;2178135 |
| Power Integrations, Inc. | 126903 | &nbsp;&nbsp;&nbsp;&nbsp;8465699 |
| Rambus, Inc. \* | 245233 | &nbsp;&nbsp;&nbsp;&nbsp;7396227 |
| Rigetti Computing, Inc., Class A \* | &nbsp;&nbsp;78046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163897 |
| Rockley Photonics Holdings Ltd. *\*(a)* | 220930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112696 |
| Semtech Corp. \* | 141625 | &nbsp;&nbsp;&nbsp;&nbsp;3921596 |
| Silicon Laboratories, Inc. \* | &nbsp;&nbsp;75992 | &nbsp;&nbsp;&nbsp;&nbsp;8733001 |
| SiTime Corp. \* | &nbsp;&nbsp;36259 | &nbsp;&nbsp;&nbsp;&nbsp;3256421 |
| SkyWater Technology, Inc. *\*(a)* | &nbsp;&nbsp;23597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191372 |
| SMART Global Holdings, Inc. \* | 109613 | &nbsp;&nbsp;&nbsp;&nbsp;1483064 |
| Synaptics, Inc. \* | &nbsp;&nbsp;88763 | &nbsp;&nbsp;&nbsp;&nbsp;7864402 |
| Transphorm, Inc. \* | &nbsp;&nbsp;50138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345952 |
| Ultra Clean Holdings, Inc. \* | 101045 | &nbsp;&nbsp;&nbsp;&nbsp;3143510 |
| Veeco Instruments, Inc. \* | 113713 | &nbsp;&nbsp;&nbsp;&nbsp;2072988 |
|  |  | **119988060** |
| &nbsp;&nbsp;**Software & Services 6.8%** | &nbsp;&nbsp;**Software & Services 6.8%** | &nbsp;&nbsp;**Software & Services 6.8%** |
| 8x8, Inc. \* | 267316 | &nbsp;&nbsp;&nbsp;&nbsp;1130747 |
| A10 Networks, Inc. | 147844 | &nbsp;&nbsp;&nbsp;&nbsp;2483779 |
| ACI Worldwide, Inc. \* | 256301 | &nbsp;&nbsp;&nbsp;&nbsp;6235803 |
| Adeia, Inc. | 233914 | &nbsp;&nbsp;&nbsp;&nbsp;2615159 |
| Agilysys, Inc. \* | &nbsp;&nbsp;44345 | &nbsp;&nbsp;&nbsp;&nbsp;2845619 |
| Alarm.com Holdings, Inc. \* | 107632 | &nbsp;&nbsp;&nbsp;&nbsp;6333067 |
| Alkami Technology, Inc. \* | &nbsp;&nbsp;79929 | &nbsp;&nbsp;&nbsp;&nbsp;1266875 |
| Altair Engineering, Inc., Class A \* | 116315 | &nbsp;&nbsp;&nbsp;&nbsp;5705251 |
| American Software, Inc., Class A | &nbsp;&nbsp;79967 | &nbsp;&nbsp;&nbsp;&nbsp;1369835 |
| Amplitude, Inc., Class A \* | 124761 | &nbsp;&nbsp;&nbsp;&nbsp;2095985 |
| Appfolio, Inc., Class A \* | &nbsp;&nbsp;42632 | &nbsp;&nbsp;&nbsp;&nbsp;5344774 |
| Appian Corp. \* | &nbsp;&nbsp;89591 | &nbsp;&nbsp;&nbsp;&nbsp;4373833 |
| Applied Blockchain, Inc. \* | &nbsp;&nbsp;17721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39872 |
| Arteris, Inc. \* | &nbsp;&nbsp;39233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217351 |
| Asana, Inc., Class A \* | 164799 | &nbsp;&nbsp;&nbsp;&nbsp;3394859 |
| Avaya Holdings Corp. *\*(a)* | 193166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305202 |
| AvePoint, Inc. *\*(a)* | 289044 | &nbsp;&nbsp;&nbsp;&nbsp;1263122 |
| AvidXchange Holdings, Inc. \* | 328027 | &nbsp;&nbsp;&nbsp;&nbsp;2985046 |
| Benefitfocus, Inc. \* | &nbsp;&nbsp;56854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400821 |
| BigCommerce Holdings, Inc. \* | 143810 | &nbsp;&nbsp;&nbsp;&nbsp;2137017 |
| Blackbaud, Inc. \* | 103939 | &nbsp;&nbsp;&nbsp;&nbsp;5685463 |
| Blackline, Inc. \* | 123610 | &nbsp;&nbsp;&nbsp;&nbsp;6922160 |
| Blend Labs, Inc., Class A *\*(a)* | 413939 | &nbsp;&nbsp;&nbsp;&nbsp;1038987 |
| Box, Inc., Class A \* | 312925 | &nbsp;&nbsp;&nbsp;&nbsp;9090471 |
| Brightcove, Inc. \* | &nbsp;&nbsp;92920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622564 |
| BTRS Holdings, Inc., Class A \* | 224680 | &nbsp;&nbsp;&nbsp;&nbsp;2120979 |
| C3.ai, Inc., Class A \* | 154299 | &nbsp;&nbsp;&nbsp;&nbsp;2022860 |
| Cantaloupe, Inc. \* | 132760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444746 |
| Cass Information Systems, Inc. | &nbsp;&nbsp;29983 | &nbsp;&nbsp;&nbsp;&nbsp;1282673 |
| Cerberus Cyber Sentinel Corp. *\*(a)* | 100363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347256 |
| Cerence, Inc. \* | &nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;1513600 |
| ChannelAdvisor Corp. \* | &nbsp;&nbsp;63593 | &nbsp;&nbsp;&nbsp;&nbsp;1465183 |
| Cipher Mining, Inc. \* | &nbsp;&nbsp;85850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86709 |
| Cleanspark, Inc. *\*(a)* | 100401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349395 |
| Clear Secure, Inc., Class A \* | 139220 | &nbsp;&nbsp;&nbsp;&nbsp;3761724 |
| CommVault Systems, Inc. \* | &nbsp;&nbsp;99632 | &nbsp;&nbsp;&nbsp;&nbsp;6066592 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Conduent, Inc. \* | 380545 | &nbsp;&nbsp;&nbsp;1567845 |
| Consensus Cloud Solutions, Inc. \* | &nbsp;&nbsp;35660 | &nbsp;&nbsp;&nbsp;2001952 |
| Core Scientific, Inc., Class A *\*(a)* | 601879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120376 |
| Couchbase, Inc. \* | &nbsp;&nbsp;59191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757645 |
| CS Disco, Inc. \* | &nbsp;&nbsp;49790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533749 |
| CSG Systems International, Inc. | &nbsp;&nbsp;70849 | &nbsp;&nbsp;&nbsp;4581805 |
| Cvent Holding Corp. \* | 102255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598192 |
| Cyxtera Technologies, Inc. \* | &nbsp;&nbsp;81237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196594 |
| Digimarc Corp. *\*(a)* | &nbsp;&nbsp;30443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497439 |
| Digital Turbine, Inc. \* | 210113 | &nbsp;&nbsp;&nbsp;3067650 |
| DigitalOcean Holdings, Inc. \* | 156069 | &nbsp;&nbsp;&nbsp;5605998 |
| Domo, Inc., Class B \* | &nbsp;&nbsp;67944 | &nbsp;&nbsp;&nbsp;1200570 |
| Duck Creek Technologies, Inc. \* | 173228 | &nbsp;&nbsp;&nbsp;2068342 |
| E2open Parent Holdings, Inc. \* | 445802 | &nbsp;&nbsp;&nbsp;2599026 |
| Ebix, Inc. | &nbsp;&nbsp;58939 | &nbsp;&nbsp;&nbsp;1166403 |
| Edgio, Inc. \* | 309180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831694 |
| eGain Corp. \* | &nbsp;&nbsp;47745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384347 |
| Enfusion, Inc., Class A \* | &nbsp;&nbsp;58448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828208 |
| EngageSmart, Inc. \* | &nbsp;&nbsp;78359 | &nbsp;&nbsp;&nbsp;1538971 |
| Envestnet, Inc. \* | 123026 | &nbsp;&nbsp;&nbsp;6066412 |
| Everbridge, Inc. \* | &nbsp;&nbsp;88588 | &nbsp;&nbsp;&nbsp;2775462 |
| EverCommerce, Inc. \* | &nbsp;&nbsp;54806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477360 |
| EVERTEC, Inc. | 140021 | &nbsp;&nbsp;&nbsp;5014152 |
| Evo Payments, Inc., Class A \* | 105803 | &nbsp;&nbsp;&nbsp;3564503 |
| ExlService Holdings, Inc. \* | &nbsp;&nbsp;72457 | 13176305 |
| Fastly, Inc., Class A \* | 250096 | &nbsp;&nbsp;&nbsp;2123315 |
| Flywire Corp. \* | 125115 | &nbsp;&nbsp;&nbsp;2746274 |
| ForgeRock, Inc., Class A \* | &nbsp;&nbsp;67539 | &nbsp;&nbsp;&nbsp;1523680 |
| Greenidge Generation Holdings, Inc. *\*(a)* | &nbsp;&nbsp;28120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27338 |
| Grid Dynamics Holdings, Inc. \* | 108394 | &nbsp;&nbsp;&nbsp;1475242 |
| I3 Verticals, Inc., Class A \* | &nbsp;&nbsp;49569 | &nbsp;&nbsp;&nbsp;1078621 |
| IBEX Holdings Ltd. \* | &nbsp;&nbsp;12767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245509 |
| Information Services Group, Inc. | &nbsp;&nbsp;77612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421433 |
| Instructure Holdings, Inc. \* | &nbsp;&nbsp;38624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912299 |
| Intapp, Inc. \* | &nbsp;&nbsp;31497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707423 |
| InterDigital, Inc. | &nbsp;&nbsp;66459 | &nbsp;&nbsp;&nbsp;3314310 |
| International Money Express, Inc. \* | &nbsp;&nbsp;71836 | &nbsp;&nbsp;&nbsp;1941727 |
| IronNet, Inc. \* | 142429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101125 |
| Kaleyra, Inc. \* | &nbsp;&nbsp;64791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55727 |
| KnowBe4, Inc., Class A \* | 162992 | &nbsp;&nbsp;&nbsp;4006343 |
| Latch, Inc. \* | 239507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320939 |
| LivePerson, Inc. \* | 156711 | &nbsp;&nbsp;&nbsp;1656435 |
| LiveRamp Holdings, Inc. \* | 147850 | &nbsp;&nbsp;&nbsp;2714526 |
| LiveVox Holdings, Inc. \* | &nbsp;&nbsp;48844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151905 |
| Marathon Digital Holdings, Inc. *\*(a)* | 248274 | &nbsp;&nbsp;&nbsp;3254872 |
| Marqeta, Inc., Class A \* | 971469 | &nbsp;&nbsp;&nbsp;7655176 |
| Matterport, Inc. *\*(a)* | 496430 | &nbsp;&nbsp;&nbsp;1732541 |
| Maximus, Inc. | 135525 | &nbsp;&nbsp;&nbsp;8357827 |
| MeridianLink, Inc. \* | &nbsp;&nbsp;51401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925218 |
| MicroStrategy, Inc., Class A *\*(a)* | &nbsp;&nbsp;21054 | &nbsp;&nbsp;&nbsp;5632156 |
| Mitek Systems, Inc. \* | &nbsp;&nbsp;94412 | &nbsp;&nbsp;&nbsp;1067800 |
| Model N, Inc. \* | &nbsp;&nbsp;82050 | &nbsp;&nbsp;&nbsp;3117900 |
| Momentive Global, Inc. \* | 292613 | &nbsp;&nbsp;&nbsp;2270677 |
| MoneyGram International, Inc. \* | 210025 | &nbsp;&nbsp;&nbsp;2224165 |
| N-Able, Inc. \* | 153164 | &nbsp;&nbsp;&nbsp;1658766 |
| NextNav, Inc. *\*(a)* | 147440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505719 |
| Olo, Inc., Class A \* | 200871 | &nbsp;&nbsp;&nbsp;1769674 |
| ON24, Inc. \* | &nbsp;&nbsp;92793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755335 |
| OneSpan, Inc. \* | &nbsp;&nbsp;89021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978341 |
| PagerDuty, Inc. \* | 190407 | &nbsp;&nbsp;&nbsp;4748751 |
| Paya Holdings, Inc. \* | 194818 | &nbsp;&nbsp;&nbsp;1566337 |
| Payoneer Global, Inc. \* | 484416 | &nbsp;&nbsp;&nbsp;3754224 |
| Paysafe Ltd. \* | 760977 | &nbsp;&nbsp;&nbsp;1111026 |
| Perficient, Inc. \* | &nbsp;&nbsp;76460 | &nbsp;&nbsp;&nbsp;5120526 |
| PFSweb, Inc. \* | &nbsp;&nbsp;38021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363861 |
| PowerSchool Holdings, Inc., Class A \* | 102071 | &nbsp;&nbsp;&nbsp;2041420 |
| Priority Technology Holdings, Inc. \* | &nbsp;&nbsp;39369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201963 |
| Progress Software Corp. | &nbsp;&nbsp;97838 | &nbsp;&nbsp;&nbsp;4992673 |

---

<sub>70</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| PROS Holdings, Inc. \* | &nbsp;&nbsp;91718 | &nbsp;&nbsp;&nbsp;&nbsp;2288364 |
| Q2 Holdings, Inc. \* | 125028 | &nbsp;&nbsp;&nbsp;&nbsp;3880869 |
| Qualys, Inc. \* | &nbsp;&nbsp;86299 | &nbsp;&nbsp;&nbsp;&nbsp;12302785 |
| Rackspace Technology, Inc. \* | 129419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666508 |
| Rapid7, Inc. \* | 130002 | &nbsp;&nbsp;&nbsp;&nbsp;5885191 |
| Remitly Global, Inc. \* | 220815 | &nbsp;&nbsp;&nbsp;&nbsp;2565870 |
| Repay Holdings Corp. \* | 196576 | &nbsp;&nbsp;&nbsp;&nbsp;1197148 |
| Rimini Street, Inc. \* | 109269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612999 |
| Riot Blockchain, Inc. *\*(a)* | 302850 | &nbsp;&nbsp;&nbsp;&nbsp;2086636 |
| Sabre Corp. \* | 729801 | &nbsp;&nbsp;&nbsp;&nbsp;4240144 |
| Sapiens International Corp. N.V. | &nbsp;&nbsp;68806 | &nbsp;&nbsp;&nbsp;&nbsp;1353414 |
| SecureWorks Corp., Class A \* | &nbsp;&nbsp;22039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180279 |
| ShotSpotter, Inc. \* | &nbsp;&nbsp;20238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769044 |
| SolarWinds Corp. \* | 107816 | &nbsp;&nbsp;&nbsp;&nbsp;1005923 |
| Sprout Social, Inc., Class A \* | 102830 | &nbsp;&nbsp;&nbsp;&nbsp;6203734 |
| SPS Commerce, Inc. \* | &nbsp;&nbsp;81155 | &nbsp;&nbsp;&nbsp;&nbsp;10267731 |
| Squarespace, Inc., Class A \* | &nbsp;&nbsp;70123 | &nbsp;&nbsp;&nbsp;&nbsp;1557432 |
| StoneCo Ltd., Class A \* | 620193 | &nbsp;&nbsp;&nbsp;&nbsp;6512026 |
| Sumo Logic, Inc. \* | 254474 | &nbsp;&nbsp;&nbsp;&nbsp;1961995 |
| Telos Corp. \* | 119878 | &nbsp;&nbsp;&nbsp;&nbsp;1270707 |
| Tenable Holdings, Inc. \* | 245996 | &nbsp;&nbsp;&nbsp;&nbsp;9997277 |
| Terawulf, Inc. \* | &nbsp;&nbsp;46971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53547 |
| The Hackett Group, Inc. | &nbsp;&nbsp;60104 | &nbsp;&nbsp;&nbsp;&nbsp;1312671 |
| TTEC Holdings, Inc. | &nbsp;&nbsp;42068 | &nbsp;&nbsp;&nbsp;&nbsp;1870764 |
| Tucows, Inc., Class A \* | &nbsp;&nbsp;22161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996137 |
| Unisys Corp. \* | 148202 | &nbsp;&nbsp;&nbsp;&nbsp;1259717 |
| Upland Software, Inc. \* | &nbsp;&nbsp;65083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523267 |
| UserTesting, Inc. *\*(a)* | 106364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787094 |
| Varonis Systems, Inc. \* | 243809 | &nbsp;&nbsp;&nbsp;&nbsp;6526767 |
| Verint Systems, Inc. \* | 142388 | &nbsp;&nbsp;&nbsp;&nbsp;5044807 |
| Veritone, Inc. *\*(a)* | &nbsp;&nbsp;68701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509074 |
| Verra Mobility Corp. \* | 320644 | &nbsp;&nbsp;&nbsp;&nbsp;5473393 |
| Viant Technology, Inc., Class A \* | &nbsp;&nbsp;30775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140334 |
| Weave Communications, Inc. \* | &nbsp;&nbsp;68795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378372 |
| WM Technology, Inc. \* | 157675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323234 |
| Workiva, Inc. \* | 106694 | &nbsp;&nbsp;&nbsp;&nbsp;8301860 |
| Xperi, Inc. \* | &nbsp;&nbsp;92751 | &nbsp;&nbsp;&nbsp;&nbsp;1295729 |
| Yext, Inc. \* | 253881 | &nbsp;&nbsp;&nbsp;&nbsp;1350647 |
| Zeta Global Holdings Corp., Class A \* | 245316 | &nbsp;&nbsp;&nbsp;&nbsp;2045935 |
| Zuora, Inc., Class A \* | 272286 | &nbsp;&nbsp;&nbsp;&nbsp;2093879 |
|  |  | **365010802** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 3.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 3.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 3.7%** |
| 908 Devices, Inc. \* | &nbsp;&nbsp;48682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778425 |
| ADTRAN Holdings, Inc. | 157422 | &nbsp;&nbsp;&nbsp;&nbsp;3535698 |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;84075 | &nbsp;&nbsp;&nbsp;&nbsp;6612499 |
| Aeva Technologies, Inc. \* | 219781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439562 |
| AEye, Inc. \* | &nbsp;&nbsp;58044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50527 |
| Akoustis Technologies, Inc. \* | 114846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382437 |
| Arlo Technologies, Inc. \* | 194173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999991 |
| Aviat Networks, Inc. \* | &nbsp;&nbsp;24862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811993 |
| Avid Technology, Inc. \* | &nbsp;&nbsp;79833 | &nbsp;&nbsp;&nbsp;&nbsp;2194609 |
| Badger Meter, Inc. | &nbsp;&nbsp;65474 | &nbsp;&nbsp;&nbsp;&nbsp;7364516 |
| Belden, Inc. | &nbsp;&nbsp;96630 | &nbsp;&nbsp;&nbsp;&nbsp;6728347 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;78132 | &nbsp;&nbsp;&nbsp;&nbsp;2218167 |
| Calix, Inc. \* | 127026 | &nbsp;&nbsp;&nbsp;&nbsp;9354195 |
| Cambium Networks Corp. \* | &nbsp;&nbsp;26022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503526 |
| Casa Systems, Inc. \* | &nbsp;&nbsp;77742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244887 |
| Cepton, Inc. *\*(a)* | 104245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229339 |
| Clearfield, Inc. \* | &nbsp;&nbsp;25864 | &nbsp;&nbsp;&nbsp;&nbsp;3141700 |
| CommScope Holding Co., Inc. \* | 458964 | &nbsp;&nbsp;&nbsp;&nbsp;6076683 |
| CompoSecure, Inc. \* | &nbsp;&nbsp;17135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91501 |
| Comtech Telecommunications Corp. | &nbsp;&nbsp;58364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644922 |
| Corsair Gaming, Inc. *\*(a)* | &nbsp;&nbsp;85442 | &nbsp;&nbsp;&nbsp;&nbsp;1179100 |
| CTS Corp. | &nbsp;&nbsp;70938 | &nbsp;&nbsp;&nbsp;&nbsp;2803470 |
| Diebold Nixdorf, Inc. \* | 165357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411739 |
| Digi International, Inc. \* | &nbsp;&nbsp;76460 | &nbsp;&nbsp;&nbsp;&nbsp;3083632 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| DZS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;39398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626034 |
| Eastman Kodak Co. \* | &nbsp;&nbsp;&nbsp;128955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689909 |
| ePlus, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;59367 | &nbsp;&nbsp;&nbsp;&nbsp;2892360 |
| Evolv Technologies Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;184944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541886 |
| Extreme Networks, Inc. \* | &nbsp;&nbsp;&nbsp;282565 | &nbsp;&nbsp;&nbsp;&nbsp;5069216 |
| Fabrinet \* | &nbsp;&nbsp;&nbsp;&nbsp;82638 | &nbsp;&nbsp;&nbsp;&nbsp;9453787 |
| FARO Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;41158 | &nbsp;&nbsp;&nbsp;&nbsp;1202225 |
| Focus Universal, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408381 |
| Harmonic, Inc. \* | &nbsp;&nbsp;&nbsp;205968 | &nbsp;&nbsp;&nbsp;&nbsp;3182206 |
| Identiv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600982 |
| Infinera Corp. \* | &nbsp;&nbsp;&nbsp;422330 | &nbsp;&nbsp;&nbsp;&nbsp;2369271 |
| Inseego Corp. \* | &nbsp;&nbsp;&nbsp;189191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427572 |
| Insight Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;70268 | &nbsp;&nbsp;&nbsp;&nbsp;6641029 |
| IonQ, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;264628 | &nbsp;&nbsp;&nbsp;&nbsp;1558659 |
| Itron, Inc. \* | &nbsp;&nbsp;&nbsp;100962 | &nbsp;&nbsp;&nbsp;&nbsp;4936032 |
| Kimball Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;53582 | &nbsp;&nbsp;&nbsp;&nbsp;1107540 |
| Knowles Corp. \* | &nbsp;&nbsp;&nbsp;200752 | &nbsp;&nbsp;&nbsp;&nbsp;2760340 |
| Lightwave Logic, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;250107 | &nbsp;&nbsp;&nbsp;&nbsp;2118406 |
| Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81126 | &nbsp;&nbsp;&nbsp;&nbsp;3344825 |
| MicroVision, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;371467 | &nbsp;&nbsp;&nbsp;&nbsp;1359569 |
| Mirion Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;306794 | &nbsp;&nbsp;&nbsp;&nbsp;2478896 |
| Napco Security Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;65567 | &nbsp;&nbsp;&nbsp;&nbsp;1863414 |
| NETGEAR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;63126 | &nbsp;&nbsp;&nbsp;&nbsp;1240426 |
| NetScout Systems, Inc. \* | &nbsp;&nbsp;&nbsp;152898 | &nbsp;&nbsp;&nbsp;&nbsp;5492096 |
| nLight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;99571 | &nbsp;&nbsp;&nbsp;&nbsp;1072380 |
| Novanta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;79495 | &nbsp;&nbsp;&nbsp;&nbsp;11240593 |
| Ondas Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;78825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315300 |
| OSI Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36267 | &nbsp;&nbsp;&nbsp;&nbsp;2980422 |
| Ouster, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;318070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397587 |
| PAR Technology Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;59101 | &nbsp;&nbsp;&nbsp;&nbsp;1700927 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25087 | &nbsp;&nbsp;&nbsp;&nbsp;1333123 |
| Plexus Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;61436 | &nbsp;&nbsp;&nbsp;&nbsp;6045302 |
| Ribbon Communications, Inc. \* | &nbsp;&nbsp;&nbsp;164941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437094 |
| Rogers Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;41985 | &nbsp;&nbsp;&nbsp;&nbsp;9880330 |
| Sanmina Corp. \* | &nbsp;&nbsp;&nbsp;127600 | &nbsp;&nbsp;&nbsp;&nbsp;7151980 |
| ScanSource, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;56225 | &nbsp;&nbsp;&nbsp;&nbsp;1741850 |
| SmartRent, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;271430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746432 |
| Super Micro Computer, Inc. \* | &nbsp;&nbsp;&nbsp;101608 | &nbsp;&nbsp;&nbsp;&nbsp;7070901 |
| TTM Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;226729 | &nbsp;&nbsp;&nbsp;&nbsp;3471221 |
| Turtle Beach Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;34654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270301 |
| Velodyne Lidar, Inc. \* | &nbsp;&nbsp;&nbsp;438918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433432 |
| Viavi Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;509283 | &nbsp;&nbsp;&nbsp;&nbsp;7690173 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;295864 | &nbsp;&nbsp;&nbsp;&nbsp;6186516 |
| Vishay Precision Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940714 |
| Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;255904 | &nbsp;&nbsp;&nbsp;&nbsp;3743876 |
|  |  | **197096980** |
| &nbsp;&nbsp;**Telecommunication Services 0.8%** | &nbsp;&nbsp;**Telecommunication Services 0.8%** | &nbsp;&nbsp;**Telecommunication Services 0.8%** |
| Anterix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;41017 | &nbsp;&nbsp;&nbsp;&nbsp;1573002 |
| ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24697 | &nbsp;&nbsp;&nbsp;&nbsp;1064935 |
| Bandwidth, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;51924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616338 |
| Charge Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;293814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652267 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96293 | &nbsp;&nbsp;&nbsp;&nbsp;5056345 |
| Consolidated Communications Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;165922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857817 |
| EchoStar Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;74939 | &nbsp;&nbsp;&nbsp;&nbsp;1414099 |
| Globalstar, Inc. \* | 1530904 | &nbsp;&nbsp;&nbsp;&nbsp;3322062 |
| Gogo, Inc. \* | &nbsp;&nbsp;&nbsp;111989 | &nbsp;&nbsp;&nbsp;&nbsp;1592484 |
| IDT Corp., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;32996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859876 |
| Iridium Communications, Inc. \* | &nbsp;&nbsp;&nbsp;285036 | &nbsp;&nbsp;&nbsp;&nbsp;14687905 |
| KORE Group Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;77119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235984 |
| Liberty Latin America Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;85207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662910 |
| Liberty Latin America Ltd., Class C \* | &nbsp;&nbsp;&nbsp;334133 | &nbsp;&nbsp;&nbsp;&nbsp;2602896 |
| Ooma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834725 |
| Radius Global Infrastructure, Inc., Class A \* | &nbsp;&nbsp;&nbsp;170961 | &nbsp;&nbsp;&nbsp;&nbsp;1598485 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;108411 | &nbsp;&nbsp;&nbsp;&nbsp;2456593 |

---

<sub>71</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Starry Group Holdings, Inc., Class A \* | &nbsp;&nbsp;52270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11552 |
| Telephone & Data Systems, Inc. | 225653 | &nbsp;&nbsp;&nbsp;&nbsp;3836101 |
| United States Cellular Corp. \* | &nbsp;&nbsp;33384 | &nbsp;&nbsp;&nbsp;&nbsp;1040579 |
|  |  | **44976955** |
| &nbsp;&nbsp;**Transportation 1.5%** | &nbsp;&nbsp;**Transportation 1.5%** | &nbsp;&nbsp;**Transportation 1.5%** |
| Air Transport Services Group, Inc. \* | 132136 | &nbsp;&nbsp;&nbsp;&nbsp;3858371 |
| Allegiant Travel Co. \* | &nbsp;&nbsp;34550 | &nbsp;&nbsp;&nbsp;&nbsp;2592978 |
| ArcBest Corp. | &nbsp;&nbsp;54697 | &nbsp;&nbsp;&nbsp;&nbsp;4344583 |
| Atlas Air Worldwide Holdings, Inc. \* | &nbsp;&nbsp;62664 | &nbsp;&nbsp;&nbsp;&nbsp;6337837 |
| Bird Global, Inc., Class A \* | 376646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163540 |
| Blade Air Mobility, Inc. \* | 126759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570416 |
| Costamare, Inc. | 118380 | &nbsp;&nbsp;&nbsp;&nbsp;1117507 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;22789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862336 |
| Daseke, Inc. \* | &nbsp;&nbsp;91961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548088 |
| Eagle Bulk Shipping, Inc. | &nbsp;&nbsp;30048 | &nbsp;&nbsp;&nbsp;&nbsp;1453722 |
| Eneti, Inc. | &nbsp;&nbsp;52253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429520 |
| Forward Air Corp. | &nbsp;&nbsp;60138 | &nbsp;&nbsp;&nbsp;&nbsp;6366810 |
| Frontier Group Holdings, Inc. \* | &nbsp;&nbsp;83994 | &nbsp;&nbsp;&nbsp;&nbsp;1101161 |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp;82211 | &nbsp;&nbsp;&nbsp;&nbsp;1101627 |
| Golden Ocean Group Ltd. *(a)* | 275228 | &nbsp;&nbsp;&nbsp;&nbsp;2292649 |
| Hawaiian Holdings, Inc. \* | 113438 | &nbsp;&nbsp;&nbsp;&nbsp;1636910 |
| Heartland Express, Inc. | 104624 | &nbsp;&nbsp;&nbsp;&nbsp;1556805 |
| Hub Group, Inc., Class A \* | &nbsp;&nbsp;75179 | &nbsp;&nbsp;&nbsp;&nbsp;5833890 |
| Joby Aviation, Inc. *\*(a)* | 562759 | &nbsp;&nbsp;&nbsp;&nbsp;2712498 |
| Marten Transport Ltd. | 130534 | &nbsp;&nbsp;&nbsp;&nbsp;2450123 |
| Matson, Inc. | &nbsp;&nbsp;86260 | &nbsp;&nbsp;&nbsp;&nbsp;6347011 |
| P.A.M. Transportation Services, Inc. \* | &nbsp;&nbsp;14960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416636 |
| Radiant Logistics, Inc. \* | &nbsp;&nbsp;85915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521504 |
| Safe Bulkers, Inc. | 160788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406794 |
| Saia, Inc. \* | &nbsp;&nbsp;59436 | &nbsp;&nbsp;11819443 |
| SkyWest, Inc. \* | 111558 | &nbsp;&nbsp;&nbsp;&nbsp;1972345 |
| Spirit Airlines, Inc. | 243925 | &nbsp;&nbsp;&nbsp;&nbsp;5366350 |
| Sun Country Airlines Holdings, Inc. \* | &nbsp;&nbsp;73878 | &nbsp;&nbsp;&nbsp;&nbsp;1202734 |
| TuSimple Holdings, Inc., Class A *\*(a)* | 313729 | &nbsp;&nbsp;&nbsp;&nbsp;1076090 |
| Universal Logistics Holdings, Inc. | &nbsp;&nbsp;16038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513216 |
| Werner Enterprises, Inc. | 141714 | &nbsp;&nbsp;&nbsp;&nbsp;5555189 |
| Wheels Up Experience, Inc. \* | 362352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641363 |
|  |  | **83170046** |
| &nbsp;&nbsp;**Utilities 3.3%** | &nbsp;&nbsp;**Utilities 3.3%** | &nbsp;&nbsp;**Utilities 3.3%** |
| ALLETE, Inc. | 128276 | &nbsp;&nbsp;&nbsp;&nbsp;7218090 |
| Altus Power, Inc. \* | &nbsp;&nbsp;94241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938640 |
| American States Water Co. | &nbsp;&nbsp;82650 | &nbsp;&nbsp;&nbsp;&nbsp;7476519 |
| Artesian Resources Corp., Class A | &nbsp;&nbsp;18378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960802 |
| Avista Corp. | 162167 | &nbsp;&nbsp;&nbsp;&nbsp;6653712 |
| Black Hills Corp. | 145505 | &nbsp;&nbsp;&nbsp;&nbsp;9511662 |
| Brookfield Infrastructure Corp., Class A | 219163 | &nbsp;&nbsp;&nbsp;&nbsp;9450309 |
| California Water Service Group | 121490 | &nbsp;&nbsp;&nbsp;&nbsp;7539669 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;38963 | &nbsp;&nbsp;&nbsp;&nbsp;4846218 |
| Clearway Energy, Inc., Class A | &nbsp;&nbsp;77766 | &nbsp;&nbsp;&nbsp;&nbsp;2514175 |
| Clearway Energy, Inc., Class C | 183631 | &nbsp;&nbsp;&nbsp;&nbsp;6379341 |
| Global Water Resources, Inc. | &nbsp;&nbsp;30428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388261 |
| MGE Energy, Inc. | &nbsp;&nbsp;81473 | &nbsp;&nbsp;&nbsp;&nbsp;5547497 |
| Middlesex Water Co. | &nbsp;&nbsp;38881 | &nbsp;&nbsp;&nbsp;&nbsp;3478683 |
| Montauk Renewables, Inc. \* | 144288 | &nbsp;&nbsp;&nbsp;&nbsp;2159991 |
| New Jersey Resources Corp. | 215432 | &nbsp;&nbsp;&nbsp;&nbsp;9616884 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;77586 | &nbsp;&nbsp;&nbsp;&nbsp;3731111 |
| NorthWestern Corp. | 126199 | &nbsp;&nbsp;&nbsp;&nbsp;6667093 |
| ONE Gas, Inc. | 120339 | &nbsp;&nbsp;&nbsp;&nbsp;9323866 |
| Ormat Technologies, Inc. | 101482 | &nbsp;&nbsp;&nbsp;&nbsp;9179047 |
| Otter Tail Corp. | &nbsp;&nbsp;92044 | &nbsp;&nbsp;&nbsp;&nbsp;6205606 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| PNM Resources, Inc. | 191239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8886876 |
| Portland General Electric Co. | 200271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000179 |
| Pure Cycle Corp. \* | &nbsp;&nbsp;42868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369951 |
| SJW Group | &nbsp;&nbsp;60495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275787 |
| South Jersey Industries, Inc. | 274759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9525895 |
| Southwest Gas Holdings, Inc. | 149937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10955897 |
| Spire, Inc. | 114096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7965042 |
| Sunnova Energy International, Inc. \* | 222160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118846 |
| The York Water Co. | &nbsp;&nbsp;31594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376235 |
| Unitil Corp. | &nbsp;&nbsp;35473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869782 |
| Via Renewables, Inc. | &nbsp;&nbsp;27362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**178322926** |
| **Total Common Stocks<br> (Cost $4,285,532,226)** | **Total Common Stocks<br> (Cost $4,285,532,226)** | **5358340409** |
| **RIGHTS 0.0% OF NET ASSETS** | **RIGHTS 0.0% OF NET ASSETS** | **RIGHTS 0.0% OF NET ASSETS** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | &nbsp;&nbsp;27867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49949 |
| Oncternal Therapeutics, Inc. CVR *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 |
| Tobira Therapeutics, Inc. CVR *\*(b)* | &nbsp;&nbsp;14029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167575 |
| Zogenix, Inc. CVR *\*(b)* | 124832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**303623** |
| **Total Rights<br> (Cost $86,941)** | **Total Rights<br> (Cost $86,941)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**303623** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 2.3% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 2.3% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 2.3% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 2.3%** | &nbsp;&nbsp;**Money Market Funds 2.3%** | &nbsp;&nbsp;**Money Market Funds 2.3%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | 125060461 | &nbsp;&nbsp;&nbsp;&nbsp;**125060461** |
| **Total Short-Term Investments<br> (Cost $125,060,461)** | **Total Short-Term Investments<br> (Cost $125,060,461)** | &nbsp;&nbsp;&nbsp;**125060461** |
| **Total Investments in Securities<br> (Cost $4,410,679,628)** | **Total Investments in Securities<br> (Cost $4,410,679,628)** | **5483704493** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12322450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**276685** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $119,230,437.

*(b)* Fair-valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

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Schwab Small-Cap Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$5135228646 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$5135228646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223111763 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223111763 |
| Rights <sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences | &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;&nbsp;303623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303623 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125060461 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125060461 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276685 | &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;&nbsp;276685 |
| **Total** | **$5483677555** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$303623** | &nbsp;&nbsp;&nbsp;**$5483981178** |

---

\* Level 3 amount shown includes securities determined to have no value at October 31, 2022.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $4,410,679,628) including securities on loan of $119,230,437 |  | &nbsp;&nbsp;$5483704493 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16883257 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962500 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on future contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**5511532120** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125060461 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13158404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161725 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;**139802927** |
| **Net assets** |  | **$5371729193** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$4549585969 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822143224 |
| **Net assets** |  | **$5371729193** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $5371729193 |  | 179817041 |  | $29.87 |

---

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $104,449) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69425348 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138495 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109502 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74673345** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306027 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265829 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2571856** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**72101489** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133054315) |
| Net realized gains on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121547069 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5981747) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17488993)** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(1287117071) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179482) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(1287296553)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(1304785546)** |
| **Decrease in net assets resulting from operations** |  | **($1232684057)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Small-Cap Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72101489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58753702 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17488993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428156754 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(1287296553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575126021 |
| **Increase (decrease) in net assets resulting from operations** |  | **($1232684057)** | &nbsp;&nbsp;&nbsp;**$2062036477** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($531629821)** | &nbsp;&nbsp;&nbsp;&nbsp;**($129889789)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;45597167 | &nbsp;&nbsp;&nbsp;&nbsp;$1444544971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300482 | &nbsp;&nbsp;&nbsp;&nbsp;$1579406837 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;12345025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436396621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106319237 |
| Shares redeemed | + | &nbsp;&nbsp;(42926031) | &nbsp;&nbsp;&nbsp;&nbsp;(1331894500) | &nbsp;&nbsp;&nbsp;&nbsp;(27339753) | &nbsp;&nbsp;&nbsp;&nbsp;(1019048338) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**15016161** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$549047092** | &nbsp;&nbsp;&nbsp;&nbsp;**18087766** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$666677736** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;164800880 | &nbsp;&nbsp;&nbsp;&nbsp;$6586995979 | &nbsp;&nbsp;&nbsp;&nbsp;146713114 | &nbsp;&nbsp;&nbsp;&nbsp;$3988171555 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;15016161 | &nbsp;&nbsp;&nbsp;&nbsp;(1215266786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18087766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598824424 |
| **End of period** |  | **179817041** | &nbsp;&nbsp;&nbsp;**$5371729193** | &nbsp;&nbsp;&nbsp;**164800880** | &nbsp;&nbsp;&nbsp;**$6586995979** |

---

<sub>76</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$81.64 | &nbsp;&nbsp;&nbsp;&nbsp;$57.62 | &nbsp;&nbsp;&nbsp;&nbsp;$53.42 | &nbsp;&nbsp;&nbsp;&nbsp;$48.38 | &nbsp;&nbsp;$46.25 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(14.67) | &nbsp;&nbsp;&nbsp;&nbsp;24.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$66.82 | &nbsp;&nbsp;&nbsp;&nbsp;$81.64 | &nbsp;&nbsp;&nbsp;&nbsp;$57.62 | &nbsp;&nbsp;&nbsp;&nbsp;$53.42 | &nbsp;&nbsp;$48.38 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;(16.94%) | &nbsp;&nbsp;&nbsp;&nbsp;44.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94% | &nbsp;&nbsp;&nbsp;&nbsp;13.37% | &nbsp;&nbsp;&nbsp;&nbsp;6.51% |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$16046 | &nbsp;&nbsp;$18232 | &nbsp;&nbsp;$11487 | &nbsp;&nbsp;$10220 | &nbsp;&nbsp;$8410 |

---

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

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

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.6% OF NET ASSETS** | **COMMON STOCKS 99.6% OF NET ASSETS** | **COMMON STOCKS 99.6% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 2.2%** | &nbsp;&nbsp;**Automobiles & Components 2.2%** | &nbsp;&nbsp;**Automobiles & Components 2.2%** |
| Adient plc \* | &nbsp;&nbsp;&nbsp;&nbsp;39012 | &nbsp;&nbsp;&nbsp;&nbsp;1364640 |
| American Axle & Manufacturing Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;47903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464180 |
| Aptiv plc \* | &nbsp;&nbsp;&nbsp;111983 | &nbsp;&nbsp;&nbsp;&nbsp;10198292 |
| Arcimoto, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;15996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11804 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32195 | &nbsp;&nbsp;&nbsp;&nbsp;2586868 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98811 | &nbsp;&nbsp;&nbsp;&nbsp;3708377 |
| Canoo, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;57247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78428 |
| Cooper-Standard Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80218 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838538 |
| Dorman Products, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961076 |
| Envirotech Vehicles, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33633 |
| Fisker, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;64146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522790 |
| Ford Motor Co. | 1638269 | &nbsp;&nbsp;&nbsp;&nbsp;21903657 |
| Fox Factory Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;17484 | &nbsp;&nbsp;&nbsp;&nbsp;1535969 |
| Garrett Motion, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146883 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;604895 | &nbsp;&nbsp;&nbsp;&nbsp;23742129 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97710 | &nbsp;&nbsp;&nbsp;&nbsp;2588338 |
| Gentherm, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787385 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55608 | &nbsp;&nbsp;&nbsp;&nbsp;2391144 |
| Holley, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;22922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91230 |
| Horizon Global Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;10466 | &nbsp;&nbsp;&nbsp;&nbsp;1110547 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24847 | &nbsp;&nbsp;&nbsp;&nbsp;3446527 |
| Lordstown Motors Corp., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;79965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144737 |
| Lucid Group, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;244831 | &nbsp;&nbsp;&nbsp;&nbsp;3498635 |
| Luminar Technologies, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;97181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786194 |
| Modine Manufacturing Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;20348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364636 |
| Motorcar Parts of America, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137142 |
| Mullen Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;208607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99380 |
| NII Holdings, Inc. Escrow *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;28127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16736 |
| Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418429 |
| QuantumScape Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;112565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937667 |
| Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;225599 | &nbsp;&nbsp;&nbsp;&nbsp;7889197 |
| Solid Power, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;46229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259345 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295778 |
| Stoneridge, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243240 |
| Strattec Security Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 |
| Superior Industries International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47403 |
| Tenneco, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;33485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659655 |
| Tesla, Inc. \* | 1104784 | &nbsp;&nbsp;251382551 |
| The Goodyear Tire & Rubber Co. \* | &nbsp;&nbsp;&nbsp;117250 | &nbsp;&nbsp;&nbsp;&nbsp;1489075 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22679 | &nbsp;&nbsp;&nbsp;&nbsp;1847658 |
| Visteon Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;11858 | &nbsp;&nbsp;&nbsp;&nbsp;1547113 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798294 |
| Workhorse Group, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;70136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189367 |
| XL Fleet Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;69465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54877 |
| XPEL, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558156 |
|  |  | **352301979** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Banks 4.4%** | &nbsp;&nbsp;**Banks 4.4%** | &nbsp;&nbsp;**Banks 4.4%** |
| 1895 Bancorp of Wisconsin, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51369 |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403281 |
| ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130846 |
| Affinity Bancshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47535 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172839 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327849 |
| American National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157617 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;26942 | &nbsp;&nbsp;&nbsp;&nbsp;1387782 |
| Ames National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89719 |
| Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235348 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64231 | &nbsp;&nbsp;&nbsp;&nbsp;1564025 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30666 | &nbsp;&nbsp;&nbsp;&nbsp;1059204 |
| Axos Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858873 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386492 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670453 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198748 |
| Bank of America Corp. | 2900123 | 104520433 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16382 | &nbsp;&nbsp;&nbsp;&nbsp;1244213 |
| Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194940 |
| Bank of South Carolina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56728 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;45975 | &nbsp;&nbsp;&nbsp;&nbsp;1976005 |
| Bank7 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51350 |
| BankFinancial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64838 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32097 | &nbsp;&nbsp;&nbsp;&nbsp;1153887 |
| Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72801 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14087 | &nbsp;&nbsp;&nbsp;&nbsp;1053003 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165295 |
| Baycom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94246 |
| Bayfirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43973 |
| BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138198 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567742 |
| Blue Foundry Bancorp \* | &nbsp;&nbsp;&nbsp;&nbsp;12834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157987 |
| Blue Ridge Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71801 |
| Bogota Financial Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11771 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12146 | &nbsp;&nbsp;&nbsp;&nbsp;1338368 |
| Bridgewater Bancshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163323 |
| Broadway Financial Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;20059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22667 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478019 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234790 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232448 |
| C&F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67872 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;75211 | &nbsp;&nbsp;&nbsp;&nbsp;2079584 |
| California BanCorp \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53028 |
| Cambridge Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251163 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257290 |
| Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71671 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196864 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437409 |
| Capstar Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130196 |
| Carter Bankshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175867 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;30168 | &nbsp;&nbsp;&nbsp;&nbsp;1375661 |
| CB Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44684 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232102 |
| Central Valley Community Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74363 |
| CF Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19891 |
| Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40347 |

---

<sub>78</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54946 |
| Citigroup, Inc. | 803202 | 36834844 |
| Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141420 |
| Citizens Community Bancorp Inc/WI | &nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41859 |
| Citizens Financial Group, Inc. | 204955 | &nbsp;&nbsp;&nbsp;8382659 |
| Citizens Holdings Co. | &nbsp;&nbsp;&nbsp;&nbsp;2977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44357 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606310 |
| Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136394 |
| CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175906 |
| Coastal Financial Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175338 |
| Codorus Valley Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138264 |
| Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99360 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;32189 | &nbsp;&nbsp;&nbsp;1077366 |
| Columbia Financial, Inc. \* | &nbsp;&nbsp;14396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295694 |
| Comerica, Inc. | &nbsp;&nbsp;54539 | &nbsp;&nbsp;&nbsp;3844999 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;45214 | &nbsp;&nbsp;&nbsp;3202960 |
| Community Bank System, Inc. | &nbsp;&nbsp;22437 | &nbsp;&nbsp;&nbsp;1400742 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301237 |
| Community West Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51051 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;14768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369938 |
| CrossFirst Bankshares, Inc. \* | &nbsp;&nbsp;17616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245039 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;26628 | &nbsp;&nbsp;&nbsp;4128671 |
| Cullman Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49571 |
| Customers Bancorp, Inc. \* | &nbsp;&nbsp;12356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416274 |
| CVB Financial Corp. | &nbsp;&nbsp;54047 | &nbsp;&nbsp;&nbsp;1552230 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;13235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457005 |
| Eagle Bancorp Montana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47774 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;12882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583297 |
| East West Bancorp, Inc. | &nbsp;&nbsp;58472 | &nbsp;&nbsp;&nbsp;4184841 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;67979 | &nbsp;&nbsp;&nbsp;1303157 |
| ECB Bancorp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69886 |
| Emclaire Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44043 |
| Enact Holdings, Inc. | &nbsp;&nbsp;11655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298834 |
| Enterprise Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137726 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;14895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796436 |
| Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226858 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98086 |
| ESSA Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63520 |
| Essent Group Ltd. | &nbsp;&nbsp;45880 | &nbsp;&nbsp;&nbsp;1815930 |
| Evans Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95388 |
| F.N.B. Corp. | 143905 | &nbsp;&nbsp;&nbsp;2079427 |
| Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133923 |
| Farmers National Banc Corp. | &nbsp;&nbsp;12275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168658 |
| FB Financial Corp. | &nbsp;&nbsp;14601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612658 |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;4048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466330 |
| Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66641 |
| Fifth Third Bancorp | 284782 | 10163870 |
| Finance Of America Cos., Inc., Class A \* | &nbsp;&nbsp;18960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30526 |
| Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146173 |
| Finward Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57341 |
| Finwise Bancorp \* | &nbsp;&nbsp;&nbsp;&nbsp;4562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41651 |
| First BanCorp | &nbsp;&nbsp;76777 | &nbsp;&nbsp;&nbsp;1212309 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;14330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638688 |
| First Bank | &nbsp;&nbsp;&nbsp;&nbsp;6140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96521 |
| First Busey Corp. | &nbsp;&nbsp;21193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559707 |
| First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90377 |
| First Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26324 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5460 | &nbsp;&nbsp;&nbsp;4488775 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;37864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542970 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241650 |
| First Community Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35683 |
| First Financial Bancorp | &nbsp;&nbsp;38797 | &nbsp;&nbsp;&nbsp;1011438 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;53266 | &nbsp;&nbsp;&nbsp;2050208 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241238 |
| First Financial Northwest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43986 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| First Foundation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325760 |
| First Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66603 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52019 | &nbsp;&nbsp;&nbsp;&nbsp;1330646 |
| First Horizon Corp. | &nbsp;&nbsp;&nbsp;222347 | &nbsp;&nbsp;&nbsp;&nbsp;5449725 |
| First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88245 |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;37438 | &nbsp;&nbsp;&nbsp;&nbsp;1707547 |
| First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24619 | &nbsp;&nbsp;&nbsp;&nbsp;1105393 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272120 |
| First National Corp/VA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44036 |
| First Northwest Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51616 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;75926 | &nbsp;&nbsp;&nbsp;&nbsp;9118713 |
| First Savings Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54111 |
| First United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54046 |
| First Western Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76921 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141946 |
| Flagstar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831624 |
| Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238528 |
| FNCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65687 |
| Franklin Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64760 |
| FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91927 |
| Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68243 | &nbsp;&nbsp;&nbsp;&nbsp;1244070 |
| FVCBankcorp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71791 |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426807 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45472 | &nbsp;&nbsp;&nbsp;&nbsp;2604636 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248726 |
| Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106960 |
| Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130938 |
| Guild Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64046 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35128 | &nbsp;&nbsp;&nbsp;&nbsp;1962601 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308345 |
| HarborOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286446 |
| Hawthorn Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45549 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87738 |
| Heartland Financial USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779059 |
| Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374460 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539680 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543363 |
| HMN Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51046 |
| Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144794 |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79073 | &nbsp;&nbsp;&nbsp;&nbsp;2015571 |
| HomeStreet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177566 |
| HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152903 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681418 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249653 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;600572 | &nbsp;&nbsp;&nbsp;&nbsp;9116683 |
| IF Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46476 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19247 | &nbsp;&nbsp;&nbsp;&nbsp;1674681 |
| Independent Bank Corp., Michigan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218440 |
| Independent Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908496 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22040 | &nbsp;&nbsp;&nbsp;&nbsp;1093184 |
| Investar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71793 |
| John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127958 |
| JPMorgan Chase & Co. | 1216596 | 153145104 |
| Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269744 |
| KeyCorp | &nbsp;&nbsp;&nbsp;387909 | &nbsp;&nbsp;&nbsp;&nbsp;6931934 |
| Lakeland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482904 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849394 |
| Landmark Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49078 |
| LCNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83331 |
| Limestone Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61706 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457989 |
| loanDepot, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;37097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66033 |
| Luther Burbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37751 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72804 | &nbsp;&nbsp;&nbsp;12258009 |
| Macatawa Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112590 |
| Magyar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48307 |
| MainStreet Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83340 |

---

<sub>79</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Malvern Bancorp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54883 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5802 | &nbsp;&nbsp;&nbsp;&nbsp;202780 |
| Merchants Bancorp | &nbsp;&nbsp;10145 | &nbsp;&nbsp;&nbsp;&nbsp;242973 |
| Meridian Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59209 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7678 | &nbsp;&nbsp;&nbsp;&nbsp;170835 |
| Metropolitan Bank Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4799 | &nbsp;&nbsp;&nbsp;&nbsp;316734 |
| MGIC Investment Corp. | 126784 | 1730602 |
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5597 | &nbsp;&nbsp;&nbsp;&nbsp;191305 |
| Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52432 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8267 | &nbsp;&nbsp;&nbsp;&nbsp;231807 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp;&nbsp;&nbsp;194611 |
| Mr Cooper Group, Inc. \* | &nbsp;&nbsp;30004 | 1184858 |
| MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4605 | &nbsp;&nbsp;&nbsp;&nbsp;114020 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;12545 | &nbsp;&nbsp;&nbsp;&nbsp;549722 |
| National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91845 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;17646 | &nbsp;&nbsp;&nbsp;&nbsp;836244 |
| New York Community Bancorp, Inc. *(a)* | 196979 | 1833874 |
| Nicolet Bankshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4999 | &nbsp;&nbsp;&nbsp;&nbsp;381374 |
| NMI Holdings, Inc., Class A \* | &nbsp;&nbsp;36089 | &nbsp;&nbsp;&nbsp;&nbsp;791432 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92367 |
| Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7802 | &nbsp;&nbsp;&nbsp;&nbsp;102674 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;18804 | &nbsp;&nbsp;&nbsp;&nbsp;301616 |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2596 | &nbsp;&nbsp;&nbsp;&nbsp;126503 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;55216 | &nbsp;&nbsp;&nbsp;&nbsp;831553 |
| Norwood Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86904 |
| Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67383 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;25110 | &nbsp;&nbsp;&nbsp;&nbsp;566984 |
| Ocwen Financial Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96532 |
| OFG Bancorp | &nbsp;&nbsp;18949 | &nbsp;&nbsp;&nbsp;&nbsp;528298 |
| Ohio Valley Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68640 |
| Old National Bancorp | 122564 | 2397352 |
| Old Point Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23284 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;15202 | &nbsp;&nbsp;&nbsp;&nbsp;243232 |
| OP Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58586 |
| Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2281 | &nbsp;&nbsp;&nbsp;&nbsp;101117 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;12052 | &nbsp;&nbsp;&nbsp;&nbsp;498109 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4595 | &nbsp;&nbsp;&nbsp;&nbsp;121630 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;38895 | 1416167 |
| PacWest Bancorp | &nbsp;&nbsp;49961 | 1242030 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5896 | &nbsp;&nbsp;&nbsp;&nbsp;869660 |
| Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97408 |
| Partners Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50142 |
| Pathfinder Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42859 |
| Pathward Financial, Inc. | &nbsp;&nbsp;11847 | &nbsp;&nbsp;&nbsp;&nbsp;497929 |
| PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp;112887 |
| PCSB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6385 | &nbsp;&nbsp;&nbsp;&nbsp;124444 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp;263417 |
| Penns Woods Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54270 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;12693 | &nbsp;&nbsp;&nbsp;&nbsp;676791 |
| Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53372 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;12394 | &nbsp;&nbsp;&nbsp;&nbsp;375166 |
| Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp;134616 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;31497 | 2613936 |
| Pioneer Bancorp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21249 |
| Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75038 |
| Ponce Financial Group, Inc. \* | &nbsp;&nbsp;10983 | &nbsp;&nbsp;&nbsp;&nbsp;101483 |
| Popular, Inc. | &nbsp;&nbsp;31665 | 2239349 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;5863 | &nbsp;&nbsp;&nbsp;&nbsp;450689 |
| Premier Financial Corp. | &nbsp;&nbsp;14638 | &nbsp;&nbsp;&nbsp;&nbsp;422306 |
| Primis Financial Corp. | &nbsp;&nbsp;10278 | &nbsp;&nbsp;&nbsp;&nbsp;132483 |
| Professional Holding Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp;147153 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;37937 | 2715151 |
| Provident Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74593 |
| Provident Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48621 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;30378 | &nbsp;&nbsp;&nbsp;&nbsp;681075 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361562 |
| Radian Group, Inc. | &nbsp;&nbsp;66032 | &nbsp;&nbsp;&nbsp;1378088 |
| RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136298 |
| Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112360 |
| Regions Financial Corp. | 386839 | &nbsp;&nbsp;&nbsp;8491116 |
| Renasant Corp. | &nbsp;&nbsp;23632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954024 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175249 |
| Republic First Bancorp, Inc. \* | &nbsp;&nbsp;17184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48631 |
| Richmond Mutual BanCorp., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57046 |
| Riverview Bancorp, Inc. | &nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77085 |
| Rocket Cos., Inc., Class A *(a)* | &nbsp;&nbsp;49082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338666 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;16257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614677 |
| Salisbury Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56954 |
| Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652096 |
| SB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55292 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;25432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785849 |
| Security National Financial Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41963 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;20269 | &nbsp;&nbsp;&nbsp;1526864 |
| Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145363 |
| Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129081 |
| Signature Bank | &nbsp;&nbsp;25950 | &nbsp;&nbsp;&nbsp;4113853 |
| Silvergate Capital Corp., Class A \* | &nbsp;&nbsp;12843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728969 |
| Simmons First National Corp., Class A | &nbsp;&nbsp;52982 | &nbsp;&nbsp;&nbsp;1264680 |
| SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181200 |
| Sound Financial Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24138 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177082 |
| Southern First Bancshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132566 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166768 |
| Southern States Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83051 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;12464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426767 |
| SouthState Corp. | &nbsp;&nbsp;31437 | &nbsp;&nbsp;&nbsp;2842848 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;18265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599823 |
| Sterling Bancorp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23843 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;12183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952589 |
| Summit Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99797 |
| Summit State Bank | &nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46977 |
| SVB Financial Group \* | &nbsp;&nbsp;24631 | &nbsp;&nbsp;&nbsp;5688776 |
| Synovus Financial Corp. | &nbsp;&nbsp;60161 | &nbsp;&nbsp;&nbsp;2397416 |
| TC Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63011 |
| Territorial Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90571 |
| Texas Capital Bancshares, Inc. \* | &nbsp;&nbsp;20746 | &nbsp;&nbsp;&nbsp;1244760 |
| TFS Financial Corp. | &nbsp;&nbsp;19389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272415 |
| The Bancorp, Inc. \* | &nbsp;&nbsp;23768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655521 |
| The Bank of Princeton | &nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50403 |
| The Community Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73748 |
| The First BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109649 |
| The First Bancshares, Inc. | &nbsp;&nbsp;10929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357815 |
| The First of Long Island Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168821 |
| The Hingham Institution For Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131784 |
| The PNC Financial Services Group, Inc. | 169897 | 27494432 |
| Third Coast Bancshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121968 |
| Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75027 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397549 |
| Towne Bank | &nbsp;&nbsp;26450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871263 |
| TriCo Bancshares | &nbsp;&nbsp;13554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784912 |
| Triumph Bancorp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483842 |
| Truist Financial Corp. | 549878 | 24629036 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283931 |
| Trustmark Corp. | &nbsp;&nbsp;24755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905290 |
| U.S. Bancorp | 560229 | 23781721 |
| UMB Financial Corp. | &nbsp;&nbsp;18114 | &nbsp;&nbsp;&nbsp;1507447 |
| Umpqua Holdings Corp. | &nbsp;&nbsp;88846 | &nbsp;&nbsp;&nbsp;1766258 |
| Union Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52403 |
| United Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50632 |
| United Bankshares, Inc. | &nbsp;&nbsp;56393 | &nbsp;&nbsp;&nbsp;2388244 |

---

<sub>80</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44102 | &nbsp;&nbsp;&nbsp;&nbsp;1697927 |
| United Security Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44710 |
| Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68297 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378399 |
| USCB Financial Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72817 |
| UWM Holdings Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;36026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118165 |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp;177130 | &nbsp;&nbsp;&nbsp;&nbsp;2102533 |
| Velocity Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82846 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699560 |
| Virginia National Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46992 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13263 | &nbsp;&nbsp;&nbsp;&nbsp;1193139 |
| Washington Federal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26538 | &nbsp;&nbsp;&nbsp;&nbsp;1027021 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357687 |
| Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150460 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73655 | &nbsp;&nbsp;&nbsp;&nbsp;3996520 |
| Wells Fargo & Co. | 1572378 | &nbsp;&nbsp;&nbsp;&nbsp;72313664 |
| WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25094 | &nbsp;&nbsp;&nbsp;&nbsp;1014801 |
| West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141426 |
| Westamerica Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;11038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692414 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;44480 | &nbsp;&nbsp;&nbsp;&nbsp;2987722 |
| Western New England Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90554 |
| William Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54392 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25034 | &nbsp;&nbsp;&nbsp;&nbsp;2343683 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26399 | &nbsp;&nbsp;&nbsp;&nbsp;1229137 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;62399 | &nbsp;&nbsp;&nbsp;&nbsp;3241004 |
|  |  | **701595443** |
| &nbsp;&nbsp;**Capital Goods 6.4%** | &nbsp;&nbsp;**Capital Goods 6.4%** | &nbsp;&nbsp;**Capital Goods 6.4%** |
| 3D Systems Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;59443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524882 |
| 3M Co. | &nbsp;&nbsp;&nbsp;229964 | &nbsp;&nbsp;&nbsp;&nbsp;28927172 |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53267 | &nbsp;&nbsp;&nbsp;&nbsp;2917966 |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17415 | &nbsp;&nbsp;&nbsp;&nbsp;1123093 |
| AAR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;13484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597611 |
| Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13654 | &nbsp;&nbsp;&nbsp;&nbsp;2506465 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26601 | &nbsp;&nbsp;&nbsp;&nbsp;3082524 |
| Advent Technologies Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;18150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41019 |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;57945 | &nbsp;&nbsp;&nbsp;&nbsp;4362100 |
| Aerojet Rocketdyne Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32114 | &nbsp;&nbsp;&nbsp;&nbsp;1555923 |
| AeroVironment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966880 |
| AerSale Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156308 |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25551 | &nbsp;&nbsp;&nbsp;&nbsp;3172668 |
| AgEagle Aerial Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18318 |
| Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42321 | &nbsp;&nbsp;&nbsp;&nbsp;1493508 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656073 |
| Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12832 | &nbsp;&nbsp;&nbsp;&nbsp;1175668 |
| Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;36500 | &nbsp;&nbsp;&nbsp;&nbsp;3824105 |
| Allied Motion Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176912 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39446 | &nbsp;&nbsp;&nbsp;&nbsp;1666593 |
| Alpha Pro Tech Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24716 |
| Alta Equipment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146992 |
| Altra Industrial Motion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26548 | &nbsp;&nbsp;&nbsp;&nbsp;1596597 |
| Ameresco, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;13944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843333 |
| American Superconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42181 |
| American Woodmark Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329921 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95226 | &nbsp;&nbsp;&nbsp;&nbsp;12347003 |
| API Group Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;82246 | &nbsp;&nbsp;&nbsp;&nbsp;1356237 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399844 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15780 | &nbsp;&nbsp;&nbsp;&nbsp;1962716 |
| Archer Aviation, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;53649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152900 |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19870 | &nbsp;&nbsp;&nbsp;&nbsp;1275654 |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225563 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18985 | &nbsp;&nbsp;&nbsp;&nbsp;1434696 |
| Array Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;57509 | &nbsp;&nbsp;&nbsp;&nbsp;1040913 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395862 |
| Astronics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88424 |
| Atkore, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17280 | &nbsp;&nbsp;&nbsp;&nbsp;1646784 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Axon Enterprise, Inc. \* | &nbsp;&nbsp;28195 | &nbsp;&nbsp;&nbsp;4100681 |
| AZZ, Inc. | &nbsp;&nbsp;10234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411407 |
| Babcock & Wilcox Enterprises, Inc. \* | &nbsp;&nbsp;30009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136841 |
| Barnes Group, Inc. | &nbsp;&nbsp;20674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731239 |
| Beacon Roofing Supply, Inc. \* | &nbsp;&nbsp;20723 | &nbsp;&nbsp;&nbsp;1167741 |
| Beam Global *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41766 |
| Berkshire Grey, Inc. \* | &nbsp;&nbsp;16368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21933 |
| BitNile Holdings, Inc. \* | 163474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27872 |
| Blink Charging Co. *\*(a)* | &nbsp;&nbsp;16166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239257 |
| Bloom Energy Corp., Class A \* | &nbsp;&nbsp;72039 | &nbsp;&nbsp;&nbsp;1347850 |
| Blue Bird Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46354 |
| BlueLinx Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271271 |
| Boise Cascade Co. | &nbsp;&nbsp;16397 | &nbsp;&nbsp;&nbsp;1094828 |
| Bowman Consulting Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53673 |
| Broadwind, Inc. \* | &nbsp;&nbsp;16291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28672 |
| Builders FirstSource, Inc. \* | &nbsp;&nbsp;64441 | &nbsp;&nbsp;&nbsp;3973432 |
| BWX Technologies, Inc. | &nbsp;&nbsp;37907 | &nbsp;&nbsp;&nbsp;2159941 |
| Byrna Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42187 |
| Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189936 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;21414 | &nbsp;&nbsp;&nbsp;5113663 |
| Carrier Global Corp. | 348744 | 13866061 |
| Caterpillar, Inc. | 219010 | 47406905 |
| ChargePoint Holdings, Inc. *\*(a)* | 106767 | &nbsp;&nbsp;&nbsp;1492603 |
| Chart Industries, Inc. \* | &nbsp;&nbsp;14865 | &nbsp;&nbsp;&nbsp;3313111 |
| CIRCOR International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155562 |
| Columbus McKinnon Corp. | &nbsp;&nbsp;11251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320879 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;14527 | &nbsp;&nbsp;&nbsp;1790889 |
| Commercial Vehicle Group, Inc. \* | &nbsp;&nbsp;13417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67622 |
| Concrete Pumping Holdings, Inc. \* | &nbsp;&nbsp;13877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88882 |
| Construction Partners, Inc., Class A \* | &nbsp;&nbsp;17169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534643 |
| Core & Main, Inc., Class A \* | &nbsp;&nbsp;29780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702212 |
| Crane Holdings Co. | &nbsp;&nbsp;19757 | &nbsp;&nbsp;&nbsp;1982417 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830889 |
| Cummins, Inc. | &nbsp;&nbsp;58414 | 14282807 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;15856 | &nbsp;&nbsp;&nbsp;2661112 |
| Custom Truck One Source, Inc. \* | &nbsp;&nbsp;22116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153264 |
| Deere & Co. | 115369 | 45665358 |
| Desktop Metal, Inc., Class A *\*(a)* | 101606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257063 |
| Distribution Solutions Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69786 |
| Donaldson Co., Inc. | &nbsp;&nbsp;51364 | &nbsp;&nbsp;&nbsp;2950862 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295840 |
| Dover Corp. | &nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp;7802193 |
| Ducommun, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190492 |
| DXP Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194863 |
| Dycom Industries, Inc. \* | &nbsp;&nbsp;12249 | &nbsp;&nbsp;&nbsp;1447587 |
| Eaton Corp. plc | 165239 | 24797417 |
| EMCOR Group, Inc. | &nbsp;&nbsp;20561 | &nbsp;&nbsp;&nbsp;2901157 |
| Emerson Electric Co. | 245236 | 21237438 |
| Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;1107875 |
| Energous Corp. \* | &nbsp;&nbsp;53756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66120 |
| Energy Recovery, Inc. \* | &nbsp;&nbsp;23239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597939 |
| Energy Vault Holdings, Inc. *\*(a)* | &nbsp;&nbsp;23890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76926 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;25007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635428 |
| EnerSys | &nbsp;&nbsp;16708 | &nbsp;&nbsp;&nbsp;1107573 |
| Enovix Corp. \* | &nbsp;&nbsp;45893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866001 |
| EnPro Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887891 |
| Eos Energy Enterprises, Inc. \* | &nbsp;&nbsp;26736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41441 |
| Esab Corp. | &nbsp;&nbsp;19291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719554 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;10618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914953 |
| ESS Tech, Inc. *\*(a)* | &nbsp;&nbsp;28078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118770 |
| EVI Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53918 |
| Evoqua Water Technologies Corp. \* | &nbsp;&nbsp;49929 | &nbsp;&nbsp;&nbsp;1956218 |
| Fastenal Co. | 237893 | 11497369 |
| Federal Signal Corp. | &nbsp;&nbsp;25198 | &nbsp;&nbsp;&nbsp;1175487 |
| Flowserve Corp. | &nbsp;&nbsp;54166 | &nbsp;&nbsp;&nbsp;1553481 |
| Fluence Energy, Inc. *\*(a)* | &nbsp;&nbsp;15762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235327 |
| Fluor Corp. \* | &nbsp;&nbsp;59154 | &nbsp;&nbsp;&nbsp;1790000 |
| Fortive Corp. | 147498 | &nbsp;&nbsp;&nbsp;9425122 |

---

<sub>81</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;54311 | &nbsp;&nbsp;&nbsp;3276040 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;15771 | &nbsp;&nbsp;&nbsp;1292276 |
| FTC Solar, Inc. \* | &nbsp;&nbsp;19667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40711 |
| FuelCell Energy, Inc. \* | 162139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505874 |
| Gates Industrial Corp. plc \* | &nbsp;&nbsp;43540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485471 |
| GATX Corp. | &nbsp;&nbsp;15005 | &nbsp;&nbsp;&nbsp;1571174 |
| Gencor Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53143 |
| Generac Holdings, Inc. \* | &nbsp;&nbsp;26566 | &nbsp;&nbsp;&nbsp;3079265 |
| General Dynamics Corp. | &nbsp;&nbsp;93288 | 23303342 |
| General Electric Co. | 455463 | 35439576 |
| Gibraltar Industries, Inc. \* | &nbsp;&nbsp;13337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681254 |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;6016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190948 |
| GMS, Inc. \* | &nbsp;&nbsp;17591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830295 |
| Graco, Inc. | &nbsp;&nbsp;69925 | &nbsp;&nbsp;&nbsp;4865381 |
| GrafTech International Ltd. | &nbsp;&nbsp;82134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418062 |
| Graham Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56123 |
| Granite Construction, Inc. | &nbsp;&nbsp;18734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631898 |
| Great Lakes Dredge & Dock Corp. \* | &nbsp;&nbsp;25323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191442 |
| Griffon Corp. | &nbsp;&nbsp;19452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625187 |
| H&E Equipment Services, Inc. | &nbsp;&nbsp;13285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501642 |
| Hayward Holdings, Inc. \* | &nbsp;&nbsp;42995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397704 |
| HEICO Corp. | &nbsp;&nbsp;16822 | &nbsp;&nbsp;&nbsp;2735930 |
| HEICO Corp., Class A | &nbsp;&nbsp;28413 | &nbsp;&nbsp;&nbsp;3616975 |
| Heliogen, Inc. \* | &nbsp;&nbsp;38222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68800 |
| Helios Technologies, Inc. | &nbsp;&nbsp;14143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801767 |
| Herc Holdings, Inc. | &nbsp;&nbsp;10699 | &nbsp;&nbsp;&nbsp;1258309 |
| Hexcel Corp. | &nbsp;&nbsp;35190 | &nbsp;&nbsp;&nbsp;1960083 |
| Hillenbrand, Inc. | &nbsp;&nbsp;29023 | &nbsp;&nbsp;&nbsp;1282236 |
| Hillman Solutions Corp. \* | &nbsp;&nbsp;51861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405034 |
| Honeywell International, Inc. | 279420 | 57007268 |
| Howmet Aerospace, Inc. | 152823 | &nbsp;&nbsp;&nbsp;5432858 |
| Hubbell, Inc. | &nbsp;&nbsp;22282 | &nbsp;&nbsp;&nbsp;5291529 |
| Hudson Technologies, Inc. \* | &nbsp;&nbsp;13002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119748 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;16666 | &nbsp;&nbsp;&nbsp;4284329 |
| Hurco Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74404 |
| Hyliion Holdings Corp. *\*(a)* | &nbsp;&nbsp;59911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170746 |
| Hyster-Yale Materials Handling, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150932 |
| Hyzon Motors, Inc. *\*(a)* | &nbsp;&nbsp;34280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65475 |
| Ideal Power, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40298 |
| IDEX Corp. | &nbsp;&nbsp;31222 | &nbsp;&nbsp;&nbsp;6940963 |
| IES Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125783 |
| Illinois Tool Works, Inc. | 116632 | 24904431 |
| Ingersoll Rand, Inc. | 166831 | &nbsp;&nbsp;&nbsp;8424965 |
| INNOVATE Corp. \* | &nbsp;&nbsp;23119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17057 |
| Innovative Solutions and Support, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65218 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205925 |
| iSun, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15744 |
| ITT, Inc. | &nbsp;&nbsp;34184 | &nbsp;&nbsp;&nbsp;2611316 |
| Janus International Group, Inc. \* | &nbsp;&nbsp;33335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321016 |
| JELD-WEN Holding, Inc. \* | &nbsp;&nbsp;37821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401281 |
| John Bean Technologies Corp. | &nbsp;&nbsp;13192 | &nbsp;&nbsp;&nbsp;1203110 |
| Johnson Controls International plc | 285816 | 16531597 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840992 |
| Kaman Corp. | &nbsp;&nbsp;10950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351495 |
| Karat Packaging, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49369 |
| Kennametal, Inc. | &nbsp;&nbsp;33677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899513 |
| Kratos Defense & Security Solutions, Inc. \* | &nbsp;&nbsp;51756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573456 |
| KULR Technology Group, Inc. \* | &nbsp;&nbsp;32998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67646 |
| L.B. Foster Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52900 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;79513 | 19597569 |
| Lennox International, Inc. | &nbsp;&nbsp;13263 | &nbsp;&nbsp;&nbsp;3097839 |
| Lightning eMotors, Inc. \* | &nbsp;&nbsp;12049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18555 |
| Limbach Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43497 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;24028 | &nbsp;&nbsp;&nbsp;3411976 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785383 |
| Lockheed Martin Corp. | &nbsp;&nbsp;97813 | 47603631 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67054 |
| Luxfer Holdings plc | &nbsp;&nbsp;12212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176708 |
| Manitex International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43160 |
| Markforged Holding Corp. \* | &nbsp;&nbsp;47003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102467 |
| Masco Corp. | &nbsp;&nbsp;93385 | &nbsp;&nbsp;&nbsp;4320924 |
| Masonite International Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668162 |
| MasTec, Inc. \* | &nbsp;&nbsp;24310 | &nbsp;&nbsp;&nbsp;1873815 |
| Matrix Service Co. \* | &nbsp;&nbsp;10847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53150 |
| Maxar Technologies, Inc. | &nbsp;&nbsp;31403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701543 |
| Mayville Engineering Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22125 |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;9861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927427 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;84810 | &nbsp;&nbsp;&nbsp;2415389 |
| Mercury Systems, Inc. \* | &nbsp;&nbsp;23829 | &nbsp;&nbsp;&nbsp;1153324 |
| Microvast Holdings, Inc. \* | &nbsp;&nbsp;78617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192612 |
| Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129795 |
| Moog, Inc., Class A | &nbsp;&nbsp;11760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996660 |
| MRC Global, Inc. \* | &nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355062 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;19657 | &nbsp;&nbsp;&nbsp;1631138 |
| Mueller Industries, Inc. | &nbsp;&nbsp;23532 | &nbsp;&nbsp;&nbsp;1474044 |
| Mueller Water Products, Inc., Class A | &nbsp;&nbsp;66450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777465 |
| MYR Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602331 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156135 |
| NeoVolta, Inc. \* | &nbsp;&nbsp;12964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48874 |
| Nikola Corp. *\*(a)* | 137436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520882 |
| Nordson Corp. | &nbsp;&nbsp;22448 | &nbsp;&nbsp;&nbsp;5050800 |
| Northrop Grumman Corp. | &nbsp;&nbsp;60315 | 33113538 |
| Northwest Pipe Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;4286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145681 |
| NOW, Inc. \* | &nbsp;&nbsp;46130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587235 |
| NuScale Power Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;7866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88728 |
| Nuvve Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 |
| NV5 Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753015 |
| nVent Electric plc | &nbsp;&nbsp;68891 | &nbsp;&nbsp;&nbsp;2514521 |
| Ocean Power Technologies, Inc. \* | &nbsp;&nbsp;48625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35496 |
| Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134237 |
| Orion Energy Systems, Inc. \* | &nbsp;&nbsp;16987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28878 |
| Orion Group Holdings, Inc. \* | &nbsp;&nbsp;16674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38017 |
| Oshkosh Corp. | &nbsp;&nbsp;26910 | &nbsp;&nbsp;&nbsp;2368080 |
| Otis Worldwide Corp. | 174087 | 12297506 |
| Owens Corning | &nbsp;&nbsp;39875 | &nbsp;&nbsp;&nbsp;3413699 |
| PACCAR, Inc. | 144118 | 13954946 |
| Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103376 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;53225 | 15468249 |
| Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44695 |
| Parsons Corp. \* | &nbsp;&nbsp;13686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641600 |
| Pentair plc | &nbsp;&nbsp;68135 | &nbsp;&nbsp;&nbsp;2926398 |
| Perma-Pipe International Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32890 |
| PGT Innovations, Inc. \* | &nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544726 |
| Plug Power, Inc. \* | 217339 | &nbsp;&nbsp;&nbsp;3473077 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116097 |
| Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80164 |
| Primoris Services Corp. | &nbsp;&nbsp;21965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443473 |
| Proterra, Inc. \* | &nbsp;&nbsp;83106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518581 |
| Proto Labs, Inc. \* | &nbsp;&nbsp;11556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441324 |
| Quanex Building Products Corp. | &nbsp;&nbsp;13404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297033 |
| Quanta Services, Inc. | &nbsp;&nbsp;59387 | &nbsp;&nbsp;&nbsp;8435329 |
| Raytheon Technologies Corp. | 611921 | 58022349 |
| RBC Bearings, Inc. \* | &nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;3067713 |
| Redwire Corp. \* | &nbsp;&nbsp;10290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28195 |
| Regal Rexnord Corp. | &nbsp;&nbsp;27506 | &nbsp;&nbsp;&nbsp;3480609 |
| Resideo Technologies, Inc. \* | &nbsp;&nbsp;60154 | &nbsp;&nbsp;&nbsp;1420837 |
| REV Group, Inc. | &nbsp;&nbsp;13601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186878 |
| Rocket Lab USA, Inc. \* | &nbsp;&nbsp;90768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462009 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;47945 | 12240358 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp;17689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882504 |
| Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200378 |

---

<sub>82</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sarcos Technology and Robotics Corp. *\*(a)* | &nbsp;&nbsp;36550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73831 |
| Sensata Technologies Holding plc | &nbsp;&nbsp;63593 | &nbsp;&nbsp;&nbsp;2557075 |
| SES AI Corp. *\*(a)* | &nbsp;&nbsp;59899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359993 |
| Shoals Technologies Group, Inc., Class A \* | &nbsp;&nbsp;43531 | &nbsp;&nbsp;&nbsp;1006001 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;17866 | &nbsp;&nbsp;&nbsp;1527186 |
| SiteOne Landscape Supply, Inc. \* | &nbsp;&nbsp;18549 | &nbsp;&nbsp;&nbsp;2149273 |
| SKYX Platforms Corp. \* | &nbsp;&nbsp;16813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56828 |
| Snap-on, Inc. | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;4885100 |
| Spirit AeroSystems Holdings, Inc., Class A | &nbsp;&nbsp;43131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998914 |
| SPX Technologies, Inc. \* | &nbsp;&nbsp;18681 | &nbsp;&nbsp;&nbsp;1229957 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493071 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;61653 | &nbsp;&nbsp;&nbsp;4839144 |
| Stem, Inc. \* | &nbsp;&nbsp;59957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815415 |
| Sterling Infrastructure, Inc. \* | &nbsp;&nbsp;13724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370411 |
| SunPower Corp. \* | &nbsp;&nbsp;35778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661535 |
| Sunrun, Inc. \* | &nbsp;&nbsp;87614 | &nbsp;&nbsp;&nbsp;1972191 |
| Sunworks, Inc. \* | &nbsp;&nbsp;17256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38999 |
| Symbotic, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;4338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53531 |
| Tecnoglass, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149931 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;7658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446079 |
| Terex Corp. | &nbsp;&nbsp;28047 | &nbsp;&nbsp;&nbsp;1137025 |
| Terran Orbital Corp. *\*(a)* | &nbsp;&nbsp;23493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61552 |
| Textron, Inc. | &nbsp;&nbsp;87466 | &nbsp;&nbsp;&nbsp;5986173 |
| The AZEK Co., Inc. \* | &nbsp;&nbsp;45856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802939 |
| The Boeing Co. \* | 231741 | 33025410 |
| The Eastern Co. | &nbsp;&nbsp;&nbsp;&nbsp;3338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69798 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;9748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264561 |
| The Greenbrier Cos., Inc. | &nbsp;&nbsp;13430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474213 |
| The LS Starrett Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24438 |
| The Manitowoc Co., Inc. \* | &nbsp;&nbsp;15925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145236 |
| The Middleby Corp. \* | &nbsp;&nbsp;22373 | &nbsp;&nbsp;&nbsp;3129088 |
| The Shyft Group, Inc. | &nbsp;&nbsp;13268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304899 |
| The Timken Co. | &nbsp;&nbsp;27449 | &nbsp;&nbsp;&nbsp;1956839 |
| The Toro Co. | &nbsp;&nbsp;43256 | &nbsp;&nbsp;&nbsp;4560480 |
| Thermon Group Holdings, Inc. \* | &nbsp;&nbsp;14491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257360 |
| Titan International, Inc. \* | &nbsp;&nbsp;20997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314115 |
| Titan Machinery, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261976 |
| TPI Composites, Inc. \* | &nbsp;&nbsp;16645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165784 |
| Trane Technologies plc | &nbsp;&nbsp;95892 | 15307240 |
| Transcat, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245383 |
| TransDigm Group, Inc. | &nbsp;&nbsp;21422 | 12333931 |
| Trex Co., Inc. \* | &nbsp;&nbsp;46047 | &nbsp;&nbsp;&nbsp;2214400 |
| Trinity Industries, Inc. | &nbsp;&nbsp;34521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984884 |
| Triton International Ltd. | &nbsp;&nbsp;26045 | &nbsp;&nbsp;&nbsp;1580671 |
| Triumph Group, Inc. \* | &nbsp;&nbsp;27104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245291 |
| Tutor Perini Corp. \* | &nbsp;&nbsp;16006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118765 |
| Twin Disc, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72843 |
| UFP Industries, Inc. | &nbsp;&nbsp;25174 | &nbsp;&nbsp;&nbsp;1793144 |
| Ultralife Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33120 |
| United Rentals, Inc. \* | &nbsp;&nbsp;29052 | &nbsp;&nbsp;&nbsp;9172007 |
| Univar Solutions, Inc. \* | &nbsp;&nbsp;70027 | &nbsp;&nbsp;&nbsp;1784288 |
| Urban-Gro, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17791 |
| V2X, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195522 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8827 | &nbsp;&nbsp;&nbsp;2817755 |
| Velo3D, Inc. \* | &nbsp;&nbsp;23266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91668 |
| Veritiv Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707907 |
| Vertiv Holdings Co. | 125128 | &nbsp;&nbsp;&nbsp;1790582 |
| Vicor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448990 |
| View, Inc. *\*(a)* | &nbsp;&nbsp;23483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31702 |
| Virgin Galactic Holdings, Inc. *\*(a)* | &nbsp;&nbsp;96719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446842 |
| VirTra, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42286 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;18811 | 10992208 |
| Wabash National Corp. | &nbsp;&nbsp;19725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427046 |
| Watsco, Inc. | &nbsp;&nbsp;13730 | &nbsp;&nbsp;&nbsp;3720281 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;11465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678017 |
| WESCO International, Inc. \* | &nbsp;&nbsp;18376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531662 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;75242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018574 |
| Westwater Resources, Inc. \* | &nbsp;&nbsp;34475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38957 |
| Willis Lease Finance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23813 |
| WillScot Mobile Mini Holdings Corp. \* | &nbsp;&nbsp;88763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775090 |
| Woodward, Inc. | &nbsp;&nbsp;25403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329455 |
| Xos, Inc. \* | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24860 |
| Xylem, Inc. | &nbsp;&nbsp;74771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7658794 |
| Zurn Water Solutions Corp. | &nbsp;&nbsp;60218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414521 |
|  |  | **1019345519** |
| &nbsp;&nbsp;**Commercial & Professional Services 1.2%** | &nbsp;&nbsp;**Commercial & Professional Services 1.2%** | &nbsp;&nbsp;**Commercial & Professional Services 1.2%** |
| ABM Industries, Inc. | &nbsp;&nbsp;27133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207690 |
| ACCO Brands Corp. | &nbsp;&nbsp;38516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177174 |
| Acme United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34765 |
| ACV Auctions, Inc., Class A \* | &nbsp;&nbsp;45433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414349 |
| Alight, Inc., Class A \* | 112914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936057 |
| Aqua Metals, Inc. \* | &nbsp;&nbsp;23651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19753 |
| ARC Document Solutions, Inc. | &nbsp;&nbsp;19042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46082 |
| Aris Water Solution, Inc., Class A | &nbsp;&nbsp;11072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188556 |
| ASGN, Inc. \* | &nbsp;&nbsp;20796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763085 |
| Atlas Technical Consultants, Inc. \* | &nbsp;&nbsp;15557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117922 |
| Aurora Innovation, Inc. \* | 153867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316966 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268986 |
| BGSF, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66634 |
| BlackSky Technology, Inc. \* | &nbsp;&nbsp;21423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34491 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;54733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957687 |
| Brady Corp., Class A | &nbsp;&nbsp;19596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896517 |
| BrightView Holdings, Inc. \* | &nbsp;&nbsp;13694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122150 |
| CACI International, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;9745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962772 |
| Casella Waste Systems, Inc., Class A \* | &nbsp;&nbsp;20731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696003 |
| CBIZ, Inc. \* | &nbsp;&nbsp;21051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044972 |
| CECO Environmental Corp. \* | &nbsp;&nbsp;14190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167726 |
| Cimpress plc \* | &nbsp;&nbsp;&nbsp;&nbsp;8208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191082 |
| Cintas Corp. | &nbsp;&nbsp;35614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15226766 |
| Clarivate plc \* | 177552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834112 |
| Clean Harbors, Inc. \* | &nbsp;&nbsp;20712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536391 |
| Copart, Inc. \* | &nbsp;&nbsp;88331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159832 |
| CoreCivic, Inc. \* | &nbsp;&nbsp;49662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519961 |
| CoStar Group, Inc. \* | 164366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13596355 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284590 |
| Deluxe Corp. | &nbsp;&nbsp;16881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310273 |
| DLH Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51663 |
| Driven Brands Holdings, Inc. \* | &nbsp;&nbsp;22131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707749 |
| Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;89669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152247 |
| Ennis, Inc. | &nbsp;&nbsp;10401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234647 |
| Equifax, Inc. | &nbsp;&nbsp;50796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611954 |
| Exponent, Inc. | &nbsp;&nbsp;20864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987505 |
| First Advantage Corp. \* | &nbsp;&nbsp;24470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343803 |
| FiscalNote Holdings, Inc. \* | &nbsp;&nbsp;31549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156798 |
| Forrester Research, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186800 |
| Franklin Covey Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230331 |
| FTI Consulting, Inc. \* | &nbsp;&nbsp;14419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244029 |
| GEE Group, Inc. \* | &nbsp;&nbsp;66522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41922 |
| Harsco Corp. \* | &nbsp;&nbsp;34248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181172 |
| Healthcare Services Group, Inc. | &nbsp;&nbsp;30803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430010 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254341 |
| Heritage-Crystal Clean, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193746 |
| Hill International, Inc. \* | &nbsp;&nbsp;27687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93305 |
| HireQuest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47782 |
| HireRight Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115164 |
| HNI Corp. | &nbsp;&nbsp;16275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471812 |
| Hudson Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51748 |

---

<sub>83</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Huron Consulting Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644557 |
| IAA, Inc. \* | &nbsp;&nbsp;55868 | &nbsp;&nbsp;&nbsp;&nbsp;2119073 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825567 |
| Insperity, Inc. | &nbsp;&nbsp;14863 | &nbsp;&nbsp;&nbsp;&nbsp;1754131 |
| Interface, Inc. | &nbsp;&nbsp;23118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261465 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;52648 | &nbsp;&nbsp;&nbsp;&nbsp;6066103 |
| KAR Auction Services, Inc. \* | &nbsp;&nbsp;49738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722693 |
| KBR, Inc. | &nbsp;&nbsp;57784 | &nbsp;&nbsp;&nbsp;&nbsp;2875910 |
| Kelly Services, Inc., Class A | &nbsp;&nbsp;14539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237567 |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513183 |
| Kimball International, Inc., Class B | &nbsp;&nbsp;17567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129820 |
| Knightscope, Inc., Class A \* | &nbsp;&nbsp;18211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61189 |
| Korn Ferry | &nbsp;&nbsp;22978 | &nbsp;&nbsp;&nbsp;&nbsp;1277347 |
| LegalZoom.com, Inc. \* | &nbsp;&nbsp;41173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380850 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;56466 | &nbsp;&nbsp;&nbsp;&nbsp;5736381 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;21509 | &nbsp;&nbsp;&nbsp;&nbsp;1685015 |
| Mastech Digital, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46433 |
| Matthews International Corp., Class A | &nbsp;&nbsp;12972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348687 |
| MillerKnoll, Inc. | &nbsp;&nbsp;30369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643215 |
| Mistras Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32329 |
| Montrose Environmental Group, Inc. \* | &nbsp;&nbsp;10915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477859 |
| MSA Safety, Inc. | &nbsp;&nbsp;15059 | &nbsp;&nbsp;&nbsp;&nbsp;2021520 |
| NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51106 |
| Odyssey Marine Exploration, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29707 |
| Performant Financial Corp. \* | &nbsp;&nbsp;24843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57636 |
| Perma-Fix Environmental Services, Inc. \* | &nbsp;&nbsp;10441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43435 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;64043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199174 |
| Planet Labs PBC \* | &nbsp;&nbsp;77306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405856 |
| Quad Graphics, Inc. \* | &nbsp;&nbsp;18674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51914 |
| Quest Resource Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70632 |
| RCM Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55300 |
| Red Violet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92537 |
| Republic Services, Inc. | &nbsp;&nbsp;85070 | &nbsp;&nbsp;&nbsp;&nbsp;11281983 |
| Resources Connection, Inc. | &nbsp;&nbsp;13566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247851 |
| Robert Half International, Inc. | &nbsp;&nbsp;45301 | &nbsp;&nbsp;&nbsp;&nbsp;3463714 |
| Rollins, Inc. | &nbsp;&nbsp;96157 | &nbsp;&nbsp;&nbsp;&nbsp;4046287 |
| Science Applications International Corp. | &nbsp;&nbsp;23168 | &nbsp;&nbsp;&nbsp;&nbsp;2510021 |
| Skillsoft Corp. \* | &nbsp;&nbsp;35359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63293 |
| SP Plus Corp. \* | &nbsp;&nbsp;10202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377780 |
| Spire Global, Inc. *\*(a)* | &nbsp;&nbsp;38120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54893 |
| Steelcase, Inc., Class A | &nbsp;&nbsp;36886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286604 |
| Stericycle, Inc. \* | &nbsp;&nbsp;37932 | &nbsp;&nbsp;&nbsp;&nbsp;1691009 |
| Sterling Check Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192702 |
| Team, Inc. \* | &nbsp;&nbsp;22840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15874 |
| Tetra Tech, Inc. | &nbsp;&nbsp;22221 | &nbsp;&nbsp;&nbsp;&nbsp;3139383 |
| The Brink's Co. | &nbsp;&nbsp;19918 | &nbsp;&nbsp;&nbsp;&nbsp;1187710 |
| The GEO Group, Inc. \* | &nbsp;&nbsp;52634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445284 |
| TransUnion | &nbsp;&nbsp;79646 | &nbsp;&nbsp;&nbsp;&nbsp;4720618 |
| TriNet Group, Inc. \* | &nbsp;&nbsp;14865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965928 |
| TrueBlue, Inc. \* | &nbsp;&nbsp;14017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275574 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6161 | &nbsp;&nbsp;&nbsp;&nbsp;1133686 |
| Upwork, Inc. \* | &nbsp;&nbsp;50122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674141 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;64888 | &nbsp;&nbsp;&nbsp;&nbsp;11863473 |
| Viad Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302527 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172801 |
| Waste Management, Inc. | 155732 | &nbsp;&nbsp;&nbsp;&nbsp;24663277 |
| Willdan Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81925 |
|  |  | **184664756** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 1.1%** | &nbsp;&nbsp;**Consumer Durables & Apparel 1.1%** | &nbsp;&nbsp;**Consumer Durables & Apparel 1.1%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;13529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630046 |
| Allbirds, Inc., Class A \* | &nbsp;&nbsp;39597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136214 |
| American Outdoor Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56285 |
| AMMO, Inc. *\*(a)* | &nbsp;&nbsp;41078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133503 |
| Aterian, Inc. *\*(a)* | &nbsp;&nbsp;25581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28139 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Bassett Furniture Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74556 |
| Beazer Homes USA, Inc. \* | &nbsp;&nbsp;12137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137269 |
| Brunswick Corp. | &nbsp;&nbsp;30438 | &nbsp;&nbsp;&nbsp;2151053 |
| Capri Holdings Ltd. \* | &nbsp;&nbsp;57338 | &nbsp;&nbsp;&nbsp;2619200 |
| Carter's, Inc. | &nbsp;&nbsp;16340 | &nbsp;&nbsp;&nbsp;1108996 |
| Cavco Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796518 |
| Century Communities, Inc. | &nbsp;&nbsp;11888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529135 |
| Clarus Corp. | &nbsp;&nbsp;11806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142971 |
| Columbia Sportswear Co. | &nbsp;&nbsp;14813 | &nbsp;&nbsp;&nbsp;1103568 |
| Cricut, Inc., Class A *\*(a)* | &nbsp;&nbsp;18379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163389 |
| Crocs, Inc. \* | &nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;1789975 |
| Culp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44116 |
| D.R. Horton, Inc. | 130666 | 10045602 |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;11036 | &nbsp;&nbsp;&nbsp;3861827 |
| Delta Apparel, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28815 |
| Dream Finders Homes, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80497 |
| Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41301 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236017 |
| Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40823 |
| Fossil Group, Inc. \* | &nbsp;&nbsp;19967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84860 |
| Garmin Ltd. | &nbsp;&nbsp;64119 | &nbsp;&nbsp;&nbsp;5645037 |
| G-III Apparel Group Ltd. \* | &nbsp;&nbsp;17626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343707 |
| GoPro, Inc., Class A \* | &nbsp;&nbsp;54737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298317 |
| Green Brick Partners, Inc. \* | &nbsp;&nbsp;10978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253921 |
| Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53140 |
| Hanesbrands, Inc. | 148070 | &nbsp;&nbsp;&nbsp;1009837 |
| Hasbro, Inc. | &nbsp;&nbsp;53626 | &nbsp;&nbsp;&nbsp;3499096 |
| Helen of Troy Ltd. \* | &nbsp;&nbsp;10307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975248 |
| Hooker Furnishings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84122 |
| Hovnanian Enterprises, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81507 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848046 |
| iRobot Corp. \* | &nbsp;&nbsp;11608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655852 |
| JAKKS Pacific, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70873 |
| Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108397 |
| KB Home | &nbsp;&nbsp;35481 | &nbsp;&nbsp;&nbsp;1022562 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;20392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727994 |
| Lakeland Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42683 |
| Landsea Homes Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31794 |
| Latham Group, Inc. \* | &nbsp;&nbsp;20641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91233 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;16981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420619 |
| Legacy Housing Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52952 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;54279 | &nbsp;&nbsp;&nbsp;1831916 |
| Lennar Corp., Class A | 110430 | &nbsp;&nbsp;&nbsp;8911701 |
| Levi Strauss & Co., Class A | &nbsp;&nbsp;40543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606523 |
| LGI Homes, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761346 |
| Lifetime Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48735 |
| Live Ventures, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12942 |
| Lululemon Athletica, Inc. \* | &nbsp;&nbsp;48219 | 15865980 |
| M.D.C. Holdings, Inc. | &nbsp;&nbsp;23964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729943 |
| M/I Homes, Inc. \* | &nbsp;&nbsp;11544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478961 |
| Malibu Boats, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471022 |
| Marine Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51650 |
| MasterCraft Boat Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148947 |
| Mattel, Inc. \* | 146022 | &nbsp;&nbsp;&nbsp;2768577 |
| Meritage Homes Corp. \* | &nbsp;&nbsp;14848 | &nbsp;&nbsp;&nbsp;1130824 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp;22184 | &nbsp;&nbsp;&nbsp;2101934 |
| Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229373 |
| Nautilus, Inc. \* | &nbsp;&nbsp;11457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19019 |
| Newell Brands, Inc. | 155134 | &nbsp;&nbsp;&nbsp;2142401 |
| NIKE, Inc., Class B | 524204 | 48583227 |
| NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1277 | &nbsp;&nbsp;&nbsp;5411607 |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632150 |
| Peloton Interactive, Inc., Class A \* | 125763 | &nbsp;&nbsp;&nbsp;1056409 |
| PLBY Group, Inc. *\*(a)* | &nbsp;&nbsp;20435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73975 |
| Polaris, Inc. | &nbsp;&nbsp;23502 | &nbsp;&nbsp;&nbsp;2387803 |
| PulteGroup, Inc. | &nbsp;&nbsp;95447 | &nbsp;&nbsp;&nbsp;3816925 |
| Purple Innovation, Inc. \* | &nbsp;&nbsp;16803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59147 |

---

<sub>84</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| PVH Corp. | &nbsp;&nbsp;27331 | &nbsp;&nbsp;&nbsp;&nbsp;1402627 |
| Ralph Lauren Corp. | &nbsp;&nbsp;17538 | &nbsp;&nbsp;&nbsp;&nbsp;1625597 |
| Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56693 |
| Skechers U.S.A., Inc., Class A \* | &nbsp;&nbsp;55479 | &nbsp;&nbsp;&nbsp;&nbsp;1910142 |
| Skyline Champion Corp. \* | &nbsp;&nbsp;21373 | &nbsp;&nbsp;&nbsp;&nbsp;1244122 |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;17932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202452 |
| Snap One Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63963 |
| Solo Brands, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27498 |
| Sonos, Inc. \* | &nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828568 |
| Steven Madden Ltd. | &nbsp;&nbsp;30371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907182 |
| Sturm, Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406718 |
| Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53548 |
| Tapestry, Inc. | 104651 | &nbsp;&nbsp;&nbsp;&nbsp;3315344 |
| Taylor Morrison Home Corp. \* | &nbsp;&nbsp;46041 | &nbsp;&nbsp;&nbsp;&nbsp;1212720 |
| Tempur Sealy International, Inc. | &nbsp;&nbsp;71463 | &nbsp;&nbsp;&nbsp;&nbsp;1921640 |
| The Lovesac Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168871 |
| Toll Brothers, Inc. | &nbsp;&nbsp;43711 | &nbsp;&nbsp;&nbsp;&nbsp;1883070 |
| TopBuild Corp. \* | &nbsp;&nbsp;13395 | &nbsp;&nbsp;&nbsp;&nbsp;2279025 |
| Topgolf Callaway Brands Corp. \* | &nbsp;&nbsp;57175 | &nbsp;&nbsp;&nbsp;&nbsp;1070316 |
| Traeger, Inc. \* | &nbsp;&nbsp;40014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166058 |
| Tri Pointe Homes, Inc. \* | &nbsp;&nbsp;40729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682211 |
| Tupperware Brands Corp. \* | &nbsp;&nbsp;18352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141861 |
| Under Armour, Inc., Class A \* | &nbsp;&nbsp;77611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578202 |
| Under Armour, Inc., Class C \* | &nbsp;&nbsp;81326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533499 |
| Unifi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53580 |
| Universal Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114092 |
| Vera Bradley, Inc. \* | &nbsp;&nbsp;11087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36033 |
| VF Corp. | 137584 | &nbsp;&nbsp;&nbsp;&nbsp;3886748 |
| Vista Outdoor, Inc. \* | &nbsp;&nbsp;23977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696292 |
| Vizio Holding Corp., Class A \* | &nbsp;&nbsp;23851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267131 |
| VOXX International Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51078 |
| Vuzix Corp. *\*(a)* | &nbsp;&nbsp;26677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133385 |
| Weber, Inc., Class A *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;6753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44975 |
| Whirlpool Corp. | &nbsp;&nbsp;22522 | &nbsp;&nbsp;&nbsp;&nbsp;3113441 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;31423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538276 |
| YETI Holdings, Inc. \* | &nbsp;&nbsp;36672 | &nbsp;&nbsp;&nbsp;&nbsp;1176438 |
|  |  | **175508045** |
| &nbsp;&nbsp;**Consumer Services 2.2%** | &nbsp;&nbsp;**Consumer Services 2.2%** | &nbsp;&nbsp;**Consumer Services 2.2%** |
| 2U, Inc. \* | &nbsp;&nbsp;30895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191240 |
| Accel Entertainment, Inc. \* | &nbsp;&nbsp;23774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233461 |
| ADT, Inc. | &nbsp;&nbsp;88932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752365 |
| Adtalem Global Education, Inc. \* | &nbsp;&nbsp;18735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781250 |
| Airbnb, Inc., Class A \* | 165775 | &nbsp;&nbsp;&nbsp;&nbsp;17723005 |
| American Public Education, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90349 |
| Aramark | 106819 | &nbsp;&nbsp;&nbsp;&nbsp;3898894 |
| Bally's Corp. *\*(a)* | &nbsp;&nbsp;11844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266964 |
| Biglari Holdings, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70906 |
| BJ's Restaurants, Inc. \* | &nbsp;&nbsp;10764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353597 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;36977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887818 |
| Bluegreen Vacations Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87744 |
| Booking Holdings, Inc. \* | &nbsp;&nbsp;16479 | &nbsp;&nbsp;&nbsp;&nbsp;30807161 |
| Bowlero Corp. *\*(a)* | &nbsp;&nbsp;13311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193808 |
| Boyd Gaming Corp. | &nbsp;&nbsp;33791 | &nbsp;&nbsp;&nbsp;&nbsp;1951768 |
| Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;24488 | &nbsp;&nbsp;&nbsp;&nbsp;1599556 |
| Brinker International, Inc. \* | &nbsp;&nbsp;17379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580285 |
| Caesars Entertainment, Inc. \* | &nbsp;&nbsp;88306 | &nbsp;&nbsp;&nbsp;&nbsp;3861621 |
| Canterbury Park Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46628 |
| Carnival Corp. \* | 415071 | &nbsp;&nbsp;&nbsp;&nbsp;3760543 |
| Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140406 |
| Carrols Restaurant Group, Inc. \* | &nbsp;&nbsp;10728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18774 |
| Century Casinos, Inc. \* | &nbsp;&nbsp;13792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109646 |
| Chegg, Inc. \* | &nbsp;&nbsp;53844 | &nbsp;&nbsp;&nbsp;&nbsp;1161415 |
| Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;11516 | &nbsp;&nbsp;&nbsp;&nbsp;17254768 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;11898 | &nbsp;&nbsp;&nbsp;&nbsp;1544836 |
| Churchill Downs, Inc. | &nbsp;&nbsp;13776 | &nbsp;&nbsp;&nbsp;&nbsp;2864168 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Chuy's Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240055 |
| Coursera, Inc. \* | &nbsp;&nbsp;35520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457853 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9479 | &nbsp;&nbsp;&nbsp;1082691 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;50770 | &nbsp;&nbsp;&nbsp;7267218 |
| Dave & Buster's Entertainment, Inc. \* | &nbsp;&nbsp;17690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704947 |
| Denny's Corp. \* | &nbsp;&nbsp;21907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248206 |
| Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472550 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;14820 | &nbsp;&nbsp;&nbsp;4923797 |
| DraftKings, Inc., Class A \* | 185083 | &nbsp;&nbsp;&nbsp;2924311 |
| Drive Shack, Inc. \* | &nbsp;&nbsp;31442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19944 |
| Duolingo, Inc. \* | &nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840824 |
| Dutch Bros, Inc., Class A *\*(a)* | &nbsp;&nbsp;10054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371093 |
| El Pollo Loco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91223 |
| European Wax Center, Inc., Class A | &nbsp;&nbsp;10756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154671 |
| Everi Holdings, Inc. \* | &nbsp;&nbsp;38486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730464 |
| Expedia Group, Inc. \* | &nbsp;&nbsp;62950 | &nbsp;&nbsp;&nbsp;5883936 |
| F45 Training Holdings, Inc. \* | &nbsp;&nbsp;21969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73376 |
| Fiesta Restaurant Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65731 |
| First Watch Restaurant Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74969 |
| Frontdoor, Inc. \* | &nbsp;&nbsp;33738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744260 |
| Full House Resorts, Inc. \* | &nbsp;&nbsp;15255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106938 |
| Global Business Travel Group I \* | &nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36913 |
| Golden Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396784 |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;1004431 |
| Grand Canyon Education, Inc. \* | &nbsp;&nbsp;13228 | &nbsp;&nbsp;&nbsp;1331134 |
| H&R Block, Inc. | &nbsp;&nbsp;65559 | &nbsp;&nbsp;&nbsp;2697753 |
| Hall of Fame Resort & Entertainment Co. \* | &nbsp;&nbsp;68131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37234 |
| Hilton Grand Vacations, Inc. \* | &nbsp;&nbsp;33286 | &nbsp;&nbsp;&nbsp;1306143 |
| Hilton Worldwide Holdings, Inc. | 113813 | 15394346 |
| Hyatt Hotels Corp., Class A \* | &nbsp;&nbsp;21180 | &nbsp;&nbsp;&nbsp;1995368 |
| Inspired Entertainment, Inc. \* | &nbsp;&nbsp;10938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112005 |
| Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791864 |
| Krispy Kreme, Inc. *(a)* | &nbsp;&nbsp;28002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401829 |
| Kura Sushi USA, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117676 |
| Las Vegas Sands Corp. \* | 136449 | &nbsp;&nbsp;&nbsp;5186426 |
| Laureate Education, Inc., Class A | &nbsp;&nbsp;46768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591148 |
| Life Time Group Holdings, Inc. \* | &nbsp;&nbsp;24073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252526 |
| Lincoln Educational Services Corp. \* | &nbsp;&nbsp;10639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59046 |
| Lindblad Expeditions Holdings, Inc. \* | &nbsp;&nbsp;13166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110463 |
| Marriott International, Inc., Class A | 114408 | 18317865 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;16196 | &nbsp;&nbsp;&nbsp;2393121 |
| McDonald's Corp. | 304988 | 83158028 |
| Membership Collective Group, Inc., Class A \* | &nbsp;&nbsp;21516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98543 |
| MGM Resorts International | 134604 | &nbsp;&nbsp;&nbsp;4787864 |
| Mister Car Wash, Inc. *\*(a)* | &nbsp;&nbsp;34014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300344 |
| Monarch Casino & Resort, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422938 |
| Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101072 |
| Nerdy, Inc. \* | &nbsp;&nbsp;26826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65187 |
| Noodles & Co. \* | &nbsp;&nbsp;16309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94918 |
| Norwegian Cruise Line Holdings Ltd. \* | 178090 | &nbsp;&nbsp;&nbsp;3007940 |
| OneSpaWorld Holdings Ltd. \* | &nbsp;&nbsp;25869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234632 |
| Papa John's International, Inc. | &nbsp;&nbsp;13521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982030 |
| Penn Entertainment, Inc. \* | &nbsp;&nbsp;64919 | &nbsp;&nbsp;&nbsp;2148819 |
| Perdoceo Education Corp. \* | &nbsp;&nbsp;25826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295191 |
| Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;34852 | &nbsp;&nbsp;&nbsp;2282109 |
| Playa Hotels & Resorts N.V. \* | &nbsp;&nbsp;53100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327627 |
| PlayAGS, Inc. \* | &nbsp;&nbsp;10629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71427 |
| Portillo's, Inc., Class A *\*(a)* | &nbsp;&nbsp;12012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257537 |
| Potbelly Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38909 |
| RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275917 |
| Red Robin Gourmet Burgers, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55197 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;20415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850285 |
| Rover Group, Inc. *\*(a)* | &nbsp;&nbsp;43669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191707 |
| Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;90583 | &nbsp;&nbsp;&nbsp;4835321 |
| Rush Street Interactive, Inc. \* | &nbsp;&nbsp;20546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85266 |
| Ruth's Hospitality Group, Inc. | &nbsp;&nbsp;11936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248030 |

---

<sub>85</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Scientific Games Corp., Class A \* | &nbsp;&nbsp;38874 | &nbsp;&nbsp;&nbsp;&nbsp;2182386 |
| SeaWorld Entertainment, Inc. \* | &nbsp;&nbsp;17307 | &nbsp;&nbsp;&nbsp;&nbsp;1006575 |
| Service Corp. International | &nbsp;&nbsp;65074 | &nbsp;&nbsp;&nbsp;&nbsp;3944135 |
| Shake Shack, Inc., Class A \* | &nbsp;&nbsp;15122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840330 |
| Six Flags Entertainment Corp. \* | &nbsp;&nbsp;30964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690497 |
| Sonder Holdings, Inc. \* | &nbsp;&nbsp;52572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115133 |
| Starbucks Corp. | 475821 | &nbsp;&nbsp;&nbsp;&nbsp;41201340 |
| StoneMor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34876 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629832 |
| Stride, Inc. \* | &nbsp;&nbsp;16676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558813 |
| Sweetgreen, Inc., Class A \* | &nbsp;&nbsp;30982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576265 |
| Target Hospitality Corp. \* | &nbsp;&nbsp;11875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144519 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;27917 | &nbsp;&nbsp;&nbsp;&nbsp;2762387 |
| The Beachbody Co., Inc. *\*(a)* | &nbsp;&nbsp;37405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37779 |
| The Cheesecake Factory, Inc. | &nbsp;&nbsp;20167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722180 |
| The ONE Group Hospitality, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61037 |
| The Wendy's Co. | &nbsp;&nbsp;71543 | &nbsp;&nbsp;&nbsp;&nbsp;1486664 |
| Travel & Leisure Co. | &nbsp;&nbsp;34458 | &nbsp;&nbsp;&nbsp;&nbsp;1308715 |
| Udemy, Inc. \* | &nbsp;&nbsp;27212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395935 |
| Universal Technical Institute, Inc. \* | &nbsp;&nbsp;13710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94599 |
| Vacasa, Inc., Class A \* | &nbsp;&nbsp;39127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142814 |
| Vail Resorts, Inc. | &nbsp;&nbsp;16745 | &nbsp;&nbsp;&nbsp;&nbsp;3669332 |
| Vivint Smart Home, Inc. \* | &nbsp;&nbsp;22131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169302 |
| Wingstop, Inc. | &nbsp;&nbsp;12506 | &nbsp;&nbsp;&nbsp;&nbsp;1980825 |
| WW International, Inc. \* | &nbsp;&nbsp;20206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91331 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;37798 | &nbsp;&nbsp;&nbsp;&nbsp;2870002 |
| Wynn Resorts Ltd. \* | &nbsp;&nbsp;43252 | &nbsp;&nbsp;&nbsp;&nbsp;2763803 |
| Xponential Fitness, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144777 |
| XWELL, Inc. \* | &nbsp;&nbsp;36286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24674 |
| Yum! Brands, Inc. | 117864 | &nbsp;&nbsp;&nbsp;&nbsp;13937418 |
|  |  | **361051221** |
| &nbsp;&nbsp;**Diversified Financials 5.4%** | &nbsp;&nbsp;**Diversified Financials 5.4%** | &nbsp;&nbsp;**Diversified Financials 5.4%** |
| Acacia Research Corp. \* | &nbsp;&nbsp;18555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74034 |
| ACRES Commercial Realty Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33578 |
| AFC Gamma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144766 |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;15685 | &nbsp;&nbsp;&nbsp;&nbsp;1947450 |
| AG Mortgage Investment Trust, Inc. | &nbsp;&nbsp;10503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51570 |
| AGNC Investment Corp. | 214927 | &nbsp;&nbsp;&nbsp;&nbsp;1766700 |
| Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143099 |
| Ally Financial, Inc. | 128259 | &nbsp;&nbsp;&nbsp;&nbsp;3534818 |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247598 |
| American Express Co. | 248811 | &nbsp;&nbsp;&nbsp;&nbsp;36935993 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;44850 | &nbsp;&nbsp;&nbsp;&nbsp;13864032 |
| Angel Oak Mortgage, Inc. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;9942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102701 |
| Annaly Capital Management, Inc. | 179226 | &nbsp;&nbsp;&nbsp;&nbsp;3324642 |
| Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;52949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596206 |
| Apollo Global Management, Inc. | 179452 | &nbsp;&nbsp;&nbsp;&nbsp;9934463 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;70442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969986 |
| Ares Commercial Real Estate Corp. | &nbsp;&nbsp;22535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278082 |
| Ares Management Corp., Class A | &nbsp;&nbsp;63721 | &nbsp;&nbsp;&nbsp;&nbsp;4831963 |
| Arlington Asset Investment Corp., Class A \* | &nbsp;&nbsp;17051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51835 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;48493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257983 |
| Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;27121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773220 |
| Assetmark Financial Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169511 |
| Associated Capital Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73265 |
| Atlanticus Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61233 |
| B. Riley Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276461 |
| Bakkt Holdings, Inc. *\*(a)* | &nbsp;&nbsp;25312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53915 |
| Berkshire Hathaway, Inc., Class B \* | 748599 | &nbsp;&nbsp;220904079 |
| BGC Partners, Inc., Class A | 138704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549268 |
| BlackRock, Inc. | &nbsp;&nbsp;62575 | &nbsp;&nbsp;&nbsp;&nbsp;40417818 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp;71938 | &nbsp;&nbsp;&nbsp;1795572 |
| Blackstone, Inc. | 291272 | 26546530 |
| Blucora, Inc. \* | &nbsp;&nbsp;19812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436458 |
| Blue Owl Capital, Inc. | 139346 | &nbsp;&nbsp;&nbsp;1396247 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;20614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744372 |
| Bridge Investment Group Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155535 |
| Brightsphere Investment Group, Inc. | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263480 |
| BrightSpire Capital, Inc., Class A | &nbsp;&nbsp;37342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286787 |
| Broadmark Realty Capital, Inc. | &nbsp;&nbsp;53330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310381 |
| Cannae Holdings, Inc. \* | &nbsp;&nbsp;33716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780863 |
| Capital One Financial Corp. | 158968 | 16853787 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;44221 | &nbsp;&nbsp;&nbsp;5505514 |
| Cherry Hill Mortgage Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42517 |
| Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41748 |
| Chimera Investment Corp. | &nbsp;&nbsp;93681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632347 |
| Claros Mortgage Trust, Inc. | &nbsp;&nbsp;50991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815856 |
| CME Group, Inc. | 149073 | 25834351 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;10168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611707 |
| Coinbase Global, Inc., Class A *\*(a)* | &nbsp;&nbsp;65330 | &nbsp;&nbsp;&nbsp;4328112 |
| Consumer Portfolio Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32736 |
| Cowen, Inc., Class A | &nbsp;&nbsp;11322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437256 |
| Credit Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;1160791 |
| Curo Group Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50345 |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245452 |
| Discover Financial Services | 113599 | 11866552 |
| Donnelley Financial Solutions, Inc. \* | &nbsp;&nbsp;10245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414205 |
| Dynex Capital, Inc. | &nbsp;&nbsp;18156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216783 |
| Elevate Credit, Inc. \* | &nbsp;&nbsp;18040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18401 |
| Ellington Financial, Inc. | &nbsp;&nbsp;26120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349486 |
| Ellington Residential Mortgage REIT | &nbsp;&nbsp;&nbsp;&nbsp;4517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30219 |
| Encore Capital Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505585 |
| Enova International, Inc. \* | &nbsp;&nbsp;13316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499217 |
| Equitable Holdings, Inc. | 143706 | &nbsp;&nbsp;&nbsp;4400278 |
| Evercore, Inc., Class A | &nbsp;&nbsp;14684 | &nbsp;&nbsp;&nbsp;1543288 |
| EZCORP, Inc., Class A \* | &nbsp;&nbsp;20871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201614 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;15789 | &nbsp;&nbsp;&nbsp;6718062 |
| Federated Hermes, Inc. | &nbsp;&nbsp;34946 | &nbsp;&nbsp;&nbsp;1214373 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;15825 | &nbsp;&nbsp;&nbsp;1557971 |
| Focus Financial Partners, Inc., Class A \* | &nbsp;&nbsp;23656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822992 |
| Forge Global Holdings, Inc. *\*(a)* | &nbsp;&nbsp;41278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63981 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;34676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488585 |
| Franklin Resources, Inc. | 118679 | &nbsp;&nbsp;&nbsp;2783023 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;19770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163498 |
| Granite Point Mortgage Trust, Inc. | &nbsp;&nbsp;21343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167756 |
| Great Ajax Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79780 |
| Green Dot Corp., Class A \* | &nbsp;&nbsp;20026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381095 |
| Greenhill & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46361 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;14301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855486 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;36920 | &nbsp;&nbsp;&nbsp;1003486 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;20612 | &nbsp;&nbsp;&nbsp;1841064 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;42883 | &nbsp;&nbsp;&nbsp;3437072 |
| Intercontinental Exchange, Inc. | 231717 | 22145194 |
| Invesco Ltd. | 190024 | &nbsp;&nbsp;&nbsp;2911168 |
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;17470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204574 |
| Jackson Financial, Inc., Class A | &nbsp;&nbsp;24284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931534 |
| Janus Henderson Group plc | &nbsp;&nbsp;55087 | &nbsp;&nbsp;&nbsp;1254331 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;77498 | &nbsp;&nbsp;&nbsp;2666706 |
| Katapult Holdings, Inc. \* | &nbsp;&nbsp;22914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21768 |
| KKR & Co., Inc. | 238619 | 11604042 |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;24272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422818 |

---

<sub>86</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ladder Capital Corp. REIT | &nbsp;&nbsp;45751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488163 |
| Lazard Ltd., Class A | &nbsp;&nbsp;46094 | &nbsp;&nbsp;&nbsp;1738205 |
| LendingClub Corp. \* | &nbsp;&nbsp;41850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445284 |
| LendingTree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119363 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;33100 | &nbsp;&nbsp;&nbsp;8462015 |
| Lument Finance Trust, Inc. | &nbsp;&nbsp;24035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52156 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;15563 | &nbsp;&nbsp;&nbsp;3797994 |
| MarketWise, Inc. \* | &nbsp;&nbsp;11705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28794 |
| Medallion Financial Corp. | &nbsp;&nbsp;10486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77806 |
| MFA Financial, Inc. | &nbsp;&nbsp;38698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385432 |
| Moelis & Co., Class A | &nbsp;&nbsp;26577 | &nbsp;&nbsp;&nbsp;1128459 |
| Moneylion, Inc. \* | &nbsp;&nbsp;35694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39977 |
| Moody's Corp. | &nbsp;&nbsp;65480 | 17343688 |
| Morgan Stanley | 555747 | 45665731 |
| Morningstar, Inc. | &nbsp;&nbsp;10331 | &nbsp;&nbsp;&nbsp;2398652 |
| MSCI, Inc. | &nbsp;&nbsp;33406 | 15662737 |
| Nasdaq, Inc. | 140779 | &nbsp;&nbsp;&nbsp;8762085 |
| Navient Corp. | &nbsp;&nbsp;45502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688900 |
| Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655524 |
| NerdWallet, Inc., Class A *\*(a)* | &nbsp;&nbsp;14084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165346 |
| New York Mortgage Trust, Inc. | 148104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398400 |
| Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58104 |
| Nicholas Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42586 |
| Northern Trust Corp. | &nbsp;&nbsp;86193 | &nbsp;&nbsp;&nbsp;7270380 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;50954 | &nbsp;&nbsp;&nbsp;1964786 |
| Open Lending Corp., Class A \* | &nbsp;&nbsp;41232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295633 |
| Oportun Financial Corp. \* | &nbsp;&nbsp;13044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71742 |
| Oppenheimer Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120470 |
| OppFi, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;7166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16267 |
| Orchid Island Capital, Inc. *(a)* | &nbsp;&nbsp;13873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139699 |
| P10, Inc., Class A | &nbsp;&nbsp;14773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153491 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp;37798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524258 |
| Perella Weinberg Partners, Class A | &nbsp;&nbsp;14490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114181 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;5914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756815 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750473 |
| PRA Group, Inc. \* | &nbsp;&nbsp;17181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575563 |
| PROG Holdings, Inc. \* | &nbsp;&nbsp;19702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325477 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;80651 | &nbsp;&nbsp;&nbsp;9528109 |
| Ready Capital Corp. | &nbsp;&nbsp;41326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500871 |
| Redwood Trust, Inc. | &nbsp;&nbsp;48185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343559 |
| Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838 |
| Rithm Capital Corp. | 191132 | &nbsp;&nbsp;&nbsp;1611243 |
| Robinhood Markets, Inc., Class A \* | 209153 | &nbsp;&nbsp;&nbsp;2442907 |
| S&P Global, Inc. | 141363 | 45412864 |
| Sachem Capital Corp. | &nbsp;&nbsp;16351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64423 |
| Safeguard Scientifics, Inc. \* | &nbsp;&nbsp;12218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43252 |
| Sculptor Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81357 |
| SEI Investments Co. | &nbsp;&nbsp;42718 | &nbsp;&nbsp;&nbsp;2319587 |
| Seven Hills Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24290 |
| Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61015 |
| SLM Corp. | 102861 | &nbsp;&nbsp;&nbsp;1706464 |
| SoFi Technologies, Inc. \* | 334999 | &nbsp;&nbsp;&nbsp;1822395 |
| Starwood Property Trust, Inc. | 126464 | &nbsp;&nbsp;&nbsp;2612746 |
| State Street Corp. | 152779 | 11305646 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp;20302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599315 |
| Stifel Financial Corp. | &nbsp;&nbsp;43694 | &nbsp;&nbsp;&nbsp;2703348 |
| StoneX Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688048 |
| Sunlight Financial Holdings, Inc. *\*(a)* | &nbsp;&nbsp;16772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20294 |
| SWK Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26989 |
| Synchrony Financial | 198989 | &nbsp;&nbsp;&nbsp;7076049 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;93397 | &nbsp;&nbsp;&nbsp;9915025 |
| The Bank of New York Mellon Corp. | 305030 | 12844813 |
| The Carlyle Group, Inc. | &nbsp;&nbsp;90414 | &nbsp;&nbsp;&nbsp;2556908 |
| The Charles Schwab Corp. *(c)* | 630137 | 50203015 |
| The Goldman Sachs Group, Inc. | 141606 | 48784683 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;22683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192125 |
| TPG, Inc. | &nbsp;&nbsp;21577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663493 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;44943 | &nbsp;&nbsp;&nbsp;&nbsp;2475460 |
| Two Harbors Investment Corp. | 141244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502829 |
| U.S. Global Investors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18079 |
| Upstart Holdings, Inc. *\*(a)* | &nbsp;&nbsp;28886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669577 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;11391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329428 |
| Virtu Financial, Inc., Class A | &nbsp;&nbsp;39712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888755 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497149 |
| Voya Financial, Inc. | &nbsp;&nbsp;40236 | &nbsp;&nbsp;&nbsp;&nbsp;2750533 |
| Western Asset Mortgage Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24892 |
| Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26848 |
| WisdomTree Investments, Inc. | &nbsp;&nbsp;44670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242558 |
| World Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109566 |
|  |  | **862002342** |
| &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** | &nbsp;&nbsp;**Energy 5.3%** |
| Adams Resources & Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47871 |
| Aemetis, Inc. \* | &nbsp;&nbsp;14199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105073 |
| Alto Ingredients, Inc. \* | &nbsp;&nbsp;33727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139293 |
| American Resources Corp. \* | &nbsp;&nbsp;17208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34244 |
| Amplify Energy Corp. \* | &nbsp;&nbsp;12340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122043 |
| Antero Midstream Corp. | 139563 | &nbsp;&nbsp;&nbsp;&nbsp;1486346 |
| Antero Resources Corp. \* | 116604 | &nbsp;&nbsp;&nbsp;&nbsp;4274703 |
| APA Corp. | 135714 | &nbsp;&nbsp;&nbsp;&nbsp;6169558 |
| Arch Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7593 | &nbsp;&nbsp;&nbsp;&nbsp;1156338 |
| Archaea Energy, Inc. \* | &nbsp;&nbsp;30634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790664 |
| Archrock, Inc. | &nbsp;&nbsp;54444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408874 |
| Baker Hughes Co. | 421603 | &nbsp;&nbsp;&nbsp;&nbsp;11661539 |
| Berry Corp. | &nbsp;&nbsp;27783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246435 |
| Brigham Minerals, Inc., Class A | &nbsp;&nbsp;23841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739071 |
| Bristow Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291226 |
| Cactus, Inc., Class A | &nbsp;&nbsp;24986 | &nbsp;&nbsp;&nbsp;&nbsp;1292276 |
| California Resources Corp. | &nbsp;&nbsp;31519 | &nbsp;&nbsp;&nbsp;&nbsp;1421822 |
| Callon Petroleum Co. \* | &nbsp;&nbsp;21006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923424 |
| Camber Energy, Inc. \* | 150141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21380 |
| Centrus Energy Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226568 |
| ChampionX Corp. | &nbsp;&nbsp;83380 | &nbsp;&nbsp;&nbsp;&nbsp;2386336 |
| Cheniere Energy, Inc. | 103479 | &nbsp;&nbsp;&nbsp;&nbsp;18254730 |
| Chesapeake Energy Corp. | &nbsp;&nbsp;40163 | &nbsp;&nbsp;&nbsp;&nbsp;4107470 |
| Chevron Corp. | 746738 | &nbsp;&nbsp;135084904 |
| Chord Energy Corp. | &nbsp;&nbsp;17391 | &nbsp;&nbsp;&nbsp;&nbsp;2662388 |
| Civitas Resources, Inc. | &nbsp;&nbsp;21319 | &nbsp;&nbsp;&nbsp;&nbsp;1490411 |
| Clean Energy Fuels Corp. \* | &nbsp;&nbsp;70975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476242 |
| CNX Resources Corp. \* | &nbsp;&nbsp;77783 | &nbsp;&nbsp;&nbsp;&nbsp;1307532 |
| Comstock Resources, Inc. \* | &nbsp;&nbsp;36308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681864 |
| ConocoPhillips | 527919 | &nbsp;&nbsp;&nbsp;&nbsp;66565307 |
| CONSOL Energy, Inc. | &nbsp;&nbsp;13692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862870 |
| Continental Resources, Inc. | &nbsp;&nbsp;22240 | &nbsp;&nbsp;&nbsp;&nbsp;1645093 |
| Core Laboratories N.V. | &nbsp;&nbsp;19266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374916 |
| Coterra Energy, Inc. | 330467 | &nbsp;&nbsp;&nbsp;&nbsp;10287438 |
| Crescent Energy Co., Class A | &nbsp;&nbsp;16190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223098 |
| CVR Energy, Inc. | &nbsp;&nbsp;11947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466650 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;29062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861979 |
| Denbury, Inc. \* | &nbsp;&nbsp;20566 | &nbsp;&nbsp;&nbsp;&nbsp;1879938 |
| Devon Energy Corp. | 271674 | &nbsp;&nbsp;&nbsp;&nbsp;21013984 |
| Diamond Offshore Drilling, Inc. \* | &nbsp;&nbsp;43981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433213 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;73887 | &nbsp;&nbsp;&nbsp;&nbsp;11608387 |
| DMC Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156284 |
| Dorian LPG Ltd. | &nbsp;&nbsp;14057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254010 |
| Dril-Quip, Inc. \* | &nbsp;&nbsp;13780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342846 |
| DTE Midstream LLC \* | &nbsp;&nbsp;40074 | &nbsp;&nbsp;&nbsp;&nbsp;2392418 |
| Earthstone Energy, Inc., Class A \* | &nbsp;&nbsp;15789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255150 |
| Ecoark Holdings, Inc. \* | &nbsp;&nbsp;10671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8110 |
| Empire Petroleum Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58640 |
| Enviva, Inc. | &nbsp;&nbsp;12691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759429 |
| EOG Resources, Inc. | 243278 | &nbsp;&nbsp;&nbsp;&nbsp;33212313 |
| Epsilon Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37812 |

---

<sub>87</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| EQT Corp. | &nbsp;&nbsp;&nbsp;152990 | &nbsp;&nbsp;&nbsp;&nbsp;6401102 |
| Equitrans Midstream Corp. | &nbsp;&nbsp;&nbsp;180517 | &nbsp;&nbsp;&nbsp;&nbsp;1519953 |
| Evolution Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87074 |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197593 |
| Expro Group Holdings N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;29238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553475 |
| Exxon Mobil Corp. | 1728262 | 191508712 |
| Forum Energy Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37685 |
| Geospace Technologies Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33706 |
| Gevo, Inc. \* | &nbsp;&nbsp;&nbsp;101823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229102 |
| Green Plains, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700900 |
| Gulf Island Fabrication, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28473 |
| Gulfport Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440389 |
| Hallador Energy Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;10747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83719 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;375729 | &nbsp;&nbsp;&nbsp;13684050 |
| Helix Energy Solutions Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;60683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424781 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44341 | &nbsp;&nbsp;&nbsp;&nbsp;2195323 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;115828 | &nbsp;&nbsp;&nbsp;16341014 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60395 | &nbsp;&nbsp;&nbsp;&nbsp;3694362 |
| HighPeak Energy, Inc. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128423 |
| Houston American Energy Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15648 |
| Independence Contract Drilling, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31467 |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711046 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;824023 | &nbsp;&nbsp;&nbsp;14931297 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284530 |
| KLX Energy Services Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66038 |
| Kosmos Energy Ltd. \* | &nbsp;&nbsp;&nbsp;187969 | &nbsp;&nbsp;&nbsp;&nbsp;1219919 |
| Laredo Petroleum, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453261 |
| Liberty Energy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;64955 | &nbsp;&nbsp;&nbsp;&nbsp;1098389 |
| Lightbridge Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28922 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;71593 | &nbsp;&nbsp;&nbsp;&nbsp;1838508 |
| Mammoth Energy Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62716 |
| Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;281610 | &nbsp;&nbsp;&nbsp;&nbsp;8575025 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;206653 | &nbsp;&nbsp;&nbsp;23479914 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;46490 | &nbsp;&nbsp;&nbsp;&nbsp;3089261 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61048 | &nbsp;&nbsp;&nbsp;&nbsp;2961438 |
| Nabors Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653135 |
| NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111197 |
| Natural Gas Services Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48450 |
| New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19464 | &nbsp;&nbsp;&nbsp;&nbsp;1071882 |
| Newpark Resources, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;39958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146246 |
| NextDecade Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;17851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124957 |
| NexTier Oilfield Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;64762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652801 |
| Nine Energy Service, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34111 |
| Noble Corp. plc \* | &nbsp;&nbsp;&nbsp;&nbsp;41470 | &nbsp;&nbsp;&nbsp;&nbsp;1494579 |
| Northern Oil and Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970293 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;164826 | &nbsp;&nbsp;&nbsp;&nbsp;3692102 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;309126 | &nbsp;&nbsp;&nbsp;22442548 |
| Oceaneering International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;41714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583579 |
| Oil States International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152213 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;185781 | &nbsp;&nbsp;&nbsp;11020529 |
| Overseas Shipholding Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;21455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62649 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;105402 | &nbsp;&nbsp;&nbsp;&nbsp;5338611 |
| Par Pacific Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533653 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88058 | &nbsp;&nbsp;&nbsp;&nbsp;1554224 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;44934 | &nbsp;&nbsp;&nbsp;&nbsp;1988330 |
| PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39732 | &nbsp;&nbsp;&nbsp;&nbsp;2866266 |
| Peabody Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;47994 | &nbsp;&nbsp;&nbsp;&nbsp;1147057 |
| Permian Resources Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;84244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823064 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;199602 | &nbsp;&nbsp;&nbsp;20816493 |
| PHX Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74856 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;99046 | &nbsp;&nbsp;&nbsp;25396386 |
| ProFrac Holding Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;10021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219560 |
| ProPetro Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;34664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410422 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;103388 | &nbsp;&nbsp;&nbsp;&nbsp;2944490 |
| Ranger Energy Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53288 |
| Ranger Oil Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308795 |
| REX American Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184439 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52210 |
| Ring Energy, Inc. \* | &nbsp;&nbsp;39328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125456 |
| RPC, Inc. | &nbsp;&nbsp;36343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404498 |
| SandRidge Energy, Inc. \* | &nbsp;&nbsp;12685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239620 |
| Schlumberger N.V. | 587733 | &nbsp;&nbsp;&nbsp;&nbsp;30579748 |
| SEACOR Marine Holdings, Inc. \* | &nbsp;&nbsp;10252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79658 |
| Select Energy Services, Inc., Class A | &nbsp;&nbsp;29810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287667 |
| SilverBow Resources, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203988 |
| Sitio Royalties Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;6118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173506 |
| SM Energy Co. | &nbsp;&nbsp;50733 | &nbsp;&nbsp;&nbsp;&nbsp;2281970 |
| Smart Sand, Inc. \* | &nbsp;&nbsp;17439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43249 |
| Solaris Oilfield Infrastructure, Inc., Class A | &nbsp;&nbsp;12245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166777 |
| Southwestern Energy Co. \* | 460192 | &nbsp;&nbsp;&nbsp;&nbsp;3189131 |
| Talos Energy, Inc. \* | &nbsp;&nbsp;27180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578390 |
| Targa Resources Corp. | &nbsp;&nbsp;93679 | &nbsp;&nbsp;&nbsp;&nbsp;6404833 |
| TechnipFMC plc \* | 186408 | &nbsp;&nbsp;&nbsp;&nbsp;1974061 |
| Tellurian, Inc. \* | 211754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571736 |
| TETRA Technologies, Inc. \* | &nbsp;&nbsp;48014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237189 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp;5914034 |
| The Williams Cos., Inc. | 505473 | &nbsp;&nbsp;&nbsp;&nbsp;16544131 |
| Tidewater, Inc. \* | &nbsp;&nbsp;19756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669728 |
| Transocean Ltd. \* | 273705 | &nbsp;&nbsp;&nbsp;&nbsp;1007234 |
| U.S. Well Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35687 |
| Uranium Energy Corp. \* | 134408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565858 |
| US Silica Holdings, Inc. \* | &nbsp;&nbsp;30626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440708 |
| VAALCO Energy, Inc. | &nbsp;&nbsp;43433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223680 |
| Valaris Ltd. \* | &nbsp;&nbsp;24762 | &nbsp;&nbsp;&nbsp;&nbsp;1657321 |
| Valero Energy Corp. | 163470 | &nbsp;&nbsp;&nbsp;&nbsp;20523658 |
| Vertex Energy, Inc. \* | &nbsp;&nbsp;25874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220705 |
| W&T Offshore, Inc. \* | &nbsp;&nbsp;41992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318719 |
| Weatherford International plc \* | &nbsp;&nbsp;26737 | &nbsp;&nbsp;&nbsp;&nbsp;1114398 |
| World Fuel Services Corp. | &nbsp;&nbsp;25958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661669 |
|  |  | **854260147** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** |
| Albertsons Cos., Inc., Class A | &nbsp;&nbsp;67384 | &nbsp;&nbsp;&nbsp;&nbsp;1382046 |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;56257 | &nbsp;&nbsp;&nbsp;&nbsp;4354292 |
| Blue Apron Holdings, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;9121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21982 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;15340 | &nbsp;&nbsp;&nbsp;&nbsp;3569771 |
| Costco Wholesale Corp. | 183715 | &nbsp;&nbsp;&nbsp;&nbsp;92133072 |
| Grocery Outlet Holding Corp. \* | &nbsp;&nbsp;35880 | &nbsp;&nbsp;&nbsp;&nbsp;1240372 |
| HF Foods Group, Inc. \* | &nbsp;&nbsp;16494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76367 |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542344 |
| MedAvail Holdings, Inc. \* | &nbsp;&nbsp;11882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7999 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51198 |
| Performance Food Group Co. \* | &nbsp;&nbsp;65042 | &nbsp;&nbsp;&nbsp;&nbsp;3384786 |
| PriceSmart, Inc. | &nbsp;&nbsp;10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651790 |
| Rite Aid Corp. \* | &nbsp;&nbsp;22587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117904 |
| SpartanNash Co. | &nbsp;&nbsp;15368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548791 |
| Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;44312 | &nbsp;&nbsp;&nbsp;&nbsp;1307204 |
| Sysco Corp. | 211330 | &nbsp;&nbsp;&nbsp;&nbsp;18292725 |
| The Andersons, Inc. | &nbsp;&nbsp;12958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457029 |
| The Chefs' Warehouse, Inc. \* | &nbsp;&nbsp;13517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495128 |
| The Kroger Co. | 270504 | &nbsp;&nbsp;&nbsp;&nbsp;12792134 |
| U.S. Foods Holding Corp. \* | &nbsp;&nbsp;85985 | &nbsp;&nbsp;&nbsp;&nbsp;2558914 |
| United Natural Foods, Inc. \* | &nbsp;&nbsp;24168 | &nbsp;&nbsp;&nbsp;&nbsp;1024965 |
| Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38386 |
| Walgreens Boots Alliance, Inc. | 296856 | &nbsp;&nbsp;&nbsp;&nbsp;10835244 |
| Walmart, Inc. | 591153 | &nbsp;&nbsp;&nbsp;&nbsp;84138806 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658219 |
|  |  | **240681468** |

---

<sub>88</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 3.4%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.4%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 3.4%** |
| 22nd Century Group, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;102448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134207 |
| Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67762 |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;747810 | &nbsp;&nbsp;&nbsp;34601169 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;232170 | &nbsp;&nbsp;&nbsp;22515847 |
| B&G Foods, Inc. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;28943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474086 |
| Benson Hill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;52088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176578 |
| Beyond Meat, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;25353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398042 |
| Brookfield Realty Capital Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;13382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97020 |
| Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23351 | &nbsp;&nbsp;&nbsp;&nbsp;1605848 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;76027 | &nbsp;&nbsp;&nbsp;&nbsp;5169836 |
| Bunge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63178 | &nbsp;&nbsp;&nbsp;&nbsp;6235669 |
| Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252196 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901165 |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;83276 | &nbsp;&nbsp;&nbsp;&nbsp;4406133 |
| Celsius Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16505 | &nbsp;&nbsp;&nbsp;&nbsp;1503275 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920936 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;199657 | &nbsp;&nbsp;&nbsp;&nbsp;7327412 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;66173 | &nbsp;&nbsp;&nbsp;16350025 |
| Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;66349 | &nbsp;&nbsp;&nbsp;&nbsp;5207070 |
| Farmer Brothers Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;11781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70686 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80856 | &nbsp;&nbsp;&nbsp;&nbsp;2321376 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324592 |
| Freshpet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20176 | &nbsp;&nbsp;&nbsp;&nbsp;1189375 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;246969 | &nbsp;&nbsp;&nbsp;20147731 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;120067 | &nbsp;&nbsp;&nbsp;&nbsp;5577112 |
| Hostess Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;55868 | &nbsp;&nbsp;&nbsp;&nbsp;1479385 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27042 | &nbsp;&nbsp;&nbsp;&nbsp;2409983 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918429 |
| John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299942 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;105909 | &nbsp;&nbsp;&nbsp;&nbsp;8135929 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;352039 | &nbsp;&nbsp;&nbsp;13673195 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59490 | &nbsp;&nbsp;&nbsp;&nbsp;5129228 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8128 | &nbsp;&nbsp;&nbsp;&nbsp;1465316 |
| Landec Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;10427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103749 |
| Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86206 |
| Local Bounti Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;14734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43613 |
| McCormick & Co., Inc. - Non Voting Shares | &nbsp;&nbsp;&nbsp;103888 | &nbsp;&nbsp;&nbsp;&nbsp;8169752 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717904 |
| Mission Produce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304579 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;77910 | &nbsp;&nbsp;&nbsp;&nbsp;3929001 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;567856 | &nbsp;&nbsp;&nbsp;34911787 |
| Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;159402 | &nbsp;&nbsp;&nbsp;14939155 |
| National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441338 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;572189 | 103898079 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;642971 | &nbsp;&nbsp;&nbsp;59056886 |
| Pilgrim's Pride Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;19708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454269 |
| Post Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22299 | &nbsp;&nbsp;&nbsp;&nbsp;2016276 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408355 |
| Seneca Foods Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164843 |
| Sovos Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245724 |
| Tattooed Chef, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;17444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82859 |
| The Alkaline Water Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;39797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11947 |
| The Boston Beer Co., Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp;1516304 |
| The Coca-Cola Co. | 1613639 | &nbsp;&nbsp;&nbsp;96576294 |
| The Duckhorn Portfolio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278453 |
| The Hain Celestial Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719007 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;60847 | &nbsp;&nbsp;&nbsp;14528438 |
| The JM Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;44286 | &nbsp;&nbsp;&nbsp;&nbsp;6672129 |
| The Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;330987 | &nbsp;&nbsp;&nbsp;12733070 |
| The Real Good Food Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23428 |
| The Simply Good Foods Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;36405 | &nbsp;&nbsp;&nbsp;&nbsp;1394311 |
| The Vita Coco Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106519 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275419 |
| TreeHouse Foods, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21142 | &nbsp;&nbsp;&nbsp;&nbsp;1062174 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141761 |
| Tyson Foods, Inc., Class A | 120072 | &nbsp;&nbsp;&nbsp;&nbsp;8206921 |
| Universal Corp. | &nbsp;&nbsp;10446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528672 |
| Utz Brands, Inc. | &nbsp;&nbsp;27580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447072 |
| Vector Group Ltd. | &nbsp;&nbsp;53886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572269 |
| Vintage Wine Estates, Inc. \* | &nbsp;&nbsp;13866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38409 |
| Vital Farms, Inc. \* | &nbsp;&nbsp;11214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148473 |
| Whole Earth Brands, Inc. \* | &nbsp;&nbsp;12768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44050 |
| Zevia PBC, Class A \* | &nbsp;&nbsp;20011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93852 |
|  |  | **547579902** |
| &nbsp;&nbsp;**Health Care Equipment & Services 6.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.3%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.3%** |
| 1Life Healthcare, Inc. \* | &nbsp;&nbsp;69236 | &nbsp;&nbsp;&nbsp;&nbsp;1183936 |
| 23andMe Holding Co., Class A \* | 110987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348499 |
| Abbott Laboratories | 726047 | &nbsp;&nbsp;&nbsp;&nbsp;71835090 |
| ABIOMED, Inc. \* | &nbsp;&nbsp;18845 | &nbsp;&nbsp;&nbsp;&nbsp;4750448 |
| Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;37945 | &nbsp;&nbsp;&nbsp;&nbsp;3084928 |
| Accelerate Diagnostics, Inc. \* | &nbsp;&nbsp;30507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38744 |
| Accolade, Inc. \* | &nbsp;&nbsp;24013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258860 |
| Accuray, Inc. \* | &nbsp;&nbsp;36635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74735 |
| AdaptHealth Corp. \* | &nbsp;&nbsp;32243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735140 |
| Addus HomeCare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683346 |
| Agiliti, Inc. \* | &nbsp;&nbsp;12735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222480 |
| agilon health, Inc. \* | &nbsp;&nbsp;81447 | &nbsp;&nbsp;&nbsp;&nbsp;1616723 |
| AirSculpt Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28761 |
| Akumin, Inc. \* | &nbsp;&nbsp;29384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51422 |
| Align Technology, Inc. \* | &nbsp;&nbsp;30210 | &nbsp;&nbsp;&nbsp;&nbsp;5869803 |
| Alignment Healthcare, Inc. \* | &nbsp;&nbsp;34645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458700 |
| Allscripts Healthcare Solutions, Inc. \* | &nbsp;&nbsp;45635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670834 |
| Alphatec Holdings, Inc. \* | &nbsp;&nbsp;27056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277053 |
| Amedisys, Inc. \* | &nbsp;&nbsp;13354 | &nbsp;&nbsp;&nbsp;&nbsp;1303217 |
| American Well Corp., Class A \* | 105430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431209 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;64506 | &nbsp;&nbsp;&nbsp;&nbsp;10141633 |
| AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;17777 | &nbsp;&nbsp;&nbsp;&nbsp;2231013 |
| AngioDynamics, Inc. \* | &nbsp;&nbsp;16851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237431 |
| Apollo Endosurgery, Inc. \* | &nbsp;&nbsp;17198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110755 |
| Apollo Medical Holdings, Inc. \* | &nbsp;&nbsp;16232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575587 |
| Apyx Medical Corp. \* | &nbsp;&nbsp;12488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62440 |
| Artivion, Inc. \* | &nbsp;&nbsp;17724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197800 |
| Asensus Surgical, Inc. \* | 139946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58777 |
| ATI Physical Therapy, Inc. \* | &nbsp;&nbsp;22162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24157 |
| AtriCure, Inc. \* | &nbsp;&nbsp;19289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812453 |
| Atrion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337974 |
| Avanos Medical, Inc. \* | &nbsp;&nbsp;18588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411724 |
| AxoGen, Inc. \* | &nbsp;&nbsp;16795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191799 |
| Axonics, Inc. \* | &nbsp;&nbsp;20371 | &nbsp;&nbsp;&nbsp;&nbsp;1489935 |
| Baxter International, Inc. | 209357 | &nbsp;&nbsp;&nbsp;&nbsp;11378553 |
| Becton, Dickinson & Co. | 118270 | &nbsp;&nbsp;&nbsp;&nbsp;27908172 |
| Beyond Air, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;8697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59053 |
| Biotricity, Inc. \* | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20640 |
| Bioventus, Inc., Class A \* | &nbsp;&nbsp;16149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131453 |
| Boston Scientific Corp. \* | 593570 | &nbsp;&nbsp;&nbsp;&nbsp;25588803 |
| Brookdale Senior Living, Inc. \* | &nbsp;&nbsp;79540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355544 |
| Butterfly Network, Inc. \* | &nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304780 |
| Cano Health, Inc. \* | &nbsp;&nbsp;71119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254606 |
| Cardinal Health, Inc. | 113258 | &nbsp;&nbsp;&nbsp;&nbsp;8596282 |
| Cardiovascular Systems, Inc. \* | &nbsp;&nbsp;15854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228932 |
| CareMax, Inc. \* | &nbsp;&nbsp;30662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215860 |
| Castle Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249611 |
| Centene Corp. \* | 237294 | &nbsp;&nbsp;&nbsp;&nbsp;20200838 |
| Certara, Inc. \* | &nbsp;&nbsp;44147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539918 |
| Cerus Corp. \* | &nbsp;&nbsp;76254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279090 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6207 | &nbsp;&nbsp;&nbsp;&nbsp;2897862 |
| Cigna Corp. | 126542 | &nbsp;&nbsp;&nbsp;&nbsp;40880658 |
| ClearPoint Neuro, Inc. \* | &nbsp;&nbsp;10369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103794 |
| Clover Health Investments Corp. \* | 144282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227966 |
| Co-Diagnostics, Inc. \* | &nbsp;&nbsp;11070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38413 |

---

<sub>89</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Community Health Systems, Inc. \* | &nbsp;&nbsp;51561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147980 |
| Computer Programs & Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211210 |
| Conformis, Inc. \* | &nbsp;&nbsp;77113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10410 |
| CONMED Corp. | &nbsp;&nbsp;12630 | &nbsp;&nbsp;&nbsp;1006990 |
| CorVel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709716 |
| Cross Country Healthcare, Inc. \* | &nbsp;&nbsp;14884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552047 |
| Cue Health, Inc. \* | &nbsp;&nbsp;41972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166629 |
| Cutera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318756 |
| CVRx, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67687 |
| CVS Health Corp. | 544447 | 51559131 |
| CytoSorbents Corp. \* | &nbsp;&nbsp;15994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29909 |
| DarioHealth Corp. \* | &nbsp;&nbsp;10290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45585 |
| DaVita, Inc. \* | &nbsp;&nbsp;23146 | &nbsp;&nbsp;&nbsp;1689889 |
| Definitive Healthcare Corp. \* | &nbsp;&nbsp;15392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242886 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;89188 | &nbsp;&nbsp;&nbsp;2748774 |
| DexCom, Inc. \* | 162636 | 19643176 |
| DocGo, Inc. \* | &nbsp;&nbsp;34222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338798 |
| Doximity, Inc., Class A \* | &nbsp;&nbsp;47525 | &nbsp;&nbsp;&nbsp;1257987 |
| Edwards Lifesciences Corp. \* | 257324 | 18637977 |
| ElectroCore, Inc. \* | &nbsp;&nbsp;45528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11851 |
| Electromed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62021 |
| Elevance Health, Inc. | &nbsp;&nbsp;99544 | 54427673 |
| Embecta Corp. | &nbsp;&nbsp;23706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732989 |
| Encompass Health Corp. | &nbsp;&nbsp;42092 | &nbsp;&nbsp;&nbsp;2291488 |
| Enhabit, Inc. \* | &nbsp;&nbsp;20321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252387 |
| Enovis Corp. \* | &nbsp;&nbsp;20745 | &nbsp;&nbsp;&nbsp;1025840 |
| Envista Holdings Corp. \* | &nbsp;&nbsp;67994 | &nbsp;&nbsp;&nbsp;2244482 |
| Enzo Biochem, Inc. \* | &nbsp;&nbsp;13471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28828 |
| Evolent Health, Inc., Class A \* | &nbsp;&nbsp;35218 | &nbsp;&nbsp;&nbsp;1120285 |
| Figs, Inc., Class A \* | &nbsp;&nbsp;52953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390793 |
| FONAR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66815 |
| Forian, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28925 |
| Fulgent Genetics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321796 |
| Glaukos Corp. \* | &nbsp;&nbsp;20229 | &nbsp;&nbsp;&nbsp;1134240 |
| Globus Medical, Inc., Class A \* | &nbsp;&nbsp;32276 | &nbsp;&nbsp;&nbsp;2162492 |
| GoodRx Holdings, Inc., Class A \* | &nbsp;&nbsp;28804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154677 |
| Guardant Health, Inc. \* | &nbsp;&nbsp;42720 | &nbsp;&nbsp;&nbsp;2114640 |
| Haemonetics Corp. \* | &nbsp;&nbsp;21648 | &nbsp;&nbsp;&nbsp;1838998 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;89387 | 19438991 |
| Health Catalyst, Inc. \* | &nbsp;&nbsp;21299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187857 |
| HealthEquity, Inc. \* | &nbsp;&nbsp;34744 | &nbsp;&nbsp;&nbsp;2706905 |
| HealthStream, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236478 |
| Henry Schein, Inc. \* | &nbsp;&nbsp;56667 | &nbsp;&nbsp;&nbsp;3879423 |
| Heska Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287471 |
| Hims & Hers Health, Inc. \* | &nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214288 |
| Hologic, Inc. \* | 103945 | &nbsp;&nbsp;&nbsp;7047471 |
| Humana, Inc. | &nbsp;&nbsp;52497 | 29297526 |
| Hyperfine, Inc. *\*(a)* | &nbsp;&nbsp;36085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32837 |
| ICAD, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17857 |
| ICU Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8234 | &nbsp;&nbsp;&nbsp;1222008 |
| IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;34576 | 12436296 |
| Inari Medical, Inc. \* | &nbsp;&nbsp;20488 | &nbsp;&nbsp;&nbsp;1576142 |
| InfuSystem Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54593 |
| Innovage Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43423 |
| Inogen, Inc. \* | &nbsp;&nbsp;10293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233239 |
| Inspire Medical Systems, Inc. \* | &nbsp;&nbsp;11682 | &nbsp;&nbsp;&nbsp;2277406 |
| Insulet Corp. \* | &nbsp;&nbsp;28716 | &nbsp;&nbsp;&nbsp;7431988 |
| Integer Holdings Corp. \* | &nbsp;&nbsp;13515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842390 |
| Integra LifeSciences Holdings Corp. \* | &nbsp;&nbsp;30669 | &nbsp;&nbsp;&nbsp;1541117 |
| Intuitive Surgical, Inc. \* | 148289 | 36548790 |
| Invacare Corp. *\*(a)* | &nbsp;&nbsp;20165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14968 |
| Invitae Corp. *\*(a)* | &nbsp;&nbsp;83900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216462 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95226 |
| iRhythm Technologies, Inc. \* | &nbsp;&nbsp;12579 | &nbsp;&nbsp;&nbsp;1603697 |
| KORU Medical Systems, Inc. \* | &nbsp;&nbsp;21377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51305 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;37538 | &nbsp;&nbsp;&nbsp;8328181 |
| Lantheus Holdings, Inc. \* | &nbsp;&nbsp;28271 | &nbsp;&nbsp;&nbsp;2091771 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334744 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| LENSAR, Inc. \* | &nbsp;&nbsp;12582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59890 |
| LHC Group, Inc. \* | &nbsp;&nbsp;12819 | &nbsp;&nbsp;&nbsp;2142055 |
| LifeStance Health Group, Inc. *\*(a)* | &nbsp;&nbsp;40123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302929 |
| LivaNova plc \* | &nbsp;&nbsp;23087 | &nbsp;&nbsp;&nbsp;1087398 |
| Masimo Corp. \* | &nbsp;&nbsp;19984 | &nbsp;&nbsp;&nbsp;2629894 |
| McKesson Corp. | &nbsp;&nbsp;59520 | 23175302 |
| Medtronic plc | 551135 | 48136131 |
| Meridian Bioscience, Inc. \* | &nbsp;&nbsp;18440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589527 |
| Merit Medical Systems, Inc. \* | &nbsp;&nbsp;23844 | &nbsp;&nbsp;&nbsp;1639752 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293771 |
| ModivCare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524513 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;24039 | &nbsp;&nbsp;&nbsp;8626635 |
| Multiplan Corp. \* | &nbsp;&nbsp;95617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274421 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345538 |
| National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218150 |
| Neogen Corp. \* | &nbsp;&nbsp;88945 | &nbsp;&nbsp;&nbsp;1174074 |
| Neuronetics, Inc. \* | &nbsp;&nbsp;13837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46077 |
| NeuroPace, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13068 |
| Nevro Corp. \* | &nbsp;&nbsp;14202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544505 |
| NextGen Healthcare, Inc. \* | &nbsp;&nbsp;22354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447974 |
| Novocure Ltd. \* | &nbsp;&nbsp;37428 | &nbsp;&nbsp;&nbsp;2644662 |
| NuVasive, Inc. \* | &nbsp;&nbsp;22656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999809 |
| Oak Street Health, Inc. \* | &nbsp;&nbsp;47938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969786 |
| Omnicell, Inc. \* | &nbsp;&nbsp;18125 | &nbsp;&nbsp;&nbsp;1401425 |
| OPKO Health, Inc. \* | 159773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303569 |
| OptimizeRx Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106132 |
| Option Care Health, Inc. \* | &nbsp;&nbsp;63723 | &nbsp;&nbsp;&nbsp;1928258 |
| OraSure Technologies, Inc. \* | &nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132980 |
| Orthofix Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123694 |
| OrthoPediatrics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241641 |
| Outset Medical, Inc. \* | &nbsp;&nbsp;20864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324227 |
| Owens & Minor, Inc. | &nbsp;&nbsp;31113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528921 |
| Owlet, Inc. \* | &nbsp;&nbsp;28926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27697 |
| P3 Health Partners, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44312 |
| Paragon 28, Inc. *\*(a)* | &nbsp;&nbsp;11248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224623 |
| Patterson Cos., Inc. | &nbsp;&nbsp;37626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977147 |
| PAVmed, Inc. *\*(a)* | &nbsp;&nbsp;28787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35696 |
| Pear Therapeutics, Inc. \* | &nbsp;&nbsp;19890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54697 |
| Pediatrix Medical Group, Inc. \* | &nbsp;&nbsp;35753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693608 |
| Penumbra, Inc. \* | &nbsp;&nbsp;15882 | &nbsp;&nbsp;&nbsp;2723286 |
| PetIQ, Inc. \* | &nbsp;&nbsp;11858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97473 |
| Phreesia, Inc. \* | &nbsp;&nbsp;22302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609291 |
| Premier, Inc., Class A | &nbsp;&nbsp;49475 | &nbsp;&nbsp;&nbsp;1725688 |
| Privia Health Group, Inc. \* | &nbsp;&nbsp;20312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680046 |
| PROCEPT BioRobotics Corp. \* | &nbsp;&nbsp;13654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620301 |
| Progyny, Inc. \* | &nbsp;&nbsp;31229 | &nbsp;&nbsp;&nbsp;1388754 |
| Pulmonx Corp. \* | &nbsp;&nbsp;15144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202324 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;48224 | &nbsp;&nbsp;&nbsp;6927378 |
| QuidelOrtho Corp. \* | &nbsp;&nbsp;22384 | &nbsp;&nbsp;&nbsp;2010531 |
| R1 RCM, Inc. \* | &nbsp;&nbsp;57448 | &nbsp;&nbsp;&nbsp;1014532 |
| RadNet, Inc. \* | &nbsp;&nbsp;20892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399455 |
| ResMed, Inc. | &nbsp;&nbsp;60664 | 13569930 |
| RxSight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87130 |
| Sanara Medtech, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48925 |
| Schrodinger, Inc. \* | &nbsp;&nbsp;22939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549848 |
| SeaSpine Holdings Corp. \* | &nbsp;&nbsp;12552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80709 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;42445 | &nbsp;&nbsp;&nbsp;1089988 |
| Sema4 Holdings Corp. \* | 114403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117835 |
| Semler Scientific, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78685 |
| Senseonics Holdings, Inc. *\*(a)* | 180529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213024 |
| Sensus Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84786 |
| Sharecare, Inc. \* | 125041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240079 |
| Shockwave Medical, Inc. \* | &nbsp;&nbsp;14812 | &nbsp;&nbsp;&nbsp;4342138 |
| SI-BONE, Inc. \* | &nbsp;&nbsp;13781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267903 |
| Sight Sciences, Inc. \* | &nbsp;&nbsp;12978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101618 |
| Signify Health, Inc., Class A \* | &nbsp;&nbsp;28702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838959 |
| Silk Road Medical, Inc. \* | &nbsp;&nbsp;14726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649122 |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261989 |

---

<sub>90</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sonida Senior Living, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25792 |
| STAAR Surgical Co. \* | &nbsp;&nbsp;19593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388556 |
| Stereotaxis, Inc. \* | &nbsp;&nbsp;22696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42441 |
| STERIS plc | &nbsp;&nbsp;41466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156202 |
| Streamline Health Solutions, Inc. \* | &nbsp;&nbsp;29028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52250 |
| Stryker Corp. | 139674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32018868 |
| Surgery Partners, Inc. \* | &nbsp;&nbsp;16249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441810 |
| Surmodics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180020 |
| Tabula Rasa HealthCare, Inc. \* | &nbsp;&nbsp;11729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45978 |
| Tactile Systems Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58352 |
| Talkspace, Inc. \* | &nbsp;&nbsp;38082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27609 |
| Tandem Diabetes Care, Inc. \* | &nbsp;&nbsp;26352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479665 |
| Teladoc Health, Inc. \* | &nbsp;&nbsp;66992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985643 |
| Teleflex, Inc. | &nbsp;&nbsp;19464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176196 |
| Tenet Healthcare Corp. \* | &nbsp;&nbsp;44264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963551 |
| The Cooper Cos., Inc. | &nbsp;&nbsp;20558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5620352 |
| The Ensign Group, Inc. | &nbsp;&nbsp;22891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055154 |
| The Joint Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90695 |
| The Oncology Institute, Inc. \* | &nbsp;&nbsp;11011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49990 |
| The Pennant Group, Inc. \* | &nbsp;&nbsp;10680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131471 |
| TransMedics Group, Inc. \* | &nbsp;&nbsp;12993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626522 |
| Treace Medical Concepts, Inc. \* | &nbsp;&nbsp;13697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335303 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487778 |
| UFP Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274980 |
| UnitedHealth Group, Inc. | 387904 | &nbsp;&nbsp;&nbsp;&nbsp;215344906 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;27675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206702 |
| UpHealth, Inc. \* | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14974 |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122236 |
| Varex Imaging Corp. \* | &nbsp;&nbsp;17095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377970 |
| Veeva Systems, Inc., Class A \* | &nbsp;&nbsp;58361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801146 |
| Vicarious Surgical, Inc. \* | &nbsp;&nbsp;13695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 |
| ViewRay, Inc. \* | &nbsp;&nbsp;56246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241295 |
| Vivani Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9978 |
| VolitionRX Ltd. \* | &nbsp;&nbsp;15384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30614 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;87099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9872672 |
| Zimvie, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72738 |
| Zomedica Corp. \* | 343967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79044 |
| Zynex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86024 |
|  |  | **1006440533** |
| &nbsp;&nbsp;**Household & Personal Products 1.4%** | &nbsp;&nbsp;**Household & Personal Products 1.4%** | &nbsp;&nbsp;**Household & Personal Products 1.4%** |
| BellRing Brands, Inc. \* | &nbsp;&nbsp;56195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361043 |
| Central Garden & Pet Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188356 |
| Central Garden & Pet Co., Class A \* | &nbsp;&nbsp;18320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717045 |
| Church & Dwight Co., Inc. | 100400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442652 |
| Colgate-Palmolive Co. | 345364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25501678 |
| Coty, Inc., Class A \* | 148801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998455 |
| Edgewell Personal Care Co. | &nbsp;&nbsp;22085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865511 |
| elf Beauty, Inc. \* | &nbsp;&nbsp;20376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881466 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;27581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796815 |
| Herbalife Nutrition Ltd. \* | &nbsp;&nbsp;41704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886627 |
| Inter Parfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596086 |
| Kimberly-Clark Corp. | 140231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17453150 |
| LifeMD, Inc. \* | &nbsp;&nbsp;20209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44258 |
| Medifast, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553363 |
| Nature's Sunshine Products, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40191 |
| Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;20689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790113 |
| Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82153 |
| Olaplex Holdings, Inc. \* | &nbsp;&nbsp;35606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156666 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;22884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698877 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;16690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770077 |
| The Beauty Health Co. \* | &nbsp;&nbsp;44301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506360 |
| The Clorox Co. | &nbsp;&nbsp;50920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7436357 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;96232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19293554 |
| The Honest Co., Inc. \* | &nbsp;&nbsp;28282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93613 |
| The Procter & Gamble Co. | 990920 | &nbsp;&nbsp;&nbsp;&nbsp;133447196 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Thorne HealthTech, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19391 |
| USANA Health Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252836 |
| Veru, Inc. \* | &nbsp;&nbsp;21463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262707 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;5696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912271 |
|  |  | **223048867** |
| &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** | &nbsp;&nbsp;**Insurance 2.4%** |
| Aflac, Inc. | 238329 | &nbsp;&nbsp;&nbsp;&nbsp;15517601 |
| Ambac Financial Group, Inc. \* | &nbsp;&nbsp;18028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253293 |
| American Equity Investment Life Holding Co. | &nbsp;&nbsp;29803 | &nbsp;&nbsp;&nbsp;&nbsp;1283913 |
| American Financial Group, Inc. | &nbsp;&nbsp;28965 | &nbsp;&nbsp;&nbsp;&nbsp;4203111 |
| American International Group, Inc. | 315092 | &nbsp;&nbsp;&nbsp;&nbsp;17960244 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473647 |
| Aon plc, Class A | &nbsp;&nbsp;87420 | &nbsp;&nbsp;&nbsp;&nbsp;24607856 |
| Arch Capital Group Ltd. \* | 153054 | &nbsp;&nbsp;&nbsp;&nbsp;8800605 |
| Argo Group International Holdings Ltd. | &nbsp;&nbsp;14607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363276 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;87200 | &nbsp;&nbsp;&nbsp;&nbsp;16313376 |
| Assurant, Inc. | &nbsp;&nbsp;22251 | &nbsp;&nbsp;&nbsp;&nbsp;3023021 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;25302 | &nbsp;&nbsp;&nbsp;&nbsp;1497625 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;32185 | &nbsp;&nbsp;&nbsp;&nbsp;1759554 |
| Bright Health Group, Inc. *\*(a)* | 113463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116867 |
| Brighthouse Financial, Inc. \* | &nbsp;&nbsp;29618 | &nbsp;&nbsp;&nbsp;&nbsp;1690299 |
| Brown & Brown, Inc. | &nbsp;&nbsp;97385 | &nbsp;&nbsp;&nbsp;&nbsp;5725264 |
| BRP Group, Inc., Class A \* | &nbsp;&nbsp;25134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712549 |
| Chubb Ltd. | 173000 | &nbsp;&nbsp;&nbsp;&nbsp;37175970 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;66448 | &nbsp;&nbsp;&nbsp;&nbsp;6865407 |
| Citizens, Inc. \* | &nbsp;&nbsp;24606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66190 |
| CNA Financial Corp. | &nbsp;&nbsp;10634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443438 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;48193 | &nbsp;&nbsp;&nbsp;&nbsp;1063138 |
| Crawford & Co., Class A | &nbsp;&nbsp;10215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61188 |
| Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95262 |
| Employers Holdings, Inc. | &nbsp;&nbsp;11498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501428 |
| Enstar Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;5989 | &nbsp;&nbsp;&nbsp;&nbsp;1200914 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;10282 | &nbsp;&nbsp;&nbsp;&nbsp;2642577 |
| Everest Re Group Ltd. | &nbsp;&nbsp;16416 | &nbsp;&nbsp;&nbsp;&nbsp;5296786 |
| Fidelity National Financial, Inc. | 115011 | &nbsp;&nbsp;&nbsp;&nbsp;4529133 |
| First American Financial Corp. | &nbsp;&nbsp;42749 | &nbsp;&nbsp;&nbsp;&nbsp;2154550 |
| Genworth Financial, Inc., Class A \* | 212439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992090 |
| Globe Life, Inc. | &nbsp;&nbsp;37580 | &nbsp;&nbsp;&nbsp;&nbsp;4341242 |
| Goosehead Insurance, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353126 |
| Greenlight Capital Re Ltd., Class A \* | &nbsp;&nbsp;13165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111113 |
| Hagerty, Inc., Class A *\*(a)* | &nbsp;&nbsp;11439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103980 |
| Hallmark Financial Services, Inc. \* | &nbsp;&nbsp;12358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11686 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114940 |
| Heritage Insurance Holdings, Inc. | &nbsp;&nbsp;17646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26469 |
| Hippo Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115475 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;16921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667703 |
| Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102424 |
| James River Group Holdings Ltd. | &nbsp;&nbsp;17575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444120 |
| Kemper Corp. | &nbsp;&nbsp;27177 | &nbsp;&nbsp;&nbsp;&nbsp;1295528 |
| Kingsway Financial Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66966 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8975 | &nbsp;&nbsp;&nbsp;&nbsp;2828651 |
| Lemonade, Inc. *\*(a)* | &nbsp;&nbsp;18176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439859 |
| Lincoln National Corp. | &nbsp;&nbsp;63879 | &nbsp;&nbsp;&nbsp;&nbsp;3441162 |
| Loews Corp. | &nbsp;&nbsp;82497 | &nbsp;&nbsp;&nbsp;&nbsp;4703979 |
| Maiden Holdings Ltd. \* | &nbsp;&nbsp;32952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73483 |
| Markel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5634 | &nbsp;&nbsp;&nbsp;&nbsp;6795167 |
| Marsh & McLennan Cos., Inc. | 206697 | &nbsp;&nbsp;&nbsp;&nbsp;33379498 |
| MBIA, Inc. \* | &nbsp;&nbsp;19104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205559 |
| Mercury General Corp. | &nbsp;&nbsp;11235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325815 |
| MetLife, Inc. | 277481 | &nbsp;&nbsp;&nbsp;&nbsp;20314384 |
| National Western Life Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179010 |
| NI Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51359 |
| Old Republic International Corp. | 119724 | &nbsp;&nbsp;&nbsp;&nbsp;2778794 |

---

<sub>91</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Oscar Health, Inc., Class A \* | &nbsp;&nbsp;48793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181998 |
| Palomar Holdings, Inc. \* | &nbsp;&nbsp;10660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948314 |
| Primerica, Inc. | &nbsp;&nbsp;15424 | &nbsp;&nbsp;&nbsp;&nbsp;2231853 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;95691 | &nbsp;&nbsp;&nbsp;&nbsp;8433248 |
| ProAssurance Corp. | &nbsp;&nbsp;22265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494506 |
| Prudential Financial, Inc. | 154615 | &nbsp;&nbsp;&nbsp;&nbsp;16263952 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;27786 | &nbsp;&nbsp;&nbsp;&nbsp;4089266 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;18561 | &nbsp;&nbsp;&nbsp;&nbsp;2871015 |
| RLI Corp. | &nbsp;&nbsp;16563 | &nbsp;&nbsp;&nbsp;&nbsp;2154349 |
| Ryan Specialty Group Holdings, Inc., Class A \* | &nbsp;&nbsp;33933 | &nbsp;&nbsp;&nbsp;&nbsp;1521895 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570305 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;25005 | &nbsp;&nbsp;&nbsp;&nbsp;2452490 |
| SiriusPoint Ltd. \* | &nbsp;&nbsp;42729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274320 |
| Stewart Information Services Corp. | &nbsp;&nbsp;10910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425054 |
| The Allstate Corp. | 112343 | &nbsp;&nbsp;&nbsp;&nbsp;14183304 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;14638 | &nbsp;&nbsp;&nbsp;&nbsp;2144321 |
| The Hartford Financial Services Group, Inc. | 134324 | &nbsp;&nbsp;&nbsp;&nbsp;9726401 |
| The Progressive Corp. | 242633 | &nbsp;&nbsp;&nbsp;&nbsp;31154077 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;98314 | &nbsp;&nbsp;&nbsp;&nbsp;18135000 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91399 |
| Trean Insurance Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30270 |
| Trupanion, Inc. \* | &nbsp;&nbsp;14284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720913 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246366 |
| United Insurance Holdings Corp. | &nbsp;&nbsp;19297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;12847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128984 |
| Unum Group | &nbsp;&nbsp;78158 | &nbsp;&nbsp;&nbsp;&nbsp;3563223 |
| W.R. Berkley Corp. | &nbsp;&nbsp;84428 | &nbsp;&nbsp;&nbsp;&nbsp;6279755 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;1479877 |
| Willis Towers Watson plc | &nbsp;&nbsp;45519 | &nbsp;&nbsp;&nbsp;&nbsp;9932701 |
|  |  | **391398695** |
| &nbsp;&nbsp;**Materials 2.8%** | &nbsp;&nbsp;**Materials 2.8%** | &nbsp;&nbsp;**Materials 2.8%** |
| 5E Advanced Materials, Inc. \* | &nbsp;&nbsp;11374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152184 |
| Advanced Emissions Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16936 |
| AdvanSix, Inc. | &nbsp;&nbsp;11778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428484 |
| AgroFresh Solutions, Inc. \* | &nbsp;&nbsp;24132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65639 |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;91997 | &nbsp;&nbsp;&nbsp;&nbsp;23036049 |
| Albemarle Corp. | &nbsp;&nbsp;48647 | &nbsp;&nbsp;&nbsp;&nbsp;13614836 |
| Alcoa Corp. | &nbsp;&nbsp;73976 | &nbsp;&nbsp;&nbsp;&nbsp;2887283 |
| Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6417 | &nbsp;&nbsp;&nbsp;&nbsp;1083510 |
| Amcor plc | 621747 | &nbsp;&nbsp;&nbsp;&nbsp;7199830 |
| American Vanguard Corp. | &nbsp;&nbsp;11255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261904 |
| Ampco-Pittsburgh Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23936 |
| Amyris, Inc. *\*(a)* | &nbsp;&nbsp;98157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275821 |
| AptarGroup, Inc. | &nbsp;&nbsp;27260 | &nbsp;&nbsp;&nbsp;&nbsp;2702829 |
| Arconic Corp. \* | &nbsp;&nbsp;42544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883213 |
| Ascent Industries Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;4646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67599 |
| Ashland, Inc. | &nbsp;&nbsp;20552 | &nbsp;&nbsp;&nbsp;&nbsp;2156316 |
| Aspen Aerogels, Inc. \* | &nbsp;&nbsp;11432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144958 |
| ATI, Inc. \* | &nbsp;&nbsp;53557 | &nbsp;&nbsp;&nbsp;&nbsp;1593856 |
| Avery Dennison Corp. | &nbsp;&nbsp;33762 | &nbsp;&nbsp;&nbsp;&nbsp;5724347 |
| Avient Corp. | &nbsp;&nbsp;35198 | &nbsp;&nbsp;&nbsp;&nbsp;1213979 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;90692 | &nbsp;&nbsp;&nbsp;&nbsp;2114937 |
| Balchem Corp. | &nbsp;&nbsp;13365 | &nbsp;&nbsp;&nbsp;&nbsp;1868427 |
| Ball Corp. | 130276 | &nbsp;&nbsp;&nbsp;&nbsp;6434332 |
| Berry Global Group, Inc. \* | &nbsp;&nbsp;52077 | &nbsp;&nbsp;&nbsp;&nbsp;2464284 |
| Cabot Corp. | &nbsp;&nbsp;23218 | &nbsp;&nbsp;&nbsp;&nbsp;1706059 |
| Carpenter Technology Corp. | &nbsp;&nbsp;19822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741343 |
| Celanese Corp. | &nbsp;&nbsp;41267 | &nbsp;&nbsp;&nbsp;&nbsp;3966584 |
| Century Aluminum Co. \* | &nbsp;&nbsp;19701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142044 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;82776 | &nbsp;&nbsp;&nbsp;&nbsp;8795778 |
| Chase Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289696 |
| Clearwater Paper Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286407 |
| Cleveland-Cliffs, Inc. \* | 214557 | &nbsp;&nbsp;&nbsp;&nbsp;2787095 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Coeur Mining, Inc. \* | 116862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441738 |
| Commercial Metals Co. | &nbsp;&nbsp;50623 | &nbsp;&nbsp;&nbsp;2303347 |
| Compass Minerals International, Inc. | &nbsp;&nbsp;14554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575465 |
| Contango ORE, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42175 |
| Core Molding Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49560 |
| Corteva, Inc. | 297974 | 19469621 |
| Crown Holdings, Inc. | &nbsp;&nbsp;50336 | &nbsp;&nbsp;&nbsp;3452546 |
| Dakota Gold Corp. \* | &nbsp;&nbsp;24511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84563 |
| Danimer Scientific, Inc. *\*(a)* | &nbsp;&nbsp;34263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89769 |
| Diversey Holdings Ltd. \* | &nbsp;&nbsp;34563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186640 |
| Dow, Inc. | 297832 | 13920668 |
| DuPont de Nemours, Inc. | 208442 | 11922882 |
| Eagle Materials, Inc. | &nbsp;&nbsp;15463 | &nbsp;&nbsp;&nbsp;1891280 |
| Eastman Chemical Co. | &nbsp;&nbsp;50815 | &nbsp;&nbsp;&nbsp;3903100 |
| Ecolab, Inc. | 102673 | 16126848 |
| Ecovyst, Inc. \* | &nbsp;&nbsp;30335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301833 |
| Element Solutions, Inc. | &nbsp;&nbsp;93645 | &nbsp;&nbsp;&nbsp;1610694 |
| Flotek Industries, Inc. \* | &nbsp;&nbsp;33484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38172 |
| FMC Corp. | &nbsp;&nbsp;52408 | &nbsp;&nbsp;&nbsp;6231311 |
| Freeport-McMoRan, Inc. | 592390 | 18772839 |
| Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27206 |
| FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64289 |
| Gatos Silver, Inc. \* | &nbsp;&nbsp;17898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59063 |
| Ginkgo Bioworks Holdings, Inc. *\*(a)* | 351146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958629 |
| Glatfelter Corp. | &nbsp;&nbsp;18834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 |
| Gold Resource Corp. | &nbsp;&nbsp;39537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63259 |
| Golden Minerals Co. \* | &nbsp;&nbsp;74652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19335 |
| Graphic Packaging Holding Co. | 127829 | &nbsp;&nbsp;&nbsp;2934954 |
| Greif, Inc., Class A | &nbsp;&nbsp;13364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884830 |
| H.B. Fuller Co. | &nbsp;&nbsp;21775 | &nbsp;&nbsp;&nbsp;1517935 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331331 |
| Haynes International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263576 |
| Hecla Mining Co. | 228540 | &nbsp;&nbsp;&nbsp;1044428 |
| Huntsman Corp. | &nbsp;&nbsp;79104 | &nbsp;&nbsp;&nbsp;2116823 |
| Hycroft Mining Holding Corp. \* | &nbsp;&nbsp;60156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41484 |
| Idaho Strategic Resources, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26750 |
| Ingevity Corp. \* | &nbsp;&nbsp;14768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993443 |
| Innospec, Inc. | &nbsp;&nbsp;10607 | &nbsp;&nbsp;&nbsp;1060594 |
| International Flavors & Fragrances, Inc. | 105687 | 10316108 |
| International Paper Co. | 149754 | &nbsp;&nbsp;&nbsp;5033232 |
| Intrepid Potash, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179416 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555916 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215230 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87305 |
| Linde plc | 206600 | 61432510 |
| Livent Corp. \* | &nbsp;&nbsp;75115 | &nbsp;&nbsp;&nbsp;2371381 |
| Loop Industries, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;9523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28283 |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;31145 | &nbsp;&nbsp;&nbsp;1764364 |
| LSB Industries, Inc. \* | &nbsp;&nbsp;15818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278871 |
| LyondellBasell Industries N.V., Class A | 105291 | &nbsp;&nbsp;&nbsp;8049497 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;25858 | &nbsp;&nbsp;&nbsp;8687771 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709165 |
| Mativ Holdings, Inc. | &nbsp;&nbsp;23942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568383 |
| McEwen Mining, Inc. \* | &nbsp;&nbsp;18705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68273 |
| Mercer International, Inc. | &nbsp;&nbsp;15176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203662 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;13718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754627 |
| MP Materials Corp. \* | &nbsp;&nbsp;38060 | &nbsp;&nbsp;&nbsp;1143322 |
| Myers Industries, Inc. | &nbsp;&nbsp;14310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290350 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859152 |
| Newmont Corp. | 328909 | 13919429 |
| Northern Technologies International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73253 |
| Nucor Corp. | 108692 | 14279955 |
| O-I Glass, Inc. \* | &nbsp;&nbsp;65831 | &nbsp;&nbsp;&nbsp;1073704 |
| Olin Corp. | &nbsp;&nbsp;56058 | &nbsp;&nbsp;&nbsp;2968271 |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111289 |

---

<sub>92</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Origin Materials, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;53958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306481 |
| Orion Engineered Carbons S.A. | &nbsp;&nbsp;&nbsp;&nbsp;24587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392409 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;39011 | &nbsp;&nbsp;&nbsp;&nbsp;4689512 |
| Pactiv Evergreen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209876 |
| Perimeter Solutions S.A. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;65529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523577 |
| Piedmont Lithium, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426954 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97702 | &nbsp;&nbsp;&nbsp;&nbsp;11155614 |
| PureCycle Technologies, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;55133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455950 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899237 |
| Ramaco Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119572 |
| Ranpak Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;15372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58414 |
| Rayonier Advanced Materials, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122231 |
| Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;24889 | &nbsp;&nbsp;&nbsp;&nbsp;5014636 |
| Resolute Forest Products, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380719 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27247 | &nbsp;&nbsp;&nbsp;&nbsp;2587375 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53440 | &nbsp;&nbsp;&nbsp;&nbsp;5053821 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278096 |
| Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282072 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60580 | &nbsp;&nbsp;&nbsp;&nbsp;2884820 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17088 | &nbsp;&nbsp;&nbsp;&nbsp;1221108 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34923 | &nbsp;&nbsp;&nbsp;&nbsp;1653953 |
| Smith-Midland Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41436 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;40699 | &nbsp;&nbsp;&nbsp;&nbsp;2526594 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72003 | &nbsp;&nbsp;&nbsp;&nbsp;6771882 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896200 |
| Summit Materials, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;48664 | &nbsp;&nbsp;&nbsp;&nbsp;1282296 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248103 |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636759 |
| The Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;63918 | &nbsp;&nbsp;&nbsp;&nbsp;1829972 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;143560 | &nbsp;&nbsp;&nbsp;&nbsp;7716350 |
| The Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;16561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760316 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;97897 | &nbsp;&nbsp;&nbsp;&nbsp;22029762 |
| TimkenSteel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;16743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291998 |
| Tredegar Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117285 |
| TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396310 |
| Trinseo plc | &nbsp;&nbsp;&nbsp;&nbsp;14826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279025 |
| Tronox Holdings plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;47310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567720 |
| U.S. Antimony Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;59275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22525 |
| U.S. Gold Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26826 |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87170 |
| United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98419 | &nbsp;&nbsp;&nbsp;&nbsp;2003811 |
| Universal Stainless & Alloy Products, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38294 |
| Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73776 | &nbsp;&nbsp;&nbsp;&nbsp;2166063 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;55171 | &nbsp;&nbsp;&nbsp;&nbsp;9031493 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769764 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14450 | &nbsp;&nbsp;&nbsp;&nbsp;1396593 |
| WestRock Co. | &nbsp;&nbsp;&nbsp;104888 | &nbsp;&nbsp;&nbsp;&nbsp;3572485 |
| Worthington Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587937 |
|  |  | **449840890** |
| &nbsp;&nbsp;**Media & Entertainment 5.7%** | &nbsp;&nbsp;**Media & Entertainment 5.7%** | &nbsp;&nbsp;**Media & Entertainment 5.7%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;294677 | &nbsp;&nbsp;&nbsp;&nbsp;21452486 |
| AdTheorent Holding Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44543 |
| Advantage Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;42984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145286 |
| Alphabet, Inc., Class A \* | 2487065 | &nbsp;&nbsp;235052513 |
| Alphabet, Inc., Class C \* | 2223850 | &nbsp;&nbsp;210509641 |
| Altice USA, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;87610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579102 |
| AMC Entertainment Holdings, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;215612 | &nbsp;&nbsp;&nbsp;&nbsp;1435976 |
| AMC Networks, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;11743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264335 |
| Angi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71619 |
| Boston Omaha Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225608 |
| Bumble, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;32728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831291 |
| BuzzFeed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27441 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;1734330 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Cardlytics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135481 |
| Cargurus, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564520 |
| Cars.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413638 |
| Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;46059 | 16932210 |
| Chicken Soup For The Soul Entertainment, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21498 |
| Cinedigm Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;54801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29001 |
| Cinemark Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;44949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476909 |
| Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;193206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276285 |
| Comcast Corp., Class A | 1827590 | 58007707 |
| Cumulus Media, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54700 |
| Daily Journal Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137076 |
| DHI Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112672 |
| DISH Network Corp., Class A \* | &nbsp;&nbsp;&nbsp;104399 | &nbsp;&nbsp;&nbsp;1556589 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;109536 | 13797155 |
| Emerald Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51396 |
| Endeavor Group Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;70455 | &nbsp;&nbsp;&nbsp;1538737 |
| Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111529 |
| Eventbrite, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;32039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210496 |
| EverQuote, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50444 |
| FaZe Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;10557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34205 |
| Fluent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;30212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38671 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;127074 | &nbsp;&nbsp;&nbsp;3668626 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;58734 | &nbsp;&nbsp;&nbsp;1597565 |
| fuboTV, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;81432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298041 |
| Gaia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24015 |
| Gannett Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;56389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81764 |
| Genius Brands International, Inc. \* | &nbsp;&nbsp;&nbsp;106285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69085 |
| Golden Matrix Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20628 |
| Gray Television, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515824 |
| Harte Hanks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38390 |
| IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32808 | &nbsp;&nbsp;&nbsp;1597093 |
| iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;43715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361960 |
| Innovid Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;35745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133686 |
| Integral Ad Science Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;17311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145759 |
| IZEA Worldwide, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23691 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757268 |
| Leafly Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10940 |
| Lee Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29324 |
| Liberty Broadband Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594083 |
| Liberty Broadband Corp., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;51792 | &nbsp;&nbsp;&nbsp;4372799 |
| Liberty Media Corp. - Liberty Braves, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173896 |
| Liberty Media Corp. - Liberty Braves, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;15115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470983 |
| Liberty Media Corp. - Liberty Formula One, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501629 |
| Liberty Media Corp. - Liberty Formula One, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;85693 | &nbsp;&nbsp;&nbsp;4947057 |
| Liberty Media Corp. - Liberty SiriusXM, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;30594 | &nbsp;&nbsp;&nbsp;1298409 |
| Liberty Media Corp. - Liberty SiriusXM, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;64011 | &nbsp;&nbsp;&nbsp;2700624 |
| Lions Gate Entertainment Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;25512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205627 |
| Lions Gate Entertainment Corp., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;50349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382149 |
| Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;59214 | &nbsp;&nbsp;&nbsp;4714027 |
| LiveOne, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;39793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28420 |
| Madison Square Garden Entertainment Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;11111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544772 |
| Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7569 | &nbsp;&nbsp;&nbsp;1185381 |
| Magnite, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;47801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348469 |

---

<sub>93</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Marchex, Inc., Class B \* | &nbsp;&nbsp;24313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39144 |
| Match Group, Inc. \* | 117842 | &nbsp;&nbsp;&nbsp;&nbsp;5090774 |
| MediaAlpha, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93034 |
| Meta Platforms, Inc., Class A \* | 946150 | &nbsp;&nbsp;&nbsp;&nbsp;88143334 |
| National CineMedia, Inc. | &nbsp;&nbsp;46329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20431 |
| Netflix, Inc. \* | 184548 | &nbsp;&nbsp;&nbsp;&nbsp;53865870 |
| News Corp., Class A | 157600 | &nbsp;&nbsp;&nbsp;&nbsp;2658712 |
| News Corp., Class B | &nbsp;&nbsp;53135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910203 |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp;16049 | &nbsp;&nbsp;&nbsp;&nbsp;2749194 |
| Nextdoor Holdings, Inc. \* | &nbsp;&nbsp;50057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135655 |
| Omnicom Group, Inc. | &nbsp;&nbsp;84624 | &nbsp;&nbsp;&nbsp;&nbsp;6156396 |
| Outbrain, Inc. \* | &nbsp;&nbsp;17672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75636 |
| Paramount Global, Class B | 211736 | &nbsp;&nbsp;&nbsp;&nbsp;3879004 |
| Pinterest, Inc., Class A \* | 242139 | &nbsp;&nbsp;&nbsp;&nbsp;5956619 |
| Playstudios, Inc. \* | &nbsp;&nbsp;32347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145885 |
| Playtika Holding Corp. \* | &nbsp;&nbsp;42036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397240 |
| PubMatic, Inc., Class A \* | &nbsp;&nbsp;17470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303978 |
| QuinStreet, Inc. \* | &nbsp;&nbsp;21564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246045 |
| Reading International, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;3627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72322 |
| Reservoir Media, Inc. \* | &nbsp;&nbsp;14527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84257 |
| ROBLOX Corp., Class A \* | 149410 | &nbsp;&nbsp;&nbsp;&nbsp;6684603 |
| Roku, Inc. \* | &nbsp;&nbsp;50759 | &nbsp;&nbsp;&nbsp;&nbsp;2819155 |
| Saga Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30353 |
| Scholastic Corp. | &nbsp;&nbsp;12105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461685 |
| Sciplay Corp., Class A \* | &nbsp;&nbsp;10406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145580 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496998 |
| Sinclair Broadcast Group, Inc., Class A | &nbsp;&nbsp;17890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318621 |
| Sirius XM Holdings, Inc. *(a)* | 292389 | &nbsp;&nbsp;&nbsp;&nbsp;1766030 |
| Skillz, Inc. *\*(a)* | 144679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149019 |
| Snap, Inc., Class A \* | 428674 | &nbsp;&nbsp;&nbsp;&nbsp;4248159 |
| Stagwell, Inc. \* | &nbsp;&nbsp;43953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333603 |
| System1, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35939 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;65169 | &nbsp;&nbsp;&nbsp;&nbsp;7721223 |
| TechTarget, Inc. \* | &nbsp;&nbsp;10886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702691 |
| TEGNA, Inc. | &nbsp;&nbsp;91837 | &nbsp;&nbsp;&nbsp;&nbsp;1917557 |
| The Arena Group Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69908 |
| The E.W. Scripps Co., Class A \* | &nbsp;&nbsp;22843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324142 |
| The Interpublic Group of Cos., Inc. | 161190 | &nbsp;&nbsp;&nbsp;&nbsp;4801850 |
| The Marcus Corp. | &nbsp;&nbsp;10398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156386 |
| The New York Times Co., Class A | &nbsp;&nbsp;67939 | &nbsp;&nbsp;&nbsp;&nbsp;1967513 |
| The Trade Desk, Inc., Class A \* | 184567 | &nbsp;&nbsp;&nbsp;&nbsp;9826347 |
| The Walt Disney Co. \* | 756441 | &nbsp;&nbsp;&nbsp;&nbsp;80591224 |
| Thryv Holdings, Inc. \* | &nbsp;&nbsp;12739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260640 |
| Townsquare Media, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19059 |
| Travelzoo \* | &nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20944 |
| TripAdvisor, Inc. \* | &nbsp;&nbsp;42436 | &nbsp;&nbsp;&nbsp;&nbsp;1002338 |
| TrueCar, Inc. \* | &nbsp;&nbsp;41115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74007 |
| Urban One, Inc. \* | &nbsp;&nbsp;12414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61698 |
| Vimeo, Inc. \* | &nbsp;&nbsp;62096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235965 |
| Vinco Ventures, Inc. *\*(a)* | &nbsp;&nbsp;68845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62759 |
| Warner Bros Discovery, Inc. \* | 916477 | &nbsp;&nbsp;&nbsp;&nbsp;11914201 |
| Warner Music Group Corp., Class A | &nbsp;&nbsp;47996 | &nbsp;&nbsp;&nbsp;&nbsp;1248856 |
| Wejo Group Ltd. \* | &nbsp;&nbsp;19449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21005 |
| WideOpenWest, Inc. \* | &nbsp;&nbsp;20526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281411 |
| World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;18071 | &nbsp;&nbsp;&nbsp;&nbsp;1425621 |
| Yelp, Inc. \* | &nbsp;&nbsp;28463 | &nbsp;&nbsp;&nbsp;&nbsp;1093264 |
| Zedge, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 |
| Ziff Davis, Inc. \* | &nbsp;&nbsp;19491 | &nbsp;&nbsp;&nbsp;&nbsp;1508409 |
| ZipRecruiter, Inc., Class A \* | &nbsp;&nbsp;23798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399092 |
| ZoomInfo Technologies, Inc. \* | 112544 | &nbsp;&nbsp;&nbsp;&nbsp;5011584 |
|  |  | **920009468** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.7%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.7%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 8.7%** |
| 10X Genomics, Inc., Class A \* | &nbsp;&nbsp;40155 | &nbsp;&nbsp;&nbsp;&nbsp;1091413 |
| 2seventy bio, Inc. \* | &nbsp;&nbsp;16616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263862 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| 4D Molecular Therapeutics, Inc. \* | &nbsp;&nbsp;11190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96905 |
| 89bio, Inc. \* | &nbsp;&nbsp;15302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146134 |
| 9 Meters Biopharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13846 |
| Aadi Bioscience, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57097 |
| AbbVie, Inc. | 733192 | 107339309 |
| Absci Corp. *\*(a)* | &nbsp;&nbsp;23263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73511 |
| ACADIA Pharmaceuticals, Inc. \* | &nbsp;&nbsp;50473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809082 |
| AcelRx Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16846 |
| Achieve Life Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18297 |
| Aclaris Therapeutics, Inc. \* | &nbsp;&nbsp;21790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340142 |
| Actinium Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102078 |
| Acumen Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68127 |
| Adamis Pharmaceuticals Corp. \* | &nbsp;&nbsp;56257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876 |
| Adaptive Biotechnologies Corp. \* | &nbsp;&nbsp;43198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336080 |
| Adicet Bio, Inc. \* | &nbsp;&nbsp;13243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218377 |
| ADMA Biologics, Inc. \* | &nbsp;&nbsp;69227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195220 |
| Adverum Biotechnologies, Inc. \* | &nbsp;&nbsp;62914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54421 |
| Aerie Pharmaceuticals, Inc. \* | &nbsp;&nbsp;21427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326119 |
| Aerovate Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71465 |
| Agenus, Inc. \* | &nbsp;&nbsp;98112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246261 |
| Agilent Technologies, Inc. | 124011 | &nbsp;&nbsp;&nbsp;17156922 |
| Agios Pharmaceuticals, Inc. \* | &nbsp;&nbsp;22582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621908 |
| Akebia Therapeutics, Inc. \* | 132370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33688 |
| Akero Therapeutics, Inc. \* | &nbsp;&nbsp;13474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569411 |
| Akouos, Inc. \* | &nbsp;&nbsp;10685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140721 |
| Akoya Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107910 |
| Alaunos Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;82975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95421 |
| Albireo Pharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174523 |
| Aldeyra Therapeutics, Inc. \* | &nbsp;&nbsp;22201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121217 |
| Alector, Inc. \* | &nbsp;&nbsp;26074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239881 |
| Alkermes plc \* | &nbsp;&nbsp;69307 | &nbsp;&nbsp;&nbsp;&nbsp;1573269 |
| Allakos, Inc. \* | &nbsp;&nbsp;36806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214579 |
| Allogene Therapeutics, Inc. \* | &nbsp;&nbsp;38872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400382 |
| Allovir, Inc. \* | &nbsp;&nbsp;18004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124768 |
| Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;49729 | &nbsp;&nbsp;&nbsp;10306833 |
| Alpha Teknova, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12792 |
| Alpine Immune Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32505 |
| Altimmune, Inc. \* | &nbsp;&nbsp;17274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216616 |
| ALX Oncology Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96841 |
| Amgen, Inc. | 221709 | &nbsp;&nbsp;&nbsp;59939028 |
| Amicus Therapeutics, Inc. \* | 106825 | &nbsp;&nbsp;&nbsp;&nbsp;1068250 |
| Amneal Pharmaceuticals, Inc. \* | &nbsp;&nbsp;43587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95891 |
| Amphastar Pharmaceuticals, Inc. \* | &nbsp;&nbsp;16546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511271 |
| Amylyx Pharmaceuticals, Inc. \* | &nbsp;&nbsp;16143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575821 |
| AnaptysBio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222722 |
| Anavex Life Sciences Corp. \* | &nbsp;&nbsp;30282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368532 |
| ANI Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188435 |
| Anika Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165149 |
| Anixa Biosciences, Inc. \* | &nbsp;&nbsp;12785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71596 |
| Annexon, Inc. \* | &nbsp;&nbsp;19332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92407 |
| Annovis Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25866 |
| Apellis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;38509 | &nbsp;&nbsp;&nbsp;&nbsp;2329409 |
| Apexigen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18105 |
| AquaBounty Technologies, Inc. \* | &nbsp;&nbsp;44032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31483 |
| Arbutus Biopharma Corp. \* | &nbsp;&nbsp;50681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118594 |
| Arcellx, Inc. \* | &nbsp;&nbsp;11614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272697 |
| Arcturus Therapeutics Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153211 |
| Arcus Biosciences, Inc. \* | &nbsp;&nbsp;21937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558955 |
| Arcutis Biotherapeutics, Inc. \* | &nbsp;&nbsp;17059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301603 |
| Ardelyx, Inc. \* | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
| Arrowhead Pharmaceuticals, Inc. \* | &nbsp;&nbsp;43314 | &nbsp;&nbsp;&nbsp;&nbsp;1507760 |
| Arvinas, Inc. \* | &nbsp;&nbsp;20555 | &nbsp;&nbsp;&nbsp;&nbsp;1021789 |
| Assembly Biosciences, Inc. \* | &nbsp;&nbsp;32452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53221 |
| Assertio Holdings, Inc. \* | &nbsp;&nbsp;23152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59732 |
| Astria Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23396 |
| Atara Biotherapeutics, Inc. \* | &nbsp;&nbsp;43101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200851 |
| Atea Pharmaceuticals, Inc. \* | &nbsp;&nbsp;33404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200424 |
| Athira Pharma, Inc. \* | &nbsp;&nbsp;13857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45867 |

---

<sub>94</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Atossa Therapeutics, Inc. \* | &nbsp;&nbsp;45962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45282 |
| aTyr Pharma, Inc. \* | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 |
| Aura Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82864 |
| Avantor, Inc. \* | 279527 | &nbsp;&nbsp;&nbsp;5638060 |
| AVEO Pharmaceuticals, Inc. \* | &nbsp;&nbsp;11178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165099 |
| Avid Bioservices, Inc. \* | &nbsp;&nbsp;24799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420095 |
| Avidity Biosciences, Inc. \* | &nbsp;&nbsp;22625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323085 |
| Avita Medical, Inc. \* | &nbsp;&nbsp;10054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49164 |
| Avrobio, Inc. \* | &nbsp;&nbsp;37231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25332 |
| Axcella Health, Inc. \* | &nbsp;&nbsp;18250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 |
| Axsome Therapeutics, Inc. \* | &nbsp;&nbsp;12826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579094 |
| Azenta, Inc. | &nbsp;&nbsp;30816 | &nbsp;&nbsp;&nbsp;1368230 |
| Beam Therapeutics, Inc. \* | &nbsp;&nbsp;24638 | &nbsp;&nbsp;&nbsp;1085550 |
| BioAtla, Inc. \* | &nbsp;&nbsp;13027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89756 |
| BioCryst Pharmaceuticals, Inc. \* | &nbsp;&nbsp;76932 | &nbsp;&nbsp;&nbsp;1027042 |
| Biogen, Inc. \* | &nbsp;&nbsp;60261 | 17080378 |
| Biohaven Ltd. \* | &nbsp;&nbsp;23686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392477 |
| BioLife Solutions, Inc. \* | &nbsp;&nbsp;13293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312651 |
| BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;77109 | &nbsp;&nbsp;&nbsp;6679953 |
| Biomea Fusion, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84480 |
| Bionano Genomics, Inc. *\*(a)* | 121204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283617 |
| Biora Therapeutics, Inc. \* | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17154 |
| Bio-Rad Laboratories, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8863 | &nbsp;&nbsp;&nbsp;3117206 |
| Bio-Techne Corp. | &nbsp;&nbsp;16268 | &nbsp;&nbsp;&nbsp;4819558 |
| Bioxcel Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;12322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155134 |
| Bluebird Bio, Inc. \* | &nbsp;&nbsp;30202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189367 |
| Blueprint Medicines Corp. \* | &nbsp;&nbsp;24573 | &nbsp;&nbsp;&nbsp;1273864 |
| BrainStorm Cell Therapeutics, Inc. \* | &nbsp;&nbsp;11287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40182 |
| Bridgebio Pharma, Inc. \* | &nbsp;&nbsp;42565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443953 |
| Bright Green Corp. \* | &nbsp;&nbsp;28510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17226 |
| Bristol-Myers Squibb Co. | 885484 | 68598445 |
| Bruker Corp. | &nbsp;&nbsp;41933 | &nbsp;&nbsp;&nbsp;2593137 |
| C4 Therapeutics, Inc. \* | &nbsp;&nbsp;16467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158413 |
| Capricor Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36151 |
| Cara Therapeutics, Inc. \* | &nbsp;&nbsp;16617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156200 |
| Cardiff Oncology, Inc. \* | &nbsp;&nbsp;16399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26730 |
| CareDx, Inc. \* | &nbsp;&nbsp;22269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443376 |
| Caribou Biosciences, Inc. \* | &nbsp;&nbsp;23459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228491 |
| CASI Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650 |
| Cassava Sciences, Inc. *\*(a)* | &nbsp;&nbsp;15959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581546 |
| Catalent, Inc. \* | &nbsp;&nbsp;74408 | &nbsp;&nbsp;&nbsp;4890838 |
| Catalyst Pharmaceuticals, Inc. \* | &nbsp;&nbsp;37080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514300 |
| Celcuity, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49260 |
| Celldex Therapeutics, Inc. \* | &nbsp;&nbsp;19973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701651 |
| CEL-SCI Corp. *\*(a)* | &nbsp;&nbsp;16481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57189 |
| Celularity, Inc. *\*(a)* | &nbsp;&nbsp;27363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63756 |
| Century Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105798 |
| Cerevel Therapeutics Holdings, Inc. \* | &nbsp;&nbsp;26524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741611 |
| Charles River Laboratories International, Inc. \* | &nbsp;&nbsp;21012 | &nbsp;&nbsp;&nbsp;4459797 |
| Checkpoint Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;33712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33712 |
| Chimerix, Inc. \* | &nbsp;&nbsp;37732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66786 |
| Chinook Therapeutics, Inc. \* | &nbsp;&nbsp;20422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444178 |
| ChromaDex Corp. \* | &nbsp;&nbsp;24667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37494 |
| CinCor Pharma, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;7319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246211 |
| Citius Pharmaceuticals, Inc. \* | &nbsp;&nbsp;76073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82159 |
| Clearside Biomedical, Inc. \* | &nbsp;&nbsp;20216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23046 |
| Clene, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;7741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7664 |
| Clovis Oncology, Inc. *\*(a)* | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59740 |
| Codexis, Inc. \* | &nbsp;&nbsp;29943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168280 |
| Cogent Biosciences, Inc. \* | &nbsp;&nbsp;27590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376603 |
| Coherus Biosciences, Inc. \* | &nbsp;&nbsp;26548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230968 |
| Collegium Pharmaceutical, Inc. \* | &nbsp;&nbsp;14303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256596 |
| Compass Therapeutics, Inc. \* | &nbsp;&nbsp;31736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100286 |
| Concert Pharmaceuticals, Inc. \* | &nbsp;&nbsp;15686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93332 |
| Corbus Pharmaceuticals Holdings, Inc. \* | &nbsp;&nbsp;99416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12924 |
| Corcept Therapeutics, Inc. \* | &nbsp;&nbsp;39875 | &nbsp;&nbsp;&nbsp;1140425 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| CorMedix, Inc. \* | &nbsp;&nbsp;13948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42820 |
| Crinetics Pharmaceuticals, Inc. \* | &nbsp;&nbsp;18689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344999 |
| CRISPR Therapeutics AG \* | &nbsp;&nbsp;32384 | &nbsp;&nbsp;&nbsp;&nbsp;1694979 |
| CryoPort, Inc. \* | &nbsp;&nbsp;19272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534991 |
| CTI BioPharma Corp. \* | &nbsp;&nbsp;37496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183730 |
| Cue Biopharma, Inc. \* | &nbsp;&nbsp;12652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33654 |
| Cullinan Oncology, Inc. \* | &nbsp;&nbsp;13170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173054 |
| Curis, Inc. \* | &nbsp;&nbsp;57090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45683 |
| Cymabay Therapeutics, Inc. \* | &nbsp;&nbsp;34566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120290 |
| Cytek Biosciences, Inc. \* | &nbsp;&nbsp;33714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523241 |
| Cytokinetics, Inc. \* | &nbsp;&nbsp;38646 | &nbsp;&nbsp;&nbsp;&nbsp;1687284 |
| CytomX Therapeutics, Inc. \* | &nbsp;&nbsp;42221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55310 |
| Danaher Corp. | 271467 | &nbsp;&nbsp;&nbsp;68320100 |
| Dare Bioscience, Inc. \* | &nbsp;&nbsp;30532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29616 |
| Day One Biopharmaceuticals, Inc. \* | &nbsp;&nbsp;11713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247613 |
| Decibel Therapeutics, Inc. \* | &nbsp;&nbsp;10345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38277 |
| Deciphera Pharmaceuticals, Inc. \* | &nbsp;&nbsp;19146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310548 |
| Denali Therapeutics, Inc. \* | &nbsp;&nbsp;44929 | &nbsp;&nbsp;&nbsp;&nbsp;1288564 |
| DermTech, Inc. *\*(a)* | &nbsp;&nbsp;10214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32889 |
| Design Therapeutics, Inc. \* | &nbsp;&nbsp;12455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194547 |
| DICE Therapeutics, Inc. \* | &nbsp;&nbsp;13633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484108 |
| Durect Corp. \* | 113441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73737 |
| Dynavax Technologies Corp. \* | &nbsp;&nbsp;48083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550550 |
| Dyne Therapeutics, Inc. \* | &nbsp;&nbsp;10151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115721 |
| Eagle Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138248 |
| Edgewise Therapeutics, Inc. \* | &nbsp;&nbsp;12223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116241 |
| Editas Medicine, Inc. \* | &nbsp;&nbsp;27610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346505 |
| Eiger BioPharmaceuticals, Inc. \* | &nbsp;&nbsp;16477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84197 |
| Elanco Animal Health, Inc. \* | 183578 | &nbsp;&nbsp;&nbsp;&nbsp;2421394 |
| Eli Lilly & Co. | 327146 | 118456295 |
| Emergent BioSolutions, Inc. \* | &nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392168 |
| Enanta Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358624 |
| Enochian Biosciences, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;7537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 |
| Entrada Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;7643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174184 |
| EQRx, Inc. \* | &nbsp;&nbsp;91140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468460 |
| Erasca, Inc. \* | &nbsp;&nbsp;26687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218033 |
| Esperion Therapeutics, Inc. \* | &nbsp;&nbsp;23247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188998 |
| Eton Pharmaceuticals, Inc. \* | &nbsp;&nbsp;13239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33759 |
| Evelo Biosciences, Inc. \* | &nbsp;&nbsp;31345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63944 |
| Evolus, Inc. \* | &nbsp;&nbsp;13267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113566 |
| Exact Sciences Corp. \* | &nbsp;&nbsp;74609 | &nbsp;&nbsp;&nbsp;&nbsp;2594901 |
| Exagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10033 |
| Exelixis, Inc. \* | 135557 | &nbsp;&nbsp;&nbsp;&nbsp;2247535 |
| Eyenovia Inc. \* | &nbsp;&nbsp;24562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53054 |
| EyePoint Pharmaceuticals, Inc. \* | &nbsp;&nbsp;11679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63067 |
| Fate Therapeutics, Inc. \* | &nbsp;&nbsp;33551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701887 |
| FibroGen, Inc. \* | &nbsp;&nbsp;35771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582352 |
| Finch Therapeutics Group, Inc. \* | &nbsp;&nbsp;18783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24418 |
| Foghorn Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;8974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78433 |
| Fortress Biotech, Inc. \* | &nbsp;&nbsp;29965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24874 |
| Frequency Therapeutics, Inc. \* | &nbsp;&nbsp;23364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40420 |
| F-star Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26045 |
| Fulcrum Therapeutics, Inc. \* | &nbsp;&nbsp;17307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96227 |
| G1 Therapeutics, Inc. \* | &nbsp;&nbsp;15530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165550 |
| Galectin Therapeutics, Inc. \* | &nbsp;&nbsp;17413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24030 |
| Gelesis Holdings, Inc. \* | &nbsp;&nbsp;16733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236 |
| Generation Bio Co. \* | &nbsp;&nbsp;16915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86605 |
| Genprex, Inc. *\*(a)* | &nbsp;&nbsp;29742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40449 |
| Geron Corp. \* | 140170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311177 |
| Gilead Sciences, Inc. | 519677 | &nbsp;&nbsp;&nbsp;40773857 |
| Gossamer Bio, Inc. \* | &nbsp;&nbsp;32860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364746 |
| Graphite Bio, Inc. \* | &nbsp;&nbsp;17740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62267 |
| GreenLight Biosciences Holdings PBC *\*(a)* | &nbsp;&nbsp;24360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43361 |
| Gritstone bio, Inc. \* | &nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68908 |
| Halozyme Therapeutics, Inc. \* | &nbsp;&nbsp;57362 | &nbsp;&nbsp;&nbsp;&nbsp;2742477 |
| Harmony Biosciences Holdings, Inc. \* | &nbsp;&nbsp;12379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643708 |
| Harrow Health, Inc. \* | &nbsp;&nbsp;12577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151301 |

---

<sub>95</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Harvard Bioscience, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38397 |
| Hepion Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16792 |
| Heron Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157172 |
| HilleVax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118830 |
| Homology Medicines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32737 |
| Hookipa Pharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46808 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;&nbsp;&nbsp;95701 | &nbsp;&nbsp;&nbsp;&nbsp;5964086 |
| Humacyte, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;22996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79221 |
| iBio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15836 |
| Ideaya Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214148 |
| IGM Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91540 |
| Ikena Oncology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33182 |
| Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;65305 | &nbsp;&nbsp;&nbsp;14943090 |
| Imago Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182580 |
| Immuneering Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120176 |
| Immunic, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;11662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20642 |
| ImmunityBio, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;46639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256515 |
| ImmunoGen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;86212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512099 |
| Immunovant, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199595 |
| Impel Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26283 |
| Incyte Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;76598 | &nbsp;&nbsp;&nbsp;&nbsp;5694295 |
| Infinity Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37136 |
| Inhibrx, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384551 |
| Inmune Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39570 |
| Innoviva, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;30325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411207 |
| Inotiv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134634 |
| Inovio Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;98258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212237 |
| Inozyme Pharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29126 |
| Insmed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;55472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960775 |
| Instil Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95314 |
| Intellia Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31551 | &nbsp;&nbsp;&nbsp;&nbsp;1665262 |
| Intercept Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155108 |
| Intra-Cellular Therapies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36344 | &nbsp;&nbsp;&nbsp;&nbsp;1659830 |
| Invivyd, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;24069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95073 |
| Ionis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;59618 | &nbsp;&nbsp;&nbsp;&nbsp;2635116 |
| Iovance Biotherapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;54425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508329 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;77384 | &nbsp;&nbsp;&nbsp;16225103 |
| Ironwood Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;56987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623438 |
| iTeos Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204598 |
| IVERIC bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;46723 | &nbsp;&nbsp;&nbsp;&nbsp;1117614 |
| Janux Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160568 |
| Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp;26025 | &nbsp;&nbsp;&nbsp;&nbsp;3742135 |
| Johnson & Johnson | 1090297 | 189678969 |
| Jounce Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36186 |
| KalVista Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44880 |
| Karuna Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11014 | &nbsp;&nbsp;&nbsp;&nbsp;2415811 |
| Karyopharm Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154576 |
| KemPharm, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;11139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62378 |
| Keros Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358421 |
| Kezar Life Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170869 |
| Kiniksa Pharmaceuticals Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;10106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115411 |
| Kinnate Biopharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58479 |
| Kodiak Sciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94431 |
| Kronos Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48840 |
| Krystal Biotech, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731799 |
| Kura Oncology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383422 |
| Kymera Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431981 |
| Larimar Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13550 |
| Leap Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27232 |
| Lexicon Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;46637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100270 |
| Ligand Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553597 |
| Lineage Cell Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;45545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62852 |
| Lipocine, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20450 |
| Liquidia Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;20793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101678 |
| Lyell Immunopharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;61098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359256 |
| Lyra Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42491 |
| MacroGenics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123510 |

---

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| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Madrigal Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357783 |
| Magenta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35306 |
| MannKind Corp. \* | &nbsp;&nbsp;&nbsp;106331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359399 |
| Maravai LifeSciences Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;44584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740094 |
| Marinus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73652 |
| Matinas BioPharma Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;78387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61142 |
| MaxCyte, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267686 |
| MediciNova, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 |
| Medpace Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10386 | &nbsp;&nbsp;&nbsp;&nbsp;2305484 |
| Merck & Co., Inc. | 1050565 | 106317178 |
| Mersana Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301683 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9309 | &nbsp;&nbsp;&nbsp;11775233 |
| MiMedx Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151842 |
| Mirati Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21261 | &nbsp;&nbsp;&nbsp;&nbsp;1431291 |
| Miromatrix Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40281 |
| Mirum Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238308 |
| Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;139576 | &nbsp;&nbsp;&nbsp;20982460 |
| Monte Rosa Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125847 |
| Morphic Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339425 |
| Mustang Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16945 |
| MyMD Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38683 |
| Myovant Sciences Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;16883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451451 |
| Myriad Genetics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694230 |
| NanoString Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194336 |
| Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40292 | &nbsp;&nbsp;&nbsp;&nbsp;1892112 |
| Nautilus Biotechnology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54972 |
| Nektar Therapeutics \* | &nbsp;&nbsp;&nbsp;&nbsp;73818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277556 |
| NeoGenomics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;52485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399148 |
| Neubase Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8528 |
| Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40008 | &nbsp;&nbsp;&nbsp;&nbsp;4605721 |
| NextCure, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
| NGM Biopharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80474 |
| NightHawk Biosciences, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14840 |
| Nkarta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185027 |
| Novan, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21303 |
| Novavax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711482 |
| Nurix Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220611 |
| Nuvalent, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302571 |
| Nuvation Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;52407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115295 |
| Ocugen, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;92871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159738 |
| Ocular Therapeutix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112148 |
| Ocuphire Pharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35081 |
| Olema Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69861 |
| Omega Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45209 |
| Omeros Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;21844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72304 |
| Oncocyte Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;62284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42590 |
| Oncternal Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33861 |
| Opiant Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21919 |
| Optinose, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59752 |
| Oragenics, Inc. \* | &nbsp;&nbsp;&nbsp;100778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21667 |
| Organogenesis Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78812 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;104421 | &nbsp;&nbsp;&nbsp;&nbsp;2733742 |
| Orgenesis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686 |
| ORIC Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44464 |
| Osmotica Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp;13322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25312 |
| Outlook Therapeutics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;62495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72494 |
| Ovid therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31707 |
| Oyster Point Pharma, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68310 |
| Pacific Biosciences of California, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;97405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822098 |
| Pacira BioSciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961597 |
| Palatin Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 |
| Paratek Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61962 |
| Pardes Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15791 |
| Passage Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| PDS Biotechnology Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41433 |
| PepGen, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31449 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52507 | &nbsp;&nbsp;&nbsp;&nbsp;7013885 |

---

<sub>96</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Perrigo Co., plc | &nbsp;&nbsp;&nbsp;&nbsp;57008 | &nbsp;&nbsp;&nbsp;&nbsp;2296282 |
| Pfizer, Inc. | 2327892 | 108363373 |
| Phathom Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71847 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120238 |
| Pieris Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;35732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39663 |
| Pliant Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332810 |
| PMV Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179357 |
| Point Biopharma Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271298 |
| Poseida Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113394 |
| Precigen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;66913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108399 |
| Precision BioSciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71782 |
| Prelude Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50275 |
| Prestige Consumer Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20626 | &nbsp;&nbsp;&nbsp;&nbsp;1123704 |
| ProKidney Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69241 |
| Prometheus Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632813 |
| ProPhase Labs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71047 |
| Protagonist Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146845 |
| Prothena Corp. plc \* | &nbsp;&nbsp;&nbsp;&nbsp;14317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879636 |
| Provention Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;35185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244184 |
| PTC Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29513 | &nbsp;&nbsp;&nbsp;&nbsp;1116182 |
| Puma Biotechnology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20555 |
| Pyxis Oncology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33172 |
| Quanterix Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;14993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165973 |
| Quantum-Si, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;32018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97015 |
| Quince Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11013 |
| Rain Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48746 |
| Rallybio Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49702 |
| Rani Therapeutics Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17037 |
| Rapid Micro Biosystems, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19847 |
| RAPT Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211327 |
| Reata Pharmaceuticals, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;11755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378511 |
| Recursion Pharmaceuticals, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;49917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526624 |
| Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;44459 | &nbsp;&nbsp;&nbsp;33288676 |
| REGENXBIO, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351121 |
| Regulus Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14125 |
| Relay Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815230 |
| Relmada Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63823 |
| Repligen Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;21513 | &nbsp;&nbsp;&nbsp;&nbsp;3925907 |
| Replimune Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283478 |
| Revance Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739643 |
| REVOLUTION Medicines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;30019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608185 |
| Rhythm Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425952 |
| Rigel Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;82091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59812 |
| Rocket Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386934 |
| Roivant Sciences Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;51436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264381 |
| Royalty Pharma plc, Class A | &nbsp;&nbsp;&nbsp;152719 | &nbsp;&nbsp;&nbsp;&nbsp;6463068 |
| SAB Biotherapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14614 |
| Sage Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819256 |
| Sana Biotechnology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198140 |
| Sangamo Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;57765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253588 |
| Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36504 | &nbsp;&nbsp;&nbsp;&nbsp;4162186 |
| Satsuma Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27112 |
| Savara, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;42882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52745 |
| Scholar Rock Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;17416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169980 |
| SCYNEXIS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20501 |
| Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;56836 | &nbsp;&nbsp;&nbsp;&nbsp;7227266 |
| Seelos Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;39148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34035 |
| Seer, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105227 |
| Selecta Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;59796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94478 |
| SELLAS Life Sciences Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75994 |
| Seres Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359051 |
| Sesen Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;67895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37899 |
| Shattuck Labs, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55335 |
| SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157121 |
| Silverback Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58574 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Singular Genomics Systems, Inc. *\*(a)* | &nbsp;&nbsp;23488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62478 |
| Societal CDMO, Inc. \* | &nbsp;&nbsp;37047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67426 |
| SomaLogic, Inc. \* | &nbsp;&nbsp;61519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213471 |
| Sorrento Therapeutics, Inc. *\*(a)* | 153031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240259 |
| Sotera Health Co. \* | &nbsp;&nbsp;40149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276225 |
| Spectrum Pharmaceuticals, Inc. \* | &nbsp;&nbsp;82687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38036 |
| SpringWorks Therapeutics, Inc. \* | &nbsp;&nbsp;13701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328961 |
| SQZ Biotechnologies Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;7793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22210 |
| Standard BioTools, Inc. \* | &nbsp;&nbsp;27127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32010 |
| Stoke Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138788 |
| Supernus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;22262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762919 |
| Surface Oncology, Inc. \* | &nbsp;&nbsp;12172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15093 |
| Surrozen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19233 |
| Sutro Biopharma, Inc. \* | &nbsp;&nbsp;23381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171383 |
| Synaptogenix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31547 |
| Syndax Pharmaceuticals, Inc. \* | &nbsp;&nbsp;21112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484732 |
| Syneos Health, Inc. \* | &nbsp;&nbsp;42088 | &nbsp;&nbsp;&nbsp;2120393 |
| Synlogic, Inc. \* | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20940 |
| Synthetic Biologics, Inc. \* | &nbsp;&nbsp;13567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10284 |
| Syros Pharmaceuticals, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;4670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23446 |
| T2 Biosystems, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;3402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294 |
| Talaris Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344 |
| Tango Therapeutics, Inc. \* | &nbsp;&nbsp;24311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195460 |
| Tarsus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162225 |
| Taysha Gene Therapies, Inc. *\*(a)* | &nbsp;&nbsp;16140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27761 |
| Tenaya Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13231 |
| Terns Pharmaceuticals, Inc. \* | &nbsp;&nbsp;12408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85739 |
| TFF Pharmaceuticals, Inc. \* | &nbsp;&nbsp;11966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29915 |
| TG Therapeutics, Inc. \* | &nbsp;&nbsp;53453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311096 |
| Theravance Biopharma, Inc. \* | &nbsp;&nbsp;24661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245870 |
| Thermo Fisher Scientific, Inc. | 162451 | 83494940 |
| Theseus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32280 |
| Travere Therapeutics, Inc. \* | &nbsp;&nbsp;22407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485784 |
| Trevi Therapeutics, Inc. \* | &nbsp;&nbsp;12557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24863 |
| Tricida, Inc. \* | &nbsp;&nbsp;14891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 |
| Twist Bioscience Corp. \* | &nbsp;&nbsp;23587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774361 |
| Tyra Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29064 |
| Ultragenyx Pharmaceutical, Inc. \* | &nbsp;&nbsp;28884 | &nbsp;&nbsp;&nbsp;1168647 |
| uniQure N.V. \* | &nbsp;&nbsp;18083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336705 |
| United Therapeutics Corp. \* | &nbsp;&nbsp;18910 | &nbsp;&nbsp;&nbsp;4359322 |
| UNITY Biotechnology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13142 |
| Vanda Pharmaceuticals, Inc. \* | &nbsp;&nbsp;24287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254285 |
| Vaxart, Inc. *\*(a)* | &nbsp;&nbsp;53313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89033 |
| Vaxcyte, Inc. \* | &nbsp;&nbsp;24658 | &nbsp;&nbsp;&nbsp;1075335 |
| Vaxxinity, Inc., Class A \* | &nbsp;&nbsp;22917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30250 |
| VBI Vaccines, Inc. \* | &nbsp;&nbsp;95399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68697 |
| Ventyx Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301073 |
| Vera Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125764 |
| Veracyte, Inc. \* | &nbsp;&nbsp;30348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610298 |
| Verastem, Inc. \* | 198221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83253 |
| Vericel Corp. \* | &nbsp;&nbsp;18920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508570 |
| Verrica Pharmaceuticals, Inc. \* | &nbsp;&nbsp;12572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31304 |
| Vertex Pharmaceuticals, Inc. \* | 106358 | 33183696 |
| Verve Therapeutics, Inc. \* | &nbsp;&nbsp;16991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640561 |
| Viatris, Inc. | 501623 | &nbsp;&nbsp;&nbsp;5081441 |
| Vigil Neuroscience, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82085 |
| Viking Therapeutics, Inc. \* | &nbsp;&nbsp;28966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118761 |
| Vir Biotechnology, Inc. \* | &nbsp;&nbsp;30375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667642 |
| Viracta Therapeutics, Inc. \* | &nbsp;&nbsp;12430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48850 |
| Viridian Therapeutics, Inc. \* | &nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302580 |
| Vor BioPharma, Inc. \* | &nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52309 |
| Voyager Therapeutics, Inc. \* | &nbsp;&nbsp;12446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64470 |
| Waters Corp. \* | &nbsp;&nbsp;24741 | &nbsp;&nbsp;&nbsp;7401765 |
| WaVe Life Sciences Ltd. \* | &nbsp;&nbsp;29975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143580 |
| Werewolf Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20667 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;30811 | &nbsp;&nbsp;&nbsp;7089611 |
| X4 Pharmaceuticals, Inc. \* | &nbsp;&nbsp;42386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80533 |
| XBiotech, Inc. \* | &nbsp;&nbsp;10477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36774 |

---

<sub>97</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Xencor, Inc. \* | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672000 |
| Xeris Biopharma Holdings, Inc. \* | &nbsp;&nbsp;47467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75947 |
| XOMA Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71837 |
| Y-mAbs Therapeutics, Inc. \* | &nbsp;&nbsp;13495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48717 |
| Zentalis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;17233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432376 |
| Zoetis, Inc. | 194370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29307109 |
| Zynerba Pharmaceuticals, Inc. \* | &nbsp;&nbsp;37596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27449 |
|  |  | **1391065896** |
| &nbsp;&nbsp;**Real Estate 3.2%** | &nbsp;&nbsp;**Real Estate 3.2%** | &nbsp;&nbsp;**Real Estate 3.2%** |
| Acadia Realty Trust | &nbsp;&nbsp;40417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564625 |
| Agree Realty Corp. | &nbsp;&nbsp;33547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304679 |
| Alexander & Baldwin, Inc. | &nbsp;&nbsp;28776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560556 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187677 |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;61555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8943941 |
| Alpine Income Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85294 |
| Altisource Portfolio Solutions S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;2202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25191 |
| American Assets Trust, Inc. | &nbsp;&nbsp;21772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598295 |
| American Homes 4 Rent, Class A | 125324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002849 |
| American Tower Corp. | 193073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40002795 |
| Americold Realty Trust, Inc. | 111270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698297 |
| Anywhere Real Estate, Inc. \* | &nbsp;&nbsp;48041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356945 |
| Apartment Income REIT Corp. | &nbsp;&nbsp;63773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450796 |
| Apartment Investment & Management Co., Class A | &nbsp;&nbsp;64227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509962 |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp;87143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491888 |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;28123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328758 |
| Ashford Hospitality Trust, Inc. \* | &nbsp;&nbsp;11867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96360 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;57838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10128591 |
| Bluerock Homes Trust, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38861 |
| Boston Properties, Inc. | &nbsp;&nbsp;59003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289518 |
| Braemar Hotels & Resorts, Inc. | &nbsp;&nbsp;24766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122096 |
| Brandywine Realty Trust | &nbsp;&nbsp;69309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454667 |
| Brixmor Property Group, Inc. | 123425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630187 |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;72575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243936 |
| BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122545 |
| Camden Property Trust | &nbsp;&nbsp;44318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120945 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;40241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751702 |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;10443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300027 |
| CBRE Group, Inc., Class A \* | 133200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9449208 |
| Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;6268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434372 |
| Chatham Lodging Trust \* | &nbsp;&nbsp;18688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242383 |
| City Office REIT, Inc. | &nbsp;&nbsp;16407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174242 |
| Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37456 |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;10035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347211 |
| Compass, Inc., Class A \* | 110080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290611 |
| Corporate Office Properties Trust | &nbsp;&nbsp;45685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217505 |
| Cousins Properties, Inc. | &nbsp;&nbsp;64055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521947 |
| Creative Media & Community Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21921 |
| Crown Castle, Inc. | 179567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23929098 |
| CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157202 |
| CubeSmart | &nbsp;&nbsp;92599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877120 |
| Cushman & Wakefield plc \* | &nbsp;&nbsp;66084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763270 |
| DiamondRock Hospitality Co. | &nbsp;&nbsp;88294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824666 |
| Digital Realty Trust, Inc. | 119429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11972757 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;61036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781264 |
| Diversified Healthcare Trust | &nbsp;&nbsp;96849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131715 |
| Douglas Elliman, Inc. | &nbsp;&nbsp;26736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123520 |
| Douglas Emmett, Inc. | &nbsp;&nbsp;71613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259673 |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;38052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661724 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;18293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866330 |
| Elme Communities | &nbsp;&nbsp;36405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694971 |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;58131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428425 |
| EPR Properties | &nbsp;&nbsp;30556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179462 |
| Equinix, Inc. | &nbsp;&nbsp;37707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21358753 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Equity Commonwealth | &nbsp;&nbsp;45821 | 1198677 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;72573 | 4641769 |
| Equity Residential | 139994 | 8822422 |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;58921 | 1267980 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;27172 | 6038705 |
| eXp World Holdings, Inc. *(a)* | &nbsp;&nbsp;31554 | &nbsp;&nbsp;&nbsp;&nbsp;416828 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;55580 | 9862115 |
| Farmland Partners, Inc. | &nbsp;&nbsp;21207 | &nbsp;&nbsp;&nbsp;&nbsp;297110 |
| Federal Realty Investment Trust | &nbsp;&nbsp;30333 | 3002360 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;54948 | 2617173 |
| Forestar Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79265 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;34160 | &nbsp;&nbsp;&nbsp;&nbsp;875179 |
| Franklin Street Properties Corp. | &nbsp;&nbsp;36290 | &nbsp;&nbsp;&nbsp;&nbsp;104515 |
| FRP Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;145512 |
| Gaming & Leisure Properties, Inc. | 106148 | 5320138 |
| Getty Realty Corp. | &nbsp;&nbsp;17969 | &nbsp;&nbsp;&nbsp;&nbsp;565844 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;16360 | &nbsp;&nbsp;&nbsp;&nbsp;287772 |
| Gladstone Land Corp. | &nbsp;&nbsp;12206 | &nbsp;&nbsp;&nbsp;&nbsp;248392 |
| Global Medical REIT, Inc. | &nbsp;&nbsp;26096 | &nbsp;&nbsp;&nbsp;&nbsp;238517 |
| Global Net Lease, Inc. | &nbsp;&nbsp;47002 | &nbsp;&nbsp;&nbsp;&nbsp;575775 |
| Global Self Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39939 |
| Healthcare Realty Trust, Inc. | 157803 | 3208135 |
| Healthpeak Properties, Inc. | 224516 | 5327765 |
| Hersha Hospitality Trust | &nbsp;&nbsp;15131 | &nbsp;&nbsp;&nbsp;&nbsp;138449 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;43773 | 1235712 |
| Host Hotels & Resorts, Inc. | 297914 | 5624616 |
| Hudson Pacific Properties, Inc. | &nbsp;&nbsp;56547 | &nbsp;&nbsp;&nbsp;&nbsp;624279 |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;93616 | 1569004 |
| Indus Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89856 |
| Industrial Logistics Properties Trust | &nbsp;&nbsp;25951 | &nbsp;&nbsp;&nbsp;&nbsp;121451 |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp;11457 | 1238502 |
| InvenTrust Properties Corp. | &nbsp;&nbsp;27718 | &nbsp;&nbsp;&nbsp;&nbsp;698494 |
| Invitation Homes, Inc. | 240298 | 7615044 |
| Iron Mountain, Inc. | 120671 | 6041997 |
| iStar, Inc. | &nbsp;&nbsp;34333 | &nbsp;&nbsp;&nbsp;&nbsp;359810 |
| JBG SMITH Properties | &nbsp;&nbsp;43209 | &nbsp;&nbsp;&nbsp;&nbsp;850353 |
| Jones Lang LaSalle, Inc. \* | &nbsp;&nbsp;19916 | 3168436 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;47376 | &nbsp;&nbsp;&nbsp;&nbsp;786915 |
| Kilroy Realty Corp. | &nbsp;&nbsp;44547 | 1903939 |
| Kimco Realty Corp. | 257282 | 5500689 |
| Kite Realty Group Trust | &nbsp;&nbsp;93450 | 1835358 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;36155 | 3334576 |
| Life Storage, Inc. | &nbsp;&nbsp;35122 | 3884844 |
| LTC Properties, Inc. | &nbsp;&nbsp;16483 | &nbsp;&nbsp;&nbsp;&nbsp;637398 |
| LXP Industrial Trust | 114282 | 1106250 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;10209 | &nbsp;&nbsp;&nbsp;&nbsp;376100 |
| Maui Land & Pineapple Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29733 |
| Medical Properties Trust, Inc. | 250788 | 2871523 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;47959 | 7551145 |
| Modiv, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;3196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33750 |
| National Health Investors, Inc. | &nbsp;&nbsp;18522 | 1050197 |
| National Retail Properties, Inc. | &nbsp;&nbsp;73444 | 3086851 |
| National Storage Affiliates Trust | &nbsp;&nbsp;36469 | 1555768 |
| NETSTREIT Corp. | &nbsp;&nbsp;23067 | &nbsp;&nbsp;&nbsp;&nbsp;434121 |
| New Century Financial Corp. *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| New York City REIT, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19174 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp;53804 | &nbsp;&nbsp;&nbsp;&nbsp;440655 |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9644 | &nbsp;&nbsp;&nbsp;&nbsp;439766 |
| Offerpad Solutions, Inc. *\*(a)* | &nbsp;&nbsp;27533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26831 |
| Office Properties Income Trust | &nbsp;&nbsp;20035 | &nbsp;&nbsp;&nbsp;&nbsp;306536 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;97507 | 3098772 |
| One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6163 | &nbsp;&nbsp;&nbsp;&nbsp;138914 |
| Opendoor Technologies, Inc. \* | 209386 | &nbsp;&nbsp;&nbsp;&nbsp;542310 |
| Orion Office REIT, Inc. | &nbsp;&nbsp;24022 | &nbsp;&nbsp;&nbsp;&nbsp;225086 |
| Outfront Media, Inc. | &nbsp;&nbsp;61207 | 1104786 |
| Paramount Group, Inc. | &nbsp;&nbsp;74241 | &nbsp;&nbsp;&nbsp;&nbsp;480339 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp;93264 | 1219893 |

---

<sub>98</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;54296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870908 |
| Phillips Edison & Co., Inc. | &nbsp;&nbsp;48822 | &nbsp;&nbsp;&nbsp;1471495 |
| Physicians Realty Trust | &nbsp;&nbsp;93146 | &nbsp;&nbsp;&nbsp;1402779 |
| Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;49325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515446 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;15389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283773 |
| Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115044 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;33010 | &nbsp;&nbsp;&nbsp;1468589 |
| Power REIT \* | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11113 |
| Presidio Property Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10372 |
| Prologis, Inc. | 382980 | 42415035 |
| Public Storage | &nbsp;&nbsp;65416 | 20262606 |
| Rayonier, Inc. | &nbsp;&nbsp;60689 | &nbsp;&nbsp;&nbsp;2045219 |
| RE/MAX Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136979 |
| Realty Income Corp. | 256127 | 15949028 |
| Redfin Corp. \* | &nbsp;&nbsp;46168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222068 |
| Regency Centers Corp. | &nbsp;&nbsp;63366 | &nbsp;&nbsp;&nbsp;3834277 |
| Retail Opportunity Investments Corp. | &nbsp;&nbsp;49679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719352 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;71300 | &nbsp;&nbsp;&nbsp;3941464 |
| RLJ Lodging Trust | &nbsp;&nbsp;65496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797086 |
| RPT Realty | &nbsp;&nbsp;33736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313745 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;23078 | &nbsp;&nbsp;&nbsp;2052096 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;95077 | &nbsp;&nbsp;&nbsp;1298752 |
| Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195595 |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236200 |
| SBA Communications Corp. | &nbsp;&nbsp;44717 | 12069118 |
| Seritage Growth Properties, Class A *\*(a)* | &nbsp;&nbsp;13603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145960 |
| Service Properties Trust | &nbsp;&nbsp;69542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563986 |
| Simon Property Group, Inc. | 135914 | 14811908 |
| SITE Centers Corp. | &nbsp;&nbsp;74504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922360 |
| SL Green Realty Corp. | &nbsp;&nbsp;26542 | &nbsp;&nbsp;&nbsp;1053187 |
| Spirit Realty Capital, Inc. | &nbsp;&nbsp;56714 | &nbsp;&nbsp;&nbsp;2202205 |
| STAG Industrial, Inc. | &nbsp;&nbsp;73599 | &nbsp;&nbsp;&nbsp;2324992 |
| STORE Capital Corp. | 110321 | &nbsp;&nbsp;&nbsp;3508208 |
| Stratus Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100445 |
| Summit Hotel Properties, Inc. | &nbsp;&nbsp;47221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407989 |
| Sun Communities, Inc. | &nbsp;&nbsp;51287 | &nbsp;&nbsp;&nbsp;6916052 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;87253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972871 |
| Tanger Factory Outlet Centers, Inc. | &nbsp;&nbsp;42171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759500 |
| Tejon Ranch Co. \* | &nbsp;&nbsp;11108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188170 |
| Terreno Realty Corp. | &nbsp;&nbsp;27290 | &nbsp;&nbsp;&nbsp;1559351 |
| The Howard Hughes Corp. \* | &nbsp;&nbsp;14938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916446 |
| The Macerich Co. | &nbsp;&nbsp;89804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999519 |
| The Necessity Retail REIT, Inc. | &nbsp;&nbsp;54360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371822 |
| The RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168189 |
| The St. Joe Co. | &nbsp;&nbsp;14358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510140 |
| Transcontinental Realty Investors, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34968 |
| Trinity Place Holdings, Inc. \* | &nbsp;&nbsp;31763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24140 |
| UDR, Inc. | 126530 | &nbsp;&nbsp;&nbsp;5030833 |
| UMH Properties, Inc. | &nbsp;&nbsp;22187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389160 |
| Uniti Group, Inc. | &nbsp;&nbsp;99003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768263 |
| Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231767 |
| Urban Edge Properties | &nbsp;&nbsp;49559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699773 |
| Urstadt Biddle Properties, Inc., Class A | &nbsp;&nbsp;13664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256063 |
| Ventas, Inc. | 165586 | &nbsp;&nbsp;&nbsp;6479380 |
| Veris Residential, Inc. \* | &nbsp;&nbsp;32057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507462 |
| VICI Properties, Inc. | 399362 | 12787571 |
| Vornado Realty Trust | &nbsp;&nbsp;68363 | &nbsp;&nbsp;&nbsp;1612683 |
| Welltower, Inc. | 192201 | 11731949 |
| WeWork, Inc., Class A *\*(a)* | 100911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259341 |
| Weyerhaeuser Co. | 306148 | &nbsp;&nbsp;&nbsp;9469158 |
| Whitestone REIT | &nbsp;&nbsp;20066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188821 |
| WP Carey, Inc. | &nbsp;&nbsp;86225 | &nbsp;&nbsp;&nbsp;6578967 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;46347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791607 |
| Zillow Group, Inc., Class A \* | &nbsp;&nbsp;24333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752620 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Zillow Group, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;68016 | &nbsp;&nbsp;&nbsp;&nbsp;2098974 |
|  |  | **516473837** |
| &nbsp;&nbsp;**Retailing 5.4%** | &nbsp;&nbsp;**Retailing 5.4%** | &nbsp;&nbsp;**Retailing 5.4%** |
| 1-800-Flowers.com, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;11856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86430 |
| 1stdibs.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66041 |
| Abercrombie & Fitch Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;21678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381099 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34739 | &nbsp;&nbsp;&nbsp;&nbsp;1529558 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25267 | &nbsp;&nbsp;&nbsp;&nbsp;4798709 |
| Amazon.com, Inc. \* | 3676510 | &nbsp;&nbsp;376621684 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759473 |
| America's Car-Mart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154220 |
| Arhaus, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142426 |
| Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311836 |
| Asbury Automotive Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135 | &nbsp;&nbsp;&nbsp;&nbsp;1441046 |
| AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15816 | &nbsp;&nbsp;&nbsp;&nbsp;1681399 |
| AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082 | &nbsp;&nbsp;&nbsp;&nbsp;20470736 |
| BARK, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;57147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104579 |
| Barnes & Noble Education, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33159 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95233 | &nbsp;&nbsp;&nbsp;&nbsp;3178878 |
| Bed Bath & Beyond, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;27450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125447 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83044 | &nbsp;&nbsp;&nbsp;&nbsp;5681040 |
| Big 5 Sporting Goods Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99549 |
| Big Lots, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224874 |
| Boot Barn Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712045 |
| Brilliant Earth Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32040 |
| Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109480 |
| Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27430 | &nbsp;&nbsp;&nbsp;&nbsp;3921393 |
| Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408939 |
| Camping World Holdings, Inc., Class A *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;15765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438740 |
| CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;66714 | &nbsp;&nbsp;&nbsp;&nbsp;4203649 |
| CarParts.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119139 |
| Carvana Co. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;41387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559966 |
| Chewy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;37157 | &nbsp;&nbsp;&nbsp;&nbsp;1439091 |
| Chico's FAS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303673 |
| Citi Trends, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75246 |
| Conn's, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60672 |
| ContextLogic, Inc., Class A \* | &nbsp;&nbsp;&nbsp;236454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185143 |
| Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339005 |
| Destination XL Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153814 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23603 | &nbsp;&nbsp;&nbsp;&nbsp;2685077 |
| Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493185 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94095 | &nbsp;&nbsp;&nbsp;&nbsp;23998930 |
| Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;87403 | &nbsp;&nbsp;&nbsp;&nbsp;13853375 |
| DoorDash, Inc., Class A \* | &nbsp;&nbsp;&nbsp;108430 | &nbsp;&nbsp;&nbsp;&nbsp;4719958 |
| Duluth Holdings, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51591 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;229071 | &nbsp;&nbsp;&nbsp;&nbsp;9126189 |
| Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;52456 | &nbsp;&nbsp;&nbsp;&nbsp;4926143 |
| EVgo, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;28647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212274 |
| Five Below, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22897 | &nbsp;&nbsp;&nbsp;&nbsp;3350976 |
| Floor & Decor Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;44514 | &nbsp;&nbsp;&nbsp;&nbsp;3265992 |
| Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32883 | &nbsp;&nbsp;&nbsp;&nbsp;1042391 |
| Franchise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348084 |
| Funko, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;14201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293251 |
| GameStop Corp., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;105656 | &nbsp;&nbsp;&nbsp;&nbsp;2991121 |
| Genesco, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249359 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;58624 | &nbsp;&nbsp;&nbsp;&nbsp;10426865 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6427 | &nbsp;&nbsp;&nbsp;&nbsp;1111871 |
| Groupon, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60058 |
| Grove Collaborative Holdings *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;17338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23060 |
| GrowGeneration Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;25514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91085 |
| Guess?, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250506 |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159294 |
| Hibbett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326581 |
| J Jill Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57242 |
| JOANN, Inc. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27492 |

---

<sub>99</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Kirkland's, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;6028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22846 |
| Kohl's Corp. | &nbsp;&nbsp;53924 | &nbsp;&nbsp;&nbsp;&nbsp;1615024 |
| Lands' End, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46384 |
| Lazydays Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33051 |
| Leslie's, Inc. \* | &nbsp;&nbsp;61714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866465 |
| Liquidity Services, Inc. \* | &nbsp;&nbsp;10485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180132 |
| Lithia Motors, Inc. | &nbsp;&nbsp;11498 | &nbsp;&nbsp;&nbsp;&nbsp;2278329 |
| LKQ Corp. | 107764 | &nbsp;&nbsp;&nbsp;&nbsp;5995989 |
| LL Flooring Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80554 |
| Lowe's Cos., Inc. | 264915 | &nbsp;&nbsp;&nbsp;51645179 |
| Lulu's Fashion Lounge Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16645 |
| Macy's, Inc. | 112809 | &nbsp;&nbsp;&nbsp;&nbsp;2352068 |
| MarineMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284102 |
| Monro, Inc. | &nbsp;&nbsp;13330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636507 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8920 | &nbsp;&nbsp;&nbsp;&nbsp;2805429 |
| National Vision Holdings, Inc. \* | &nbsp;&nbsp;32814 | &nbsp;&nbsp;&nbsp;&nbsp;1215431 |
| Nordstrom, Inc. | &nbsp;&nbsp;46290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941539 |
| Ollie's Bargain Outlet Holdings, Inc. \* | &nbsp;&nbsp;23953 | &nbsp;&nbsp;&nbsp;&nbsp;1341368 |
| OneWater Marine, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141306 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;26425 | &nbsp;&nbsp;&nbsp;22122217 |
| Overstock.com, Inc. \* | &nbsp;&nbsp;19472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452724 |
| Party City Holdco, Inc. \* | &nbsp;&nbsp;42981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72638 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;10535 | &nbsp;&nbsp;&nbsp;&nbsp;1175917 |
| Petco Health & Wellness Co., Inc. \* | &nbsp;&nbsp;33512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352881 |
| PetMed Express, Inc. | &nbsp;&nbsp;10374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221174 |
| Polished.Com, Inc. \* | &nbsp;&nbsp;39276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25145 |
| Pool Corp. | &nbsp;&nbsp;16440 | &nbsp;&nbsp;&nbsp;&nbsp;5001541 |
| Porch Group, Inc. \* | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44880 |
| Poshmark, Inc., Class A \* | &nbsp;&nbsp;18105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323355 |
| Quotient Technology, Inc. \* | &nbsp;&nbsp;36556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89928 |
| Qurate Retail, Inc., Class A | 145107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339550 |
| Rent the Runway, Inc., Class A *\*(a)* | &nbsp;&nbsp;22080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43056 |
| Rent-A-Center, Inc. | &nbsp;&nbsp;22343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465852 |
| Revolve Group, Inc. \* | &nbsp;&nbsp;16774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402576 |
| RH \* | &nbsp;&nbsp;&nbsp;&nbsp;8245 | &nbsp;&nbsp;&nbsp;&nbsp;2093653 |
| Ross Stores, Inc. | 145446 | &nbsp;&nbsp;&nbsp;13917728 |
| RumbleON, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54381 |
| Sally Beauty Holdings, Inc. \* | &nbsp;&nbsp;43486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552707 |
| Shift Technologies, Inc. \* | &nbsp;&nbsp;60782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32214 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153424 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;19313 | &nbsp;&nbsp;&nbsp;&nbsp;1259980 |
| Sleep Number Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255319 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371102 |
| Sportsman's Warehouse Holdings, Inc. \* | &nbsp;&nbsp;18342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164711 |
| Stitch Fix, Inc., Class A \* | &nbsp;&nbsp;32183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128732 |
| Target Corp. | 192465 | &nbsp;&nbsp;&nbsp;31612376 |
| The Aaron's Co., Inc. | &nbsp;&nbsp;12845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133845 |
| The Buckle, Inc. | &nbsp;&nbsp;12022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472825 |
| The Cato Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94661 |
| The Children's Place, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239884 |
| The Container Store Group, Inc. \* | &nbsp;&nbsp;14357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77959 |
| The Gap, Inc. | &nbsp;&nbsp;87050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981053 |
| The Home Depot, Inc. | 426146 | 126194615 |
| The ODP Corp. \* | &nbsp;&nbsp;17930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709490 |
| The TJX Cos., Inc. | 485775 | &nbsp;&nbsp;&nbsp;35024377 |
| Tile Shop Holdings, Inc. | &nbsp;&nbsp;15152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59699 |
| Tilly's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86465 |
| Torrid Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21761 |
| Tractor Supply Co. | &nbsp;&nbsp;46132 | &nbsp;&nbsp;&nbsp;10138430 |
| TravelCenters of America, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349372 |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp;21497 | &nbsp;&nbsp;&nbsp;&nbsp;9015197 |
| Urban Outfitters, Inc. \* | &nbsp;&nbsp;24076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574453 |
| Victoria's Secret & Co. \* | &nbsp;&nbsp;34060 | &nbsp;&nbsp;&nbsp;&nbsp;1280656 |
| Vivid Seats, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 |
| Volta, Inc. *\*(a)* | &nbsp;&nbsp;46753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51896 |
| Vroom, Inc. *\*(a)* | &nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54080 |
| Warby Parker, Inc., Class A *\*(a)* | &nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428535 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Wayfair, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;31566 | &nbsp;&nbsp;&nbsp;&nbsp;1196983 |
| Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80719 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28677 | &nbsp;&nbsp;&nbsp;&nbsp;3551073 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294167 |
| Xometry, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;12314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739579 |
| Zumiez, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156135 |
|  |  | **861405986** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.3%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.3%** |
| ACM Research, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 |
| Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;669824 | &nbsp;&nbsp;&nbsp;&nbsp;40229629 |
| Aehr Test Systems *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;10009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205885 |
| Allegro MicroSystems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681903 |
| Alpha & Omega Semiconductor Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284827 |
| Ambarella, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821935 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843138 |
| Amtech Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58519 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;215456 | &nbsp;&nbsp;&nbsp;&nbsp;30728335 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;360801 | &nbsp;&nbsp;&nbsp;&nbsp;31855120 |
| Atomera, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74684 |
| Axcelis Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772328 |
| AXT, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72127 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;167422 | &nbsp;&nbsp;&nbsp;&nbsp;78708431 |
| CEVA, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254029 |
| Cirrus Logic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23294 | &nbsp;&nbsp;&nbsp;&nbsp;1563493 |
| Cohu, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671535 |
| Credo Technology Group Holding Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;37719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518259 |
| CyberOptics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142589 |
| Diodes, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18319 | &nbsp;&nbsp;&nbsp;&nbsp;1312923 |
| Enphase Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;56248 | &nbsp;&nbsp;&nbsp;&nbsp;17268136 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61682 | &nbsp;&nbsp;&nbsp;&nbsp;4893851 |
| Everspin Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58612 |
| First Solar, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;41103 | &nbsp;&nbsp;&nbsp;&nbsp;5983364 |
| FormFactor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646659 |
| Ichor Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;12049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306527 |
| Impinj, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993154 |
| indie Semiconductor, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;28439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222393 |
| Intel Corp. | 1702857 | &nbsp;&nbsp;&nbsp;&nbsp;48412225 |
| inTEST Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37187 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58787 | &nbsp;&nbsp;&nbsp;&nbsp;18603146 |
| Kopin Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;40189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43404 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24818 | &nbsp;&nbsp;&nbsp;&nbsp;1040867 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56830 | &nbsp;&nbsp;&nbsp;&nbsp;23003647 |
| Lattice Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;56590 | &nbsp;&nbsp;&nbsp;&nbsp;2745181 |
| MACOM Technology Solutions Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21011 | &nbsp;&nbsp;&nbsp;&nbsp;1215907 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;351849 | &nbsp;&nbsp;&nbsp;&nbsp;13961368 |
| MaxLinear, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981613 |
| Meta Materials, Inc. \* | &nbsp;&nbsp;&nbsp;164284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174141 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;229403 | &nbsp;&nbsp;&nbsp;&nbsp;14163341 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;457489 | &nbsp;&nbsp;&nbsp;&nbsp;24750155 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23985 | &nbsp;&nbsp;&nbsp;&nbsp;1970368 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18572 | &nbsp;&nbsp;&nbsp;&nbsp;6304265 |
| Navitas Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;34387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144769 |
| NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118563 |
| NVIDIA Corp. | 1038721 | &nbsp;&nbsp;140196173 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;108999 | &nbsp;&nbsp;&nbsp;&nbsp;15922574 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;179906 | &nbsp;&nbsp;&nbsp;&nbsp;11051626 |
| Onto Innovation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21213 | &nbsp;&nbsp;&nbsp;&nbsp;1417877 |
| PDF Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293713 |
| Photronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409879 |
| Pixelworks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30962 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23718 | &nbsp;&nbsp;&nbsp;&nbsp;1582228 |
| Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;43113 | &nbsp;&nbsp;&nbsp;&nbsp;3711167 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;465695 | &nbsp;&nbsp;&nbsp;&nbsp;54793674 |
| QuickLogic Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51303 |

---

<sub>100</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Rambus, Inc. \* | &nbsp;&nbsp;45028 | &nbsp;&nbsp;&nbsp;&nbsp;1358045 |
| Rigetti Computing, Inc., Class A \* | &nbsp;&nbsp;30086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63181 |
| Rockley Photonics Holdings Ltd. \* | &nbsp;&nbsp;41332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21083 |
| Semtech Corp. \* | &nbsp;&nbsp;25993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719746 |
| Silicon Laboratories, Inc. \* | &nbsp;&nbsp;14216 | &nbsp;&nbsp;&nbsp;&nbsp;1633703 |
| SiTime Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568677 |
| SkyWater Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22294 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;66278 | &nbsp;&nbsp;&nbsp;&nbsp;5700571 |
| SMART Global Holdings, Inc. \* | &nbsp;&nbsp;20089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271804 |
| SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;22992 | &nbsp;&nbsp;&nbsp;&nbsp;5288850 |
| Synaptics, Inc. \* | &nbsp;&nbsp;16128 | &nbsp;&nbsp;&nbsp;&nbsp;1428941 |
| Teradyne, Inc. | &nbsp;&nbsp;64949 | &nbsp;&nbsp;&nbsp;&nbsp;5283601 |
| Texas Instruments, Inc. | 378700 | &nbsp;&nbsp;&nbsp;&nbsp;60830581 |
| Transphorm, Inc. \* | &nbsp;&nbsp;11592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79985 |
| Ultra Clean Holdings, Inc. \* | &nbsp;&nbsp;18706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581944 |
| Universal Display Corp. | &nbsp;&nbsp;18394 | &nbsp;&nbsp;&nbsp;&nbsp;1751477 |
| Veeco Instruments, Inc. \* | &nbsp;&nbsp;24066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438723 |
| Wolfspeed, Inc. \* | &nbsp;&nbsp;51175 | &nbsp;&nbsp;&nbsp;&nbsp;4030031 |
|  |  | **697488945** |
| &nbsp;&nbsp;**Software & Services 12.7%** | &nbsp;&nbsp;**Software & Services 12.7%** | &nbsp;&nbsp;**Software & Services 12.7%** |
| 8x8, Inc. \* | &nbsp;&nbsp;52591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222460 |
| A10 Networks, Inc. | &nbsp;&nbsp;27651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464537 |
| Accenture plc, Class A | 262202 | &nbsp;&nbsp;&nbsp;&nbsp;74439148 |
| ACI Worldwide, Inc. \* | &nbsp;&nbsp;46724 | &nbsp;&nbsp;&nbsp;&nbsp;1136795 |
| Adeia, Inc. | &nbsp;&nbsp;42590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476156 |
| Adobe, Inc. \* | 194109 | &nbsp;&nbsp;&nbsp;&nbsp;61823716 |
| Affirm Holdings, Inc. \* | &nbsp;&nbsp;84607 | &nbsp;&nbsp;&nbsp;&nbsp;1698062 |
| AgileThought, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38250 |
| Agilysys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524012 |
| Akamai Technologies, Inc. \* | &nbsp;&nbsp;65757 | &nbsp;&nbsp;&nbsp;&nbsp;5808316 |
| Alarm.com Holdings, Inc. \* | &nbsp;&nbsp;20557 | &nbsp;&nbsp;&nbsp;&nbsp;1209574 |
| Alkami Technology, Inc. \* | &nbsp;&nbsp;15859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251365 |
| Altair Engineering, Inc., Class A \* | &nbsp;&nbsp;21241 | &nbsp;&nbsp;&nbsp;&nbsp;1041871 |
| Alteryx, Inc., Class A \* | &nbsp;&nbsp;24835 | &nbsp;&nbsp;&nbsp;&nbsp;1210210 |
| American Software, Inc., Class A | &nbsp;&nbsp;13798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236360 |
| Amplitude, Inc., Class A \* | &nbsp;&nbsp;21750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365400 |
| ANSYS, Inc. \* | &nbsp;&nbsp;36069 | &nbsp;&nbsp;&nbsp;&nbsp;7977020 |
| Appfolio, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970113 |
| Appian Corp. \* | &nbsp;&nbsp;16978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828866 |
| AppLovin Corp., Class A \* | &nbsp;&nbsp;50523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856870 |
| Arteris, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54957 |
| Asana, Inc., Class A \* | &nbsp;&nbsp;31239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643523 |
| Aspen Technology, Inc. \* | &nbsp;&nbsp;12084 | &nbsp;&nbsp;&nbsp;&nbsp;2917682 |
| Asure Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48926 |
| AudioEye, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23005 |
| Autodesk, Inc. \* | &nbsp;&nbsp;90169 | &nbsp;&nbsp;&nbsp;&nbsp;19323217 |
| Automatic Data Processing, Inc. | 172242 | &nbsp;&nbsp;&nbsp;&nbsp;41630891 |
| AvePoint, Inc. \* | &nbsp;&nbsp;34675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151530 |
| AvidXchange Holdings, Inc. \* | &nbsp;&nbsp;56022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509800 |
| Backblaze, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25218 |
| Benefitfocus, Inc. \* | &nbsp;&nbsp;12031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84819 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;80599 | &nbsp;&nbsp;&nbsp;&nbsp;2843533 |
| BigCommerce Holdings, Inc. \* | &nbsp;&nbsp;23831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354129 |
| Bill.com Holdings, Inc. \* | &nbsp;&nbsp;38996 | &nbsp;&nbsp;&nbsp;&nbsp;5200507 |
| Black Knight, Inc. \* | &nbsp;&nbsp;64734 | &nbsp;&nbsp;&nbsp;&nbsp;3914465 |
| Blackbaud, Inc. \* | &nbsp;&nbsp;18530 | &nbsp;&nbsp;&nbsp;&nbsp;1013591 |
| Blackline, Inc. \* | &nbsp;&nbsp;22646 | &nbsp;&nbsp;&nbsp;&nbsp;1268176 |
| Blend Labs, Inc., Class A *\*(a)* | &nbsp;&nbsp;73956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185630 |
| Block, Inc. \* | 220360 | &nbsp;&nbsp;&nbsp;&nbsp;13237025 |
| Box, Inc., Class A \* | &nbsp;&nbsp;59314 | &nbsp;&nbsp;&nbsp;&nbsp;1723072 |
| Braze, Inc., Class A *\*(a)* | &nbsp;&nbsp;12447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368556 |
| Brightcove, Inc. \* | &nbsp;&nbsp;15409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103240 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;48489 | &nbsp;&nbsp;&nbsp;&nbsp;7276259 |
| BTRS Holdings, Inc., Class A \* | &nbsp;&nbsp;38657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364922 |
| C3.ai, Inc., Class A \* | &nbsp;&nbsp;34968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458430 |
| Cadence Design Systems, Inc. \* | 113554 | &nbsp;&nbsp;&nbsp;&nbsp;17190940 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Cantaloupe, Inc. \* | &nbsp;&nbsp;26721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89515 |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213643 |
| CCC Intelligent Solutions Holdings, Inc. \* | &nbsp;&nbsp;44273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413067 |
| Cerberus Cyber Sentinel Corp. *\*(a)* | &nbsp;&nbsp;16788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58086 |
| Cerence, Inc. \* | &nbsp;&nbsp;16591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285365 |
| Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;64139 | &nbsp;&nbsp;&nbsp;4245360 |
| ChannelAdvisor Corp. \* | &nbsp;&nbsp;13078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301317 |
| Cipher Mining, Inc. \* | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16160 |
| Cleanspark, Inc. *\*(a)* | &nbsp;&nbsp;17826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62034 |
| Clear Secure, Inc., Class A \* | &nbsp;&nbsp;29467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796198 |
| Clearwater Analytics Holdings, Inc., Class A \* | &nbsp;&nbsp;21692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353363 |
| Cloudflare, Inc., Class A \* | 117405 | &nbsp;&nbsp;&nbsp;6612250 |
| Cognizant Technology Solutions Corp., Class A | 215087 | 13389166 |
| CommVault Systems, Inc. \* | &nbsp;&nbsp;18396 | &nbsp;&nbsp;&nbsp;1120132 |
| Computer Task Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60160 |
| Concentrix Corp. | &nbsp;&nbsp;17911 | &nbsp;&nbsp;&nbsp;2189262 |
| Conduent, Inc. \* | &nbsp;&nbsp;68566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282492 |
| Confluent, Inc., Class A \* | &nbsp;&nbsp;57998 | &nbsp;&nbsp;&nbsp;1558986 |
| Consensus Cloud Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399492 |
| Core Scientific, Inc., Class A *\*(a)* | 115010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23002 |
| CoreCard Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54341 |
| Couchbase, Inc. \* | &nbsp;&nbsp;10823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138534 |
| Coupa Software, Inc. \* | &nbsp;&nbsp;31724 | &nbsp;&nbsp;&nbsp;1688668 |
| Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;88684 | 14295861 |
| CS Disco, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89619 |
| CSG Systems International, Inc. | &nbsp;&nbsp;13804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892705 |
| Cvent Holding Corp. \* | &nbsp;&nbsp;28902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169077 |
| Cyxtera Technologies, Inc. \* | &nbsp;&nbsp;25255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61117 |
| Datadog, Inc., Class A \* | 102281 | &nbsp;&nbsp;&nbsp;8234643 |
| Digimarc Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;5752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93988 |
| Digital Turbine, Inc. \* | &nbsp;&nbsp;36295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529907 |
| DigitalOcean Holdings, Inc. \* | &nbsp;&nbsp;25176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904322 |
| DocuSign, Inc. \* | &nbsp;&nbsp;83127 | &nbsp;&nbsp;&nbsp;4015034 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;25720 | &nbsp;&nbsp;&nbsp;1719125 |
| Domo, Inc., Class B \* | &nbsp;&nbsp;11799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208488 |
| DoubleVerify Holdings, Inc. \* | &nbsp;&nbsp;26360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770503 |
| Dropbox, Inc., Class A \* | 114985 | &nbsp;&nbsp;&nbsp;2500924 |
| Duck Creek Technologies, Inc. \* | &nbsp;&nbsp;30427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363298 |
| DXC Technology Co. \* | &nbsp;&nbsp;96179 | &nbsp;&nbsp;&nbsp;2765146 |
| Dynatrace, Inc. \* | &nbsp;&nbsp;83057 | &nbsp;&nbsp;&nbsp;2926929 |
| E2open Parent Holdings, Inc. \* | &nbsp;&nbsp;72014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419842 |
| Ebix, Inc. | &nbsp;&nbsp;10319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204213 |
| Edgio, Inc. \* | &nbsp;&nbsp;50335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135401 |
| eGain Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61454 |
| Elastic N.V. \* | &nbsp;&nbsp;31652 | &nbsp;&nbsp;&nbsp;2024145 |
| Enfusion, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101344 |
| EngageSmart, Inc. \* | &nbsp;&nbsp;12468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244872 |
| Envestnet, Inc. \* | &nbsp;&nbsp;23278 | &nbsp;&nbsp;&nbsp;1147838 |
| EPAM Systems, Inc. \* | &nbsp;&nbsp;23820 | &nbsp;&nbsp;&nbsp;8337000 |
| Euronet Worldwide, Inc. \* | &nbsp;&nbsp;19929 | &nbsp;&nbsp;&nbsp;1674235 |
| Everbridge, Inc. \* | &nbsp;&nbsp;16799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526313 |
| EverCommerce, Inc. \* | &nbsp;&nbsp;12868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112080 |
| EVERTEC, Inc. | &nbsp;&nbsp;28074 | &nbsp;&nbsp;&nbsp;1005330 |
| Evo Payments, Inc., Class A \* | &nbsp;&nbsp;20481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690005 |
| ExlService Holdings, Inc. \* | &nbsp;&nbsp;13619 | &nbsp;&nbsp;&nbsp;2476615 |
| Expensify, Inc., Class A \* | &nbsp;&nbsp;18547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242780 |
| Fair Isaac Corp. \* | &nbsp;&nbsp;10452 | &nbsp;&nbsp;&nbsp;5004836 |
| Fastly, Inc., Class A \* | &nbsp;&nbsp;47725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405185 |
| Fidelity National Information Services, Inc. | 252117 | 20923190 |
| Fiserv, Inc. \* | 265214 | 27248086 |
| Five9, Inc. \* | &nbsp;&nbsp;28901 | &nbsp;&nbsp;&nbsp;1741574 |
| FleetCor Technologies, Inc. \* | &nbsp;&nbsp;31009 | &nbsp;&nbsp;&nbsp;5771395 |
| Flywire Corp. \* | &nbsp;&nbsp;25620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562359 |
| ForgeRock, Inc., Class A \* | &nbsp;&nbsp;12643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285226 |

---

<sub>101</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;271539 | &nbsp;&nbsp;&nbsp;15521169 |
| Freshworks, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;60347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820116 |
| Gartner, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32863 | &nbsp;&nbsp;&nbsp;&nbsp;9921997 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;69934 | &nbsp;&nbsp;&nbsp;&nbsp;3391799 |
| Gitlab, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;22050 | &nbsp;&nbsp;&nbsp;&nbsp;1068543 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;114833 | &nbsp;&nbsp;&nbsp;13120819 |
| GoDaddy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;64792 | &nbsp;&nbsp;&nbsp;&nbsp;5209277 |
| Grid Dynamics Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279645 |
| Guidewire Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34292 | &nbsp;&nbsp;&nbsp;&nbsp;2037288 |
| HashiCorp, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;16352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502497 |
| HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19963 | &nbsp;&nbsp;&nbsp;&nbsp;5920227 |
| I3 Verticals, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195818 |
| Informatica, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;15704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304029 |
| Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87488 |
| Innodata, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26457 |
| Instructure Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175119 |
| Intapp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171617 |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622128 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;374488 | &nbsp;&nbsp;&nbsp;51787945 |
| International Money Express, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375366 |
| Intrusion, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29213 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;117034 | &nbsp;&nbsp;&nbsp;50032035 |
| Ipsidy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520 |
| IronNet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9230 |
| Issuer Direct Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27849 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30230 | &nbsp;&nbsp;&nbsp;&nbsp;6017584 |
| Jamf Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;19093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451931 |
| Kaltura, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62017 |
| KnowBe4, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;33494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823283 |
| Kyndryl Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;85848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830150 |
| LivePerson, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310008 |
| LiveRamp Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499355 |
| Manhattan Associates, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25752 | &nbsp;&nbsp;&nbsp;&nbsp;3133246 |
| Marathon Digital Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;44384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581874 |
| Marqeta, Inc., Class A \* | &nbsp;&nbsp;&nbsp;165336 | &nbsp;&nbsp;&nbsp;&nbsp;1302848 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;353757 | 116095972 |
| Matterport, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;91473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319241 |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24920 | &nbsp;&nbsp;&nbsp;&nbsp;1536816 |
| MeridianLink, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159156 |
| Microsoft Corp. | 3093292 | 718045872 |
| MicroStrategy, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp;1074053 |
| Mitek Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210830 |
| Model N, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561260 |
| Momentive Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400051 |
| MoneyGram International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;42227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447184 |
| MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28187 | &nbsp;&nbsp;&nbsp;&nbsp;5159067 |
| N-Able, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296287 |
| nCino, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997633 |
| NCR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;57044 | &nbsp;&nbsp;&nbsp;&nbsp;1212755 |
| New Relic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23513 | &nbsp;&nbsp;&nbsp;&nbsp;1392910 |
| NextNav, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24010 |
| NortonLifeLock, Inc. | &nbsp;&nbsp;&nbsp;246228 | &nbsp;&nbsp;&nbsp;&nbsp;5547517 |
| Nutanix, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;92241 | &nbsp;&nbsp;&nbsp;&nbsp;2527403 |
| Okta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;62102 | &nbsp;&nbsp;&nbsp;&nbsp;3485164 |
| Olo, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;44208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389472 |
| OMNIQ Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23358 |
| ON24, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139479 |
| OneSpan, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142309 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;629918 | &nbsp;&nbsp;&nbsp;49177698 |
| PagerDuty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840179 |
| Palantir Technologies, Inc., Class A \* | &nbsp;&nbsp;&nbsp;725964 | &nbsp;&nbsp;&nbsp;&nbsp;6381224 |
| Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;124080 | &nbsp;&nbsp;&nbsp;21290887 |
| Park City Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30676 |
| Paya Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263744 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;132841 | &nbsp;&nbsp;&nbsp;15716419 |
| Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20229 | &nbsp;&nbsp;&nbsp;&nbsp;6999234 |
| Paycor HCM, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644928 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Paylocity Holding Corp. \* | &nbsp;&nbsp;17115 | &nbsp;&nbsp;&nbsp;3967086 |
| Paymentus Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91021 |
| Payoneer Global, Inc. \* | &nbsp;&nbsp;82495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639336 |
| PayPal Holdings, Inc. \* | 480011 | 40119319 |
| Paysign, Inc. \* | &nbsp;&nbsp;18698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45810 |
| Pegasystems, Inc. | &nbsp;&nbsp;17128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637333 |
| Perficient, Inc. \* | &nbsp;&nbsp;14160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948295 |
| PFSweb, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58597 |
| Phunware, Inc. *\*(a)* | &nbsp;&nbsp;55482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64914 |
| PowerSchool Holdings, Inc., Class A \* | &nbsp;&nbsp;13708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274160 |
| Priority Technology Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48576 |
| Procore Technologies, Inc. \* | &nbsp;&nbsp;28242 | &nbsp;&nbsp;&nbsp;1543708 |
| Progress Software Corp. | &nbsp;&nbsp;18097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923490 |
| PROS Holdings, Inc. \* | &nbsp;&nbsp;17218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429589 |
| PTC, Inc. \* | &nbsp;&nbsp;43889 | &nbsp;&nbsp;&nbsp;5171441 |
| Q2 Holdings, Inc. \* | &nbsp;&nbsp;23269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722270 |
| Qualtrics International, Inc., Class A \* | &nbsp;&nbsp;43174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516793 |
| Qualys, Inc. \* | &nbsp;&nbsp;14280 | &nbsp;&nbsp;&nbsp;2035757 |
| Quantum Computing, Inc. *\*(a)* | &nbsp;&nbsp;10216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22782 |
| Rackspace Technology, Inc. \* | &nbsp;&nbsp;24535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126355 |
| Rapid7, Inc. \* | &nbsp;&nbsp;23968 | &nbsp;&nbsp;&nbsp;1085031 |
| Remitly Global, Inc. \* | &nbsp;&nbsp;40093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465881 |
| Repay Holdings Corp. \* | &nbsp;&nbsp;32506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197962 |
| Rimini Street, Inc. \* | &nbsp;&nbsp;21843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122539 |
| RingCentral, Inc., Class A \* | &nbsp;&nbsp;32103 | &nbsp;&nbsp;&nbsp;1140299 |
| Riot Blockchain, Inc. *\*(a)* | &nbsp;&nbsp;57291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394735 |
| Roper Technologies, Inc. | &nbsp;&nbsp;43988 | 18234785 |
| Ryvyl, Inc. \* | &nbsp;&nbsp;10419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10068 |
| Sabre Corp. \* | 132063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767286 |
| Salesforce, Inc. \* | 412852 | 67125607 |
| Samsara, Inc., Class A \* | &nbsp;&nbsp;33703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414884 |
| SecureWorks Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41448 |
| SEMrush Holdings, Inc., Class A \* | &nbsp;&nbsp;13062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159748 |
| SentinelOne, Inc., Class A \* | &nbsp;&nbsp;82245 | &nbsp;&nbsp;&nbsp;1878476 |
| ServiceNow, Inc. \* | &nbsp;&nbsp;83811 | 35262640 |
| Shift4 Payments, Inc., Class A \* | &nbsp;&nbsp;20937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962474 |
| ShotSpotter, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148580 |
| Smartsheet, Inc., Class A \* | &nbsp;&nbsp;54857 | &nbsp;&nbsp;&nbsp;1915606 |
| Smith Micro Software, Inc. \* | &nbsp;&nbsp;24721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55869 |
| Snowflake, Inc., Class A \* | 117556 | 18844227 |
| SolarWinds Corp. \* | &nbsp;&nbsp;17754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165645 |
| Soluna Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934 |
| SoundHound AI, Inc., Class A *\*(a)* | &nbsp;&nbsp;45830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124199 |
| Splunk, Inc. \* | &nbsp;&nbsp;61598 | &nbsp;&nbsp;&nbsp;5119410 |
| Sprinklr, Inc., Class A \* | &nbsp;&nbsp;25637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237142 |
| Sprout Social, Inc., Class A \* | &nbsp;&nbsp;19288 | &nbsp;&nbsp;&nbsp;1163645 |
| SPS Commerce, Inc. \* | &nbsp;&nbsp;14979 | &nbsp;&nbsp;&nbsp;1895143 |
| Squarespace, Inc., Class A \* | &nbsp;&nbsp;17641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391807 |
| SRAX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16054 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;92249 | &nbsp;&nbsp;&nbsp;4743444 |
| Sumo Logic, Inc. \* | &nbsp;&nbsp;46233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356456 |
| Switch, Inc., Class A | &nbsp;&nbsp;58846 | &nbsp;&nbsp;&nbsp;2003706 |
| Synchronoss Technologies, Inc. \* | &nbsp;&nbsp;37860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40132 |
| Synopsys, Inc. \* | &nbsp;&nbsp;63431 | 18556739 |
| TaskUS, Inc., Class A \* | &nbsp;&nbsp;10367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209310 |
| Telos Corp. \* | &nbsp;&nbsp;24709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261915 |
| Tenable Holdings, Inc. \* | &nbsp;&nbsp;46032 | &nbsp;&nbsp;&nbsp;1870740 |
| Teradata Corp. \* | &nbsp;&nbsp;43028 | &nbsp;&nbsp;&nbsp;1359255 |
| The Hackett Group, Inc. | &nbsp;&nbsp;11502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251204 |
| The Western Union Co. | 159351 | &nbsp;&nbsp;&nbsp;2152832 |
| Thoughtworks Holding, Inc. \* | &nbsp;&nbsp;27607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265303 |
| Toast, Inc., Class A \* | 123884 | &nbsp;&nbsp;&nbsp;2736598 |
| TTEC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337839 |
| Tucows, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185913 |
| Twilio, Inc., Class A \* | &nbsp;&nbsp;72193 | &nbsp;&nbsp;&nbsp;5368993 |
| Tyler Technologies, Inc. \* | &nbsp;&nbsp;17230 | &nbsp;&nbsp;&nbsp;5570976 |
| UiPath, Inc., Class A \* | 143198 | &nbsp;&nbsp;&nbsp;1811455 |
| Unisys Corp. \* | &nbsp;&nbsp;28890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245565 |

---

<sub>102</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Unity Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;73573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170403 |
| Upland Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108444 |
| UserTesting, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147127 |
| Varonis Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;44934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202883 |
| Verint Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953705 |
| VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775242 |
| Veritone, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;11260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83437 |
| Verra Mobility Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;59168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009998 |
| Vertex, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;15520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279670 |
| Viant Technology, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47378 |
| VirnetX Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;26091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32875 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;677954 | &nbsp;&nbsp;&nbsp;&nbsp;140444951 |
| VMware, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;85405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610625 |
| Weave Communications, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69470 |
| WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027562 |
| WM Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 |
| Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;82498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12854838 |
| Workiva, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474422 |
| Xperi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237993 |
| Yext, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;50326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267734 |
| Zendesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937265 |
| ZeroFox Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;12914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56305 |
| Zeta Global Holdings Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;52022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433863 |
| Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;91780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7658123 |
| Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5360523 |
| Zuora, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;48922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376210 |
|  |  | **2040643093** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 7.9%** | &nbsp;&nbsp;**Technology Hardware & Equipment 7.9%** | &nbsp;&nbsp;**Technology Hardware & Equipment 7.9%** |
| 908 Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132189 |
| ADTRAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652104 |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189503 |
| Aeva Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;37597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75194 |
| AEye, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;40414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35180 |
| Airgain, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51517 |
| Airspan Networks Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39579 |
| Akoustis Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93570 |
| Alpine 4 Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;57587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41578 |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;246453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18688531 |
| Apple Inc. | 6265763 | &nbsp;&nbsp;&nbsp;&nbsp;960792098 |
| Applied Optoelectronics, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;21899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60222 |
| Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;101981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12325424 |
| Arlo Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;36675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188876 |
| Arrow Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702427 |
| AstroNova, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51109 |
| Aviat Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130934 |
| Avid Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364270 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559051 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371919 |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177769 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260651 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422301 |
| Boxlight Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;46965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24882 |
| CalAmp Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;14173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53857 |
| Calix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736799 |
| Cambium Networks Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78309 |
| Casa Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43268 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702936 |
| Cepton, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;18174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39983 |
| Ciena Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;62551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996193 |
| Cisco Systems, Inc. | 1717229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78013713 |
| Clearfield, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587065 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342845 |
| Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;54005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815108 |
| CommScope Holding Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;88343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169661 |
| Comtech Telecommunications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129738 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Corning, Inc. | 314810 | 10127438 |
| Corsair Gaming, Inc. *\*(a)* | &nbsp;&nbsp;17044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235207 |
| CPI Card Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51253 |
| CTS Corp. | &nbsp;&nbsp;13324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526565 |
| Daktronics, Inc. \* | &nbsp;&nbsp;14170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48461 |
| Dell Technologies, Inc., Class C | 109515 | &nbsp;&nbsp;&nbsp;4205376 |
| Diebold Nixdorf, Inc. \* | &nbsp;&nbsp;28307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70484 |
| Digi International, Inc. \* | &nbsp;&nbsp;15032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606241 |
| DZS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108560 |
| Eastman Kodak Co. \* | &nbsp;&nbsp;26841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143599 |
| EMCORE Corp. \* | &nbsp;&nbsp;11147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17055 |
| ePlus, Inc. \* | &nbsp;&nbsp;11248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548003 |
| Evolv Technologies Holdings, Inc. \* | &nbsp;&nbsp;21918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64220 |
| Extreme Networks, Inc. \* | &nbsp;&nbsp;51702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927534 |
| F5, Inc. \* | &nbsp;&nbsp;24821 | &nbsp;&nbsp;&nbsp;3547169 |
| Fabrinet \* | &nbsp;&nbsp;15120 | &nbsp;&nbsp;&nbsp;1729728 |
| FARO Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241830 |
| Focus Universal, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71260 |
| Genasys, Inc. \* | &nbsp;&nbsp;20918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59616 |
| Harmonic, Inc. \* | &nbsp;&nbsp;43209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667579 |
| Hewlett Packard Enterprise Co. | 537460 | &nbsp;&nbsp;&nbsp;7669554 |
| HP, Inc. | 377792 | 10434615 |
| Identiv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99870 |
| Immersion Corp. \* | &nbsp;&nbsp;13101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69959 |
| Infinera Corp. \* | &nbsp;&nbsp;80673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452576 |
| Inseego Corp. \* | &nbsp;&nbsp;33215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75066 |
| Insight Enterprises, Inc. \* | &nbsp;&nbsp;12638 | &nbsp;&nbsp;&nbsp;1194417 |
| Intevac, Inc. \* | &nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69218 |
| IonQ, Inc. *\*(a)* | &nbsp;&nbsp;62676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369162 |
| IPG Photonics Corp. \* | &nbsp;&nbsp;13678 | &nbsp;&nbsp;&nbsp;1171658 |
| Iteris, Inc. \* | &nbsp;&nbsp;14737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44211 |
| Itron, Inc. \* | &nbsp;&nbsp;19746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965382 |
| Jabil, Inc. | &nbsp;&nbsp;56943 | &nbsp;&nbsp;&nbsp;3658588 |
| Juniper Networks, Inc. | 133750 | &nbsp;&nbsp;&nbsp;4092750 |
| Keysight Technologies, Inc. \* | &nbsp;&nbsp;74430 | 12961985 |
| Kimball Electronics, Inc. \* | &nbsp;&nbsp;10963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226605 |
| Knowles Corp. \* | &nbsp;&nbsp;38215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525456 |
| KVH Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58092 |
| Lantronix, Inc. \* | &nbsp;&nbsp;11128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56196 |
| Lightwave Logic, Inc. *\*(a)* | &nbsp;&nbsp;49166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416436 |
| Littelfuse, Inc. | &nbsp;&nbsp;10354 | &nbsp;&nbsp;&nbsp;2280469 |
| Lumentum Holdings, Inc. \* | &nbsp;&nbsp;28982 | &nbsp;&nbsp;&nbsp;2157710 |
| Luna Innovations, Inc. \* | &nbsp;&nbsp;11699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60718 |
| Methode Electronics, Inc. | &nbsp;&nbsp;15172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625542 |
| MicroVision, Inc. *\*(a)* | &nbsp;&nbsp;65500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239730 |
| MICT, Inc. \* | &nbsp;&nbsp;40861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29902 |
| Mirion Technologies, Inc. \* | &nbsp;&nbsp;52479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424030 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;69243 | 17290670 |
| Movano, Inc. \* | &nbsp;&nbsp;16747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37178 |
| Napco Security Technologies, Inc. \* | &nbsp;&nbsp;12442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353602 |
| National Instruments Corp. | &nbsp;&nbsp;55528 | &nbsp;&nbsp;&nbsp;2120059 |
| Neonode, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16206 |
| NetApp, Inc. | &nbsp;&nbsp;91234 | &nbsp;&nbsp;&nbsp;6319779 |
| NETGEAR, Inc. \* | &nbsp;&nbsp;11235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220768 |
| NetScout Systems, Inc. \* | &nbsp;&nbsp;28598 | &nbsp;&nbsp;&nbsp;1027240 |
| nLight, Inc. \* | &nbsp;&nbsp;17442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187850 |
| Novanta, Inc. \* | &nbsp;&nbsp;14759 | &nbsp;&nbsp;&nbsp;2086923 |
| Ondas Holdings, Inc. *\*(a)* | &nbsp;&nbsp;14133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56532 |
| One Stop Systems, Inc. \* | &nbsp;&nbsp;12911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41573 |
| OSI Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537293 |
| PAR Technology Corp. \* | &nbsp;&nbsp;12016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345820 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236951 |
| PCTEL, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41664 |
| Plexus Corp. \* | &nbsp;&nbsp;11573 | &nbsp;&nbsp;&nbsp;1138783 |
| Powerfleet, Inc. \* | &nbsp;&nbsp;22541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59734 |
| Pure Storage, Inc., Class A \* | 116774 | &nbsp;&nbsp;&nbsp;3603646 |
| Quantum Corp. \* | &nbsp;&nbsp;57798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81495 |
| Red Cat Holdings, Inc. \* | &nbsp;&nbsp;18398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24837 |

---

<sub>103</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Research Frontiers, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53363 |
| RF Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38108 |
| Ribbon Communications, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101376 |
| Richardson Electronics Ltd/United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133796 |
| Rogers Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846870 |
| Sanmina Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;23680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327264 |
| ScanSource, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316863 |
| Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;80957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020325 |
| SmartRent, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;54496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149864 |
| Sono-Tek Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19386 |
| Super Micro Computer, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307318 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585502 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;132380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16180807 |
| Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7760610 |
| Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;103198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208392 |
| TTM Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;43639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668113 |
| Turtle Beach Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47471 |
| Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591556 |
| Velodyne Lidar, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;75343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74401 |
| ViaSat, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;31766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301135 |
| Viavi Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;96616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458902 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123683 |
| Vishay Precision Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182048 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246351 |
| Wayside Technology Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72746 |
| Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;130425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4482707 |
| Wrap Technologies, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;24437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28958 |
| Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711632 |
| Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;21537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6099709 |
|  |  | **1271535287** |
| &nbsp;&nbsp;**Telecommunication Services 1.1%** | &nbsp;&nbsp;**Telecommunication Services 1.1%** | &nbsp;&nbsp;**Telecommunication Services 1.1%** |
| Anterix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286168 |
| AST SpaceMobile, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;19782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143024 |
| AT&T, Inc. | 2955516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53879057 |
| ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213314 |
| Bandwidth, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113596 |
| Charge Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85883 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919870 |
| Consolidated Communications Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149149 |
| EchoStar Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;15741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297033 |
| Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;91781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149511 |
| Globalstar, Inc. \* | &nbsp;&nbsp;&nbsp;311151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675198 |
| Gogo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396070 |
| IDT Corp., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232664 |
| Iridium Communications, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;52464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703470 |
| KORE Group Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36720 |
| Liberty Global plc, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;70809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193840 |
| Liberty Global plc, Class C \* | &nbsp;&nbsp;&nbsp;116530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057920 |
| Liberty Latin America Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;21685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168709 |
| Liberty Latin America Ltd., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;68742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535500 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;398859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935602 |
| Ooma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157609 |
| Radius Global Infrastructure, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;30999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289841 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;20103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455534 |
| Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88120 |
| Starry Group Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;42774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710583 |
| T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;249432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37803914 |
| United States Cellular Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183778 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Verizon Communications, Inc. | 1742180 | &nbsp;&nbsp;&nbsp;&nbsp;65105266 |
|  |  | **173976396** |
| &nbsp;&nbsp;**Transportation 1.8%** | &nbsp;&nbsp;**Transportation 1.8%** | &nbsp;&nbsp;**Transportation 1.8%** |
| Air T, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31660 |
| Air Transport Services Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;24772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723342 |
| Alaska Air Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;53561 | &nbsp;&nbsp;&nbsp;&nbsp;2381322 |
| Allegiant Travel Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460507 |
| AMERCO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 | &nbsp;&nbsp;&nbsp;&nbsp;2320316 |
| American Airlines Group, Inc. \* | &nbsp;&nbsp;&nbsp;269132 | &nbsp;&nbsp;&nbsp;&nbsp;3816292 |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804308 |
| Atlas Air Worldwide Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10949 | &nbsp;&nbsp;&nbsp;&nbsp;1107382 |
| Avis Budget Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12076 | &nbsp;&nbsp;&nbsp;&nbsp;2855491 |
| Bird Global, Inc., Class A \* | &nbsp;&nbsp;&nbsp;105731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45908 |
| Blade Air Mobility, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;17729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79781 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51399 | &nbsp;&nbsp;&nbsp;&nbsp;5022710 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128429 |
| CSX Corp. | &nbsp;&nbsp;&nbsp;887771 | &nbsp;&nbsp;&nbsp;&nbsp;25798625 |
| Daseke, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151032 |
| Delta Air Lines, Inc. \* | &nbsp;&nbsp;&nbsp;267338 | &nbsp;&nbsp;&nbsp;&nbsp;9070778 |
| Eagle Bulk Shipping, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202567 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67839 | &nbsp;&nbsp;&nbsp;&nbsp;6638046 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99325 | &nbsp;&nbsp;&nbsp;&nbsp;15919811 |
| Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10979 | &nbsp;&nbsp;&nbsp;&nbsp;1162347 |
| Frontier Group Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210953 |
| FTAI Infrastructure, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;43117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118572 |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200531 |
| GXO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49069 | &nbsp;&nbsp;&nbsp;&nbsp;1792981 |
| Hawaiian Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291573 |
| Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279670 |
| Hertz Global Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;73728 | &nbsp;&nbsp;&nbsp;&nbsp;1356595 |
| Hub Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;13809 | &nbsp;&nbsp;&nbsp;&nbsp;1071578 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34465 | &nbsp;&nbsp;&nbsp;&nbsp;5895928 |
| JetBlue Airways Corp. \* | &nbsp;&nbsp;&nbsp;132935 | &nbsp;&nbsp;&nbsp;&nbsp;1068797 |
| Joby Aviation, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;118668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571980 |
| Kirby Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;24458 | &nbsp;&nbsp;&nbsp;&nbsp;1705946 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67088 | &nbsp;&nbsp;&nbsp;&nbsp;3222237 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15003 | &nbsp;&nbsp;&nbsp;&nbsp;2343769 |
| Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;125069 | &nbsp;&nbsp;&nbsp;&nbsp;1831010 |
| Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458927 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16980 | &nbsp;&nbsp;&nbsp;&nbsp;1249388 |
| Mesa Air Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;22871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33849 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97405 | &nbsp;&nbsp;&nbsp;&nbsp;22215158 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37962 | &nbsp;&nbsp;&nbsp;&nbsp;10424365 |
| P.A.M. Transportation Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54614 |
| Pangaea Logistics Solutions Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64229 |
| Radiant Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;16850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102280 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21359 | &nbsp;&nbsp;&nbsp;&nbsp;1719613 |
| Saia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;11056 | &nbsp;&nbsp;&nbsp;&nbsp;2198596 |
| Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;14219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316231 |
| SkyWest, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;20970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370750 |
| Southwest Airlines Co. \* | &nbsp;&nbsp;&nbsp;245436 | &nbsp;&nbsp;&nbsp;&nbsp;8921599 |
| Spirit Airlines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45820 | &nbsp;&nbsp;&nbsp;&nbsp;1008040 |
| Sun Country Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232739 |
| TuSimple Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;58585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200947 |
| Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;822244 | &nbsp;&nbsp;&nbsp;&nbsp;21847023 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;258881 | &nbsp;&nbsp;&nbsp;&nbsp;51035800 |
| United Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;136481 | &nbsp;&nbsp;&nbsp;&nbsp;5879601 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;303294 | &nbsp;&nbsp;&nbsp;&nbsp;50883634 |
| Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105600 |
| US Xpress Enterprises, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19402 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938840 |
| Wheels Up Experience, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;67393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119286 |
| XPO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;48289 | &nbsp;&nbsp;&nbsp;&nbsp;2498473 |

---

<sub>104</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Yellow Corp. \* | &nbsp;&nbsp;13029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57718 |
|  |  | **283639476** |
| &nbsp;&nbsp;**Utilities 2.8%** | &nbsp;&nbsp;**Utilities 2.8%** | &nbsp;&nbsp;**Utilities 2.8%** |
| ALLETE, Inc. | &nbsp;&nbsp;23316 | &nbsp;&nbsp;&nbsp;&nbsp;1311991 |
| Alliant Energy Corp. | 104010 | &nbsp;&nbsp;&nbsp;&nbsp;5426202 |
| Altus Power, Inc. \* | &nbsp;&nbsp;13336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132827 |
| Ameren Corp. | 107072 | &nbsp;&nbsp;&nbsp;&nbsp;8728509 |
| American Electric Power Co., Inc. | 213169 | &nbsp;&nbsp;&nbsp;&nbsp;18741819 |
| American States Water Co. | &nbsp;&nbsp;15159 | &nbsp;&nbsp;&nbsp;&nbsp;1371283 |
| American Water Works Co., Inc. | &nbsp;&nbsp;75749 | &nbsp;&nbsp;&nbsp;&nbsp;11009360 |
| Artesian Resources Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153756 |
| Atmos Energy Corp. | &nbsp;&nbsp;58205 | &nbsp;&nbsp;&nbsp;&nbsp;6201743 |
| Avangrid, Inc. | &nbsp;&nbsp;29783 | &nbsp;&nbsp;&nbsp;&nbsp;1211572 |
| Avista Corp. | &nbsp;&nbsp;29804 | &nbsp;&nbsp;&nbsp;&nbsp;1222858 |
| Black Hills Corp. | &nbsp;&nbsp;26602 | &nbsp;&nbsp;&nbsp;&nbsp;1738973 |
| Cadiz, Inc. \* | &nbsp;&nbsp;15822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30853 |
| California Water Service Group | &nbsp;&nbsp;22389 | &nbsp;&nbsp;&nbsp;&nbsp;1389461 |
| CenterPoint Energy, Inc. | 261774 | &nbsp;&nbsp;&nbsp;&nbsp;7489354 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884466 |
| Clearway Energy, Inc., Class A | &nbsp;&nbsp;14344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463742 |
| Clearway Energy, Inc., Class C | &nbsp;&nbsp;33157 | &nbsp;&nbsp;&nbsp;&nbsp;1151874 |
| CMS Energy Corp. | 120766 | &nbsp;&nbsp;&nbsp;&nbsp;6889700 |
| Consolidated Edison, Inc. | 147218 | &nbsp;&nbsp;&nbsp;&nbsp;12949295 |
| Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89927 |
| Constellation Energy Corp. | 135678 | &nbsp;&nbsp;&nbsp;&nbsp;12826998 |
| Dominion Energy, Inc. | 344628 | &nbsp;&nbsp;&nbsp;&nbsp;24113621 |
| DTE Energy Co. | &nbsp;&nbsp;80315 | &nbsp;&nbsp;&nbsp;&nbsp;9004115 |
| Duke Energy Corp. | 319097 | &nbsp;&nbsp;&nbsp;&nbsp;29733459 |
| Edison International | 157747 | &nbsp;&nbsp;&nbsp;&nbsp;9471130 |
| Entergy Corp. | &nbsp;&nbsp;84753 | &nbsp;&nbsp;&nbsp;&nbsp;9080436 |
| Essential Utilities, Inc. | &nbsp;&nbsp;98999 | &nbsp;&nbsp;&nbsp;&nbsp;4377736 |
| Evergy, Inc. | &nbsp;&nbsp;95610 | &nbsp;&nbsp;&nbsp;&nbsp;5844639 |
| Eversource Energy | 144127 | &nbsp;&nbsp;&nbsp;&nbsp;10994008 |
| Exelon Corp. | 410789 | &nbsp;&nbsp;&nbsp;&nbsp;15852348 |
| FirstEnergy Corp. | 225733 | &nbsp;&nbsp;&nbsp;&nbsp;8512391 |
| Genie Energy Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;6776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66202 |
| Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59895 |
| Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;45090 | &nbsp;&nbsp;&nbsp;&nbsp;1715224 |
| IDACORP, Inc. | &nbsp;&nbsp;20845 | &nbsp;&nbsp;&nbsp;&nbsp;2182472 |
| MGE Energy, Inc. | &nbsp;&nbsp;14691 | &nbsp;&nbsp;&nbsp;&nbsp;1000310 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;7852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702518 |
| Montauk Renewables, Inc. \* | &nbsp;&nbsp;25936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388262 |
| National Fuel Gas Co. | &nbsp;&nbsp;38209 | &nbsp;&nbsp;&nbsp;&nbsp;2578725 |
| New Jersey Resources Corp. | &nbsp;&nbsp;40011 | &nbsp;&nbsp;&nbsp;&nbsp;1786091 |
| NextEra Energy, Inc. | 814916 | &nbsp;&nbsp;&nbsp;&nbsp;63155990 |
| NiSource, Inc. | 168378 | &nbsp;&nbsp;&nbsp;&nbsp;4325631 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;14215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683599 |
| NorthWestern Corp. | &nbsp;&nbsp;23430 | &nbsp;&nbsp;&nbsp;&nbsp;1237807 |
| NRG Energy, Inc. | &nbsp;&nbsp;97250 | &nbsp;&nbsp;&nbsp;&nbsp;4317900 |
| OGE Energy Corp. | &nbsp;&nbsp;82465 | &nbsp;&nbsp;&nbsp;&nbsp;3020693 |
| ONE Gas, Inc. | &nbsp;&nbsp;22158 | &nbsp;&nbsp;&nbsp;&nbsp;1716802 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;18201 | &nbsp;&nbsp;&nbsp;&nbsp;1646281 |
| Otter Tail Corp. | &nbsp;&nbsp;17852 | &nbsp;&nbsp;&nbsp;&nbsp;1203582 |
| PG&E Corp. \* | 666570 | &nbsp;&nbsp;&nbsp;&nbsp;9951890 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;46637 | &nbsp;&nbsp;&nbsp;&nbsp;3134473 |
| PNM Resources, Inc. | &nbsp;&nbsp;36396 | &nbsp;&nbsp;&nbsp;&nbsp;1691322 |
| Portland General Electric Co. | &nbsp;&nbsp;37443 | &nbsp;&nbsp;&nbsp;&nbsp;1682688 |
| PPL Corp. | 306458 | &nbsp;&nbsp;&nbsp;&nbsp;8118072 |
| Public Service Enterprise Group, Inc. | 206997 | &nbsp;&nbsp;&nbsp;&nbsp;11606322 |
| Pure Cycle Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72880 |
| RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83290 |
| Sempra Energy | 130313 | &nbsp;&nbsp;&nbsp;&nbsp;19669444 |
| SJW Group | &nbsp;&nbsp;10919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771755 |
| South Jersey Industries, Inc. | &nbsp;&nbsp;51842 | &nbsp;&nbsp;&nbsp;&nbsp;1797362 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;25522 | &nbsp;&nbsp;&nbsp;&nbsp;1864893 |
| Spire, Inc. | &nbsp;&nbsp;21367 | &nbsp;&nbsp;&nbsp;&nbsp;1491630 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sunnova Energy International, Inc. \* | &nbsp;&nbsp;41254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764849 |
| The AES Corp. | 278415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283336 |
| The Southern Co. | 440228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28826129 |
| The York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;6196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269898 |
| UGI Corp. | &nbsp;&nbsp;86600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059578 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372291 |
| Via Renewables, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45826 |
| Vistra Corp. | 160737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692129 |
| WEC Energy Group, Inc. | 130645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11931808 |
| Xcel Energy, Inc. | 227072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14784658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**453154953** |
| **Total Common Stocks<br> (Cost $9,413,955,696)** | **Total Common Stocks<br> (Cost $9,413,955,696)** | **15979113144** |
| **PREFERRED STOCKS 0.0% OF NET ASSETS** | **PREFERRED STOCKS 0.0% OF NET ASSETS** | **PREFERRED STOCKS 0.0% OF NET ASSETS** |
| &nbsp;&nbsp;**Software & Services 0.0%** | &nbsp;&nbsp;**Software & Services 0.0%** | &nbsp;&nbsp;**Software & Services 0.0%** |
| SRAX, Inc. *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;9789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**587** |
| **Total Preferred Stocks<br> (Cost $530)** | **Total Preferred Stocks<br> (Cost $530)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**587** |
| **RIGHTS 0.0% OF NET ASSETS** | **RIGHTS 0.0% OF NET ASSETS** | **RIGHTS 0.0% OF NET ASSETS** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 0.0%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.0%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.0%** |
| ZAGG, Inc. CVR *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**720** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;5747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10301 |
| F-star Therapeutics, Inc. Agonist CVR *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| F-star Therapeutics, Inc. Antagonist CVR *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11131** |
| **Total Rights<br> (Cost $720)** | **Total Rights<br> (Cost $720)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11851** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(d)(e)* | 41672354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41672354** |
| **Total Short-Term Investments<br> (Cost $41,672,354)** | **Total Short-Term Investments<br> (Cost $41,672,354)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41672354** |
| **Total Investments in Securities<br> (Cost $9,455,629,300)** | **Total Investments in Securities<br> (Cost $9,455,629,300)** | **16020797936** |

---

<sub>105</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10562100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579686 |
| S&P 500 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59604050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368565 |
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **2948251** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $39,625,164.

*(b)* Fair-valued
using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

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

*(d)* The rate
shown is the annualized 7-day yield.

*(e)* Security
 purchased with cash collateral received for securities on loan.

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DIVIDENDS <br> RECEIVED |
| **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** |
| **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** |
| The Charles Schwab Corp. | $46634301 | $4717931 | $— | $— | ($1149217) | **$50203015** | 630137 | $476594 |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$15110337328 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$15110337328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352285243 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352301979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516473837 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516473837 |
| Preferred Stocks<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software & Services | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |
| Rights <sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Durables & Apparel | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals, Biotechnology & Life Sciences | &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;&nbsp;&nbsp;&nbsp;11131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11131 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41672354 | &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;41672354 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948251 | &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;&nbsp;2948251 |
| **Total** | **$16023717013** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$29174** | &nbsp;&nbsp;&nbsp;**$16023746187** |

---

\* Level 3 amount shown includes securities determined to have no value at October 31, 2022.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>106</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $23,776,365) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50203015 |
| Investments in securities, at value - unaffiliated (cost $9,431,852,935) including securities on loan of $39,625,164 |  | &nbsp;&nbsp;&nbsp;15970594921 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64521734 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647001 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13880553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11576025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234103 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**16114657352** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41672354 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26045127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366711 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68459687** |
| **Net assets** |  | **$16046197665** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;&nbsp;$9456152539 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;6590045126 |
| **Net assets** |  | **$16046197665** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $16046197665 |  | 240127163 |  | $66.82 |

---

<sub>107</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $61,432) |  | &nbsp;&nbsp;&nbsp;&nbsp;$247713044 |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476594 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312974 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824819 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**251327431** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5132595 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431115 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5563710** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**245763721** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50051270) |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12721600) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(62772870)** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1149217) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(3392134174) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296828) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(3393580219)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(3456353089)** |
| **Decrease in net assets resulting from operations** |  | **($3210589368)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>108</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab Total Stock Market Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$245763721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$213096831 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62772870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34732921 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(3393580219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009497999 |
| **Increase (decrease) in net assets resulting from operations** |  | **($3210589368)** | &nbsp;&nbsp;&nbsp;**$5257327751** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($271189903)** | &nbsp;&nbsp;&nbsp;&nbsp;**($218157695)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;42748598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3156883859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45495323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3270028626 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;2402741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195366859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156303072 |
| Shares redeemed | + | &nbsp;&nbsp;(28345522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2055951707) | &nbsp;&nbsp;&nbsp;&nbsp;(23925141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1721261599) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**16805817** | &nbsp;&nbsp;&nbsp;&nbsp;**$1296299011** | &nbsp;&nbsp;&nbsp;&nbsp;**23944887** | &nbsp;&nbsp;&nbsp;&nbsp;**$1705070099** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;223321346 | &nbsp;&nbsp;&nbsp;&nbsp;$18231677925 | &nbsp;&nbsp;&nbsp;&nbsp;199376459 | &nbsp;&nbsp;&nbsp;&nbsp;$11487437770 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;16805817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2185480260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23944887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744240155 |
| **End of period** |  | **240127163** | &nbsp;&nbsp;&nbsp;**$16046197665** | &nbsp;&nbsp;&nbsp;**223321346** | &nbsp;&nbsp;&nbsp;**$18231677925** |

---

<sub>109</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;12/20/17 <sup>1</sup>–<br> 10/31/18 |
| **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;&nbsp;$89.23 | &nbsp;&nbsp;&nbsp;&nbsp;$62.76 | &nbsp;&nbsp;&nbsp;&nbsp;$49.06 | &nbsp;&nbsp;&nbsp;&nbsp;$42.37 | &nbsp;&nbsp;&nbsp;&nbsp;$40.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 <sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$66.09 | &nbsp;&nbsp;&nbsp;&nbsp;$89.23 | &nbsp;&nbsp;&nbsp;&nbsp;$62.76 | &nbsp;&nbsp;&nbsp;&nbsp;$49.06 | &nbsp;&nbsp;&nbsp;&nbsp;$42.37 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93% <sup>4</sup> |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% <sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.040% <sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% <sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% <sup>7</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% <sup>4</sup> |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$928988 | &nbsp;&nbsp;$881159 | &nbsp;&nbsp;$487205 | &nbsp;&nbsp;$165819 | &nbsp;&nbsp;$92752 |

---

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

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

<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 sales and repurchases of fund shares in relation to fluctuating market values.

<sup>4</sup> Not annualized.

<sup>5</sup> Ratio includes less than 0.0005% of non-routine proxy expenses.

<sup>6</sup> Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended 10/31/19 is a blended ratio.

<sup>7</sup> Annualized.

<sup>8</sup> The investment adviser voluntarily agreed to waive the fund's management fees to 0.00% beginning with the fund's commencement of operations through June 30, 2018. The ratio presented for period ended 10/31/18 is a blended ratio.

<sub>110</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.1% OF NET ASSETS** | **COMMON STOCKS 99.1% OF NET ASSETS** | **COMMON STOCKS 99.1% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 3.3%** | &nbsp;&nbsp;**Automobiles & Components 3.3%** | &nbsp;&nbsp;**Automobiles & Components 3.3%** |
| Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;3488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317652 |
| Lucid Group, Inc. *\*(a)* | &nbsp;&nbsp;25664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366739 |
| Tesla, Inc. \* | 130967 | &nbsp;&nbsp;&nbsp;&nbsp;29800231 |
|  |  | &nbsp;&nbsp;&nbsp;**30484622** |
| &nbsp;&nbsp;**Banks 0.1%** | &nbsp;&nbsp;**Banks 0.1%** | &nbsp;&nbsp;**Banks 0.1%** |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126606 |
| Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22225 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24414 |
| SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445753 |
| UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11480 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**852206** |
| &nbsp;&nbsp;**Capital Goods 4.2%** | &nbsp;&nbsp;**Capital Goods 4.2%** | &nbsp;&nbsp;**Capital Goods 4.2%** |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85512 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381709 |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27778 |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51903 |
| Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;3559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372876 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161522 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99148 |
| Axon Enterprise, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390797 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102450 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531569 |
| Caterpillar, Inc. | &nbsp;&nbsp;23680 | &nbsp;&nbsp;&nbsp;&nbsp;5125773 |
| ChargePoint Holdings, Inc. *\*(a)* | &nbsp;&nbsp;12749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178231 |
| Core & Main, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29522 |
| Deere & Co. | &nbsp;&nbsp;14436 | &nbsp;&nbsp;&nbsp;&nbsp;5714057 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59403 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;9691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839241 |
| Fastenal Co. | &nbsp;&nbsp;29616 | &nbsp;&nbsp;&nbsp;&nbsp;1431341 |
| Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137168 |
| Generac Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370564 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246424 |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412679 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359597 |
| HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475338 |
| Honeywell International, Inc. | &nbsp;&nbsp;10207 | &nbsp;&nbsp;&nbsp;&nbsp;2082432 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64630 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112083 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154728 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;14366 | &nbsp;&nbsp;&nbsp;&nbsp;3067572 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408534 |
| Lockheed Martin Corp. | &nbsp;&nbsp;12225 | &nbsp;&nbsp;&nbsp;&nbsp;5949663 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27438 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158625 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485325 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186984 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436221 |
| Plug Power, Inc. \* | &nbsp;&nbsp;13312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212726 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566455 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp;1029114 |
| SiteOne Landscape Supply, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161175 |
| Spirit AeroSystems Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117236 |
| The Boeing Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;8782 | &nbsp;&nbsp;&nbsp;&nbsp;1251523 |
| The Middleby Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26154 |
| The Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;5362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565316 |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp;1113260 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586124 |
| Trex Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273007 |
| United Rentals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519974 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45329 |
| Vertiv Holdings Co. | &nbsp;&nbsp;&nbsp;&nbsp;2398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34315 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2346 | &nbsp;&nbsp;&nbsp;&nbsp;1370885 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242238 |
| WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166839 |
| WillScot Mobile Mini Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242251 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132340 |
|  |  | &nbsp;&nbsp;&nbsp;**39375098** |
| &nbsp;&nbsp;**Commercial & Professional Services 1.2%** | &nbsp;&nbsp;**Commercial & Professional Services 1.2%** | &nbsp;&nbsp;**Commercial & Professional Services 1.2%** |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734411 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4158 | &nbsp;&nbsp;&nbsp;&nbsp;1777753 |
| Copart, Inc. \* | &nbsp;&nbsp;10965 | &nbsp;&nbsp;&nbsp;&nbsp;1261194 |
| CoStar Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240467 |
| Driven Brands Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530830 |
| FTI Consulting, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113143 |
| IAA, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214532 |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230186 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95713 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91508 |
| Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373966 |
| Rollins, Inc. | &nbsp;&nbsp;11025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463932 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156397 |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;7265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430597 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8003 | &nbsp;&nbsp;&nbsp;&nbsp;1463188 |
| Waste Management, Inc. | &nbsp;&nbsp;20027 | &nbsp;&nbsp;&nbsp;&nbsp;3171676 |
|  |  | &nbsp;&nbsp;&nbsp;**11354226** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 1.1%** | &nbsp;&nbsp;**Consumer Durables & Apparel 1.1%** | &nbsp;&nbsp;**Consumer Durables & Apparel 1.1%** |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47137 |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659477 |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418516 |
| Lululemon Athletica, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5749 | &nbsp;&nbsp;&nbsp;&nbsp;1891651 |
| Mattel, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164554 |
| NIKE, Inc., Class B | &nbsp;&nbsp;63124 | &nbsp;&nbsp;&nbsp;&nbsp;5850332 |
| NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474628 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218745 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184274 |
| Skechers U.S.A., Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35807 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53602 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122046 |
| TopBuild Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239217 |
| YETI Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142916 |
|  |  | &nbsp;&nbsp;&nbsp;**10502902** |

---

<sub>111</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Consumer Services 2.3%** | &nbsp;&nbsp;**Consumer Services 2.3%** | &nbsp;&nbsp;**Consumer Services 2.3%** |
| Airbnb, Inc., Class A \* | &nbsp;&nbsp;20108 | &nbsp;&nbsp;&nbsp;&nbsp;2149746 |
| Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;3821217 |
| Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53562 |
| Caesars Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317174 |
| Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp;2145609 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223325 |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387336 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656297 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448856 |
| DraftKings, Inc., Class A \* | &nbsp;&nbsp;16709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264002 |
| Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727944 |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279861 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp;1360039 |
| Las Vegas Sands Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241326 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;14137 | &nbsp;&nbsp;&nbsp;&nbsp;2263475 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9258 | &nbsp;&nbsp;&nbsp;&nbsp;2524286 |
| Mister Car Wash, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26358 |
| Norwegian Cruise Line Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26484 |
| Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209405 |
| Six Flags Entertainment Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40764 |
| Starbucks Corp. | &nbsp;&nbsp;21271 | &nbsp;&nbsp;&nbsp;&nbsp;1841856 |
| The Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;8686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180495 |
| Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111737 |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427742 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237054 |
| Wynn Resorts Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43772 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199133 |
|  |  | &nbsp;&nbsp;&nbsp;**21208855** |
| &nbsp;&nbsp;**Diversified Financials 1.8%** | &nbsp;&nbsp;**Diversified Financials 1.8%** | &nbsp;&nbsp;**Diversified Financials 1.8%** |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291556 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3552 | &nbsp;&nbsp;&nbsp;&nbsp;1097994 |
| Apollo Global Management, Inc. | &nbsp;&nbsp;17997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996314 |
| Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590640 |
| Blackstone, Inc. | &nbsp;&nbsp;36051 | &nbsp;&nbsp;&nbsp;&nbsp;3285688 |
| Blue Owl Capital, Inc. | &nbsp;&nbsp;21261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213035 |
| Credit Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15365 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831833 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4098 | &nbsp;&nbsp;&nbsp;&nbsp;1047654 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466605 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7773 | &nbsp;&nbsp;&nbsp;&nbsp;2058835 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268632 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3058 | &nbsp;&nbsp;&nbsp;&nbsp;1433774 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97584 |
| The Charles Schwab Corp. *(b)* | &nbsp;&nbsp;43238 | &nbsp;&nbsp;&nbsp;&nbsp;3444771 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193716 |
| Upstart Holdings, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203 |
|  |  | &nbsp;&nbsp;&nbsp;**16350199** |
| &nbsp;&nbsp;**Energy 1.8%** | &nbsp;&nbsp;**Energy 1.8%** | &nbsp;&nbsp;**Energy 1.8%** |
| Antero Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355785 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7363 | &nbsp;&nbsp;&nbsp;&nbsp;1298907 |
| Continental Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104372 |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204493 |
| Devon Energy Corp. | &nbsp;&nbsp;16555 | &nbsp;&nbsp;&nbsp;&nbsp;1280529 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799847 |
| Enviva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92094 |
| EOG Resources, Inc. | &nbsp;&nbsp;22021 | &nbsp;&nbsp;&nbsp;&nbsp;3006307 |
| Halliburton Co. | &nbsp;&nbsp;20974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763873 |
| Hess Corp. | &nbsp;&nbsp;11343 | &nbsp;&nbsp;&nbsp;&nbsp;1600270 |
| New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136574 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;34791 | &nbsp;&nbsp;&nbsp;&nbsp;2525827 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150020 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473577 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186915 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp;1724614 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248630 |
| Southwestern Energy Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27200 |
| Targa Resources Corp. | &nbsp;&nbsp;11629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795075 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679642 |
|  |  | &nbsp;&nbsp;&nbsp;**16454551** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337000 |
| Costco Wholesale Corp. | &nbsp;&nbsp;22804 | &nbsp;&nbsp;&nbsp;&nbsp;11436206 |
| Grocery Outlet Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9956 |
| Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125156 |
| Sysco Corp. | &nbsp;&nbsp;26118 | &nbsp;&nbsp;&nbsp;&nbsp;2260774 |
|  |  | &nbsp;&nbsp;&nbsp;**14169092** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 2.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.7%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.7%** |
| Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92152 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377740 |
| Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44969 |
| Freshpet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77637 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;7086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544347 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637166 |
| Monster Beverage Corp. \* | &nbsp;&nbsp;17688 | &nbsp;&nbsp;&nbsp;&nbsp;1657719 |
| PepsiCo, Inc. | &nbsp;&nbsp;60172 | &nbsp;&nbsp;&nbsp;&nbsp;10926032 |
| Pilgrim's Pride Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29596 |
| The Boston Beer Co., Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171713 |
| The Coca-Cola Co. | 150840 | &nbsp;&nbsp;&nbsp;&nbsp;9027774 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;6512 | &nbsp;&nbsp;&nbsp;&nbsp;1554870 |
|  |  | &nbsp;&nbsp;&nbsp;**25141715** |
| &nbsp;&nbsp;**Health Care Equipment & Services 5.8%** | &nbsp;&nbsp;**Health Care Equipment & Services 5.8%** | &nbsp;&nbsp;**Health Care Equipment & Services 5.8%** |
| Abbott Laboratories | &nbsp;&nbsp;11677 | &nbsp;&nbsp;&nbsp;&nbsp;1155322 |
| ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577515 |
| agilon health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178670 |
| Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586397 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7586 | &nbsp;&nbsp;&nbsp;&nbsp;1192671 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219248 |
| Certara, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47391 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121853 |
| Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791820 |
| DaVita, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210269 |
| Definitive Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13034 |
| DexCom, Inc. \* | &nbsp;&nbsp;20146 | &nbsp;&nbsp;&nbsp;&nbsp;2433234 |
| Doximity, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68584 |
| Edwards Lifesciences Corp. \* | &nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp;2303274 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp;2063510 |
| Globus Medical, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14874 |
| Guardant Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248292 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148315 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4594 | &nbsp;&nbsp;&nbsp;&nbsp;2563819 |
| ICU Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27753 |
| IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4288 | &nbsp;&nbsp;&nbsp;&nbsp;1542308 |
| Insulet Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915670 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp;16972 | &nbsp;&nbsp;&nbsp;&nbsp;4183089 |
| Masimo Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245960 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570816 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819636 |
| Novocure Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;5305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374851 |
| Penumbra, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314304 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7429 | &nbsp;&nbsp;&nbsp;&nbsp;1661793 |
| Signify Health, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9679 | &nbsp;&nbsp;&nbsp;&nbsp;2218814 |
| Tandem Diabetes Care, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170247 |
| Teladoc Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24898 |

---

<sub>112</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;43831 | &nbsp;&nbsp;&nbsp;&nbsp;24332780 |
| Veeva Systems, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7171 | &nbsp;&nbsp;&nbsp;&nbsp;1204298 |
|  |  | &nbsp;&nbsp;&nbsp;**53550337** |
| &nbsp;&nbsp;**Household & Personal Products 1.5%** | &nbsp;&nbsp;**Household & Personal Products 1.5%** | &nbsp;&nbsp;**Household & Personal Products 1.5%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416759 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;26221 | &nbsp;&nbsp;&nbsp;&nbsp;1936159 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;10243 | &nbsp;&nbsp;&nbsp;&nbsp;1274844 |
| Olaplex Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28098 |
| The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765834 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;11825 | &nbsp;&nbsp;&nbsp;&nbsp;2370794 |
| The Procter & Gamble Co. | &nbsp;&nbsp;52489 | &nbsp;&nbsp;&nbsp;&nbsp;7068693 |
|  |  | &nbsp;&nbsp;&nbsp;**13861181** |
| &nbsp;&nbsp;**Insurance 1.3%** | &nbsp;&nbsp;**Insurance 1.3%** | &nbsp;&nbsp;**Insurance 1.3%** |
| Aon plc, Class A | &nbsp;&nbsp;10210 | &nbsp;&nbsp;&nbsp;&nbsp;2874013 |
| Arch Capital Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;5886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338445 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230670 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21873 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52735 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246472 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197790 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94003 |
| Markel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189358 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;23082 | &nbsp;&nbsp;&nbsp;&nbsp;3727512 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187163 |
| Ryan Specialty Group Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190388 |
| The Progressive Corp. | &nbsp;&nbsp;26174 | &nbsp;&nbsp;&nbsp;&nbsp;3360742 |
|  |  | &nbsp;&nbsp;&nbsp;**11711164** |
| &nbsp;&nbsp;**Materials 1.4%** | &nbsp;&nbsp;**Materials 1.4%** | &nbsp;&nbsp;**Materials 1.4%** |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868157 |
| Ardagh Metal Packaging S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437948 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64526 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312836 |
| Berry Global Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146692 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;10230 | &nbsp;&nbsp;&nbsp;&nbsp;1087040 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362430 |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193861 |
| Ecolab, Inc. | &nbsp;&nbsp;11280 | &nbsp;&nbsp;&nbsp;&nbsp;1771750 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263245 |
| Ginkgo Bioworks Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22290 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;12041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276461 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;5449 | &nbsp;&nbsp;&nbsp;&nbsp;1620260 |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19374 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94746 |
| MP Materials Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139386 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733264 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20132 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30546 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357483 |
| Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135649 |
| The Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136021 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116960 |
| The Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31540 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;12315 | &nbsp;&nbsp;&nbsp;&nbsp;2771245 |
| Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263741 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545612 |
|  |  | &nbsp;&nbsp;&nbsp;**12832737** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Media & Entertainment 6.9%** | &nbsp;&nbsp;**Media & Entertainment 6.9%** | &nbsp;&nbsp;**Media & Entertainment 6.9%** |
| Alphabet, Inc., Class A \* | 268975 | &nbsp;&nbsp;&nbsp;&nbsp;25420827 |
| Alphabet, Inc., Class C \* | 241505 | &nbsp;&nbsp;&nbsp;&nbsp;22860863 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158995 |
| Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;2095434 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117143 |
| Liberty Broadband Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40100 |
| Liberty Broadband Corp., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;2948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248900 |
| Liberty Media Corp. - Liberty Formula One, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75222 |
| Liberty Media Corp. - Liberty SiriusXM, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51268 |
| Liberty Media Corp. - Liberty SiriusXM, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89991 |
| Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317325 |
| Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77052 |
| Match Group, Inc. \* | &nbsp;&nbsp;13832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597542 |
| Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;25238 | &nbsp;&nbsp;&nbsp;&nbsp;2351172 |
| Netflix, Inc. \* | &nbsp;&nbsp;10169 | &nbsp;&nbsp;&nbsp;&nbsp;2968128 |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29806 |
| Pinterest, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158424 |
| Playtika Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47089 |
| ROBLOX Corp., Class A \* | &nbsp;&nbsp;22675 | &nbsp;&nbsp;&nbsp;&nbsp;1014480 |
| Roku, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97084 |
| Spotify Technology S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;7295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587831 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826872 |
| The Trade Desk, Inc., Class A \* | &nbsp;&nbsp;22580 | &nbsp;&nbsp;&nbsp;&nbsp;1202159 |
| The Walt Disney Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675464 |
| TripAdvisor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495 |
| Warner Bros Discovery, Inc. \* | &nbsp;&nbsp;89100 | &nbsp;&nbsp;&nbsp;&nbsp;1158300 |
| World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175846 |
| ZoomInfo Technologies, Inc. \* | &nbsp;&nbsp;14267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635310 |
|  |  | &nbsp;&nbsp;&nbsp;**64091122** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.8%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.8%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.8%** |
| 10X Genomics, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115216 |
| AbbVie, Inc. | &nbsp;&nbsp;90998 | &nbsp;&nbsp;&nbsp;&nbsp;13322107 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;13861 | &nbsp;&nbsp;&nbsp;&nbsp;1917669 |
| Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6205 | &nbsp;&nbsp;&nbsp;&nbsp;1286048 |
| Amgen, Inc. | &nbsp;&nbsp;23093 | &nbsp;&nbsp;&nbsp;&nbsp;6243193 |
| Avantor, Inc. \* | &nbsp;&nbsp;29063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586201 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591039 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345500 |
| Catalent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183190 |
| Charles River Laboratories International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513220 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576073 |
| Eli Lilly & Co. | &nbsp;&nbsp;35318 | &nbsp;&nbsp;&nbsp;&nbsp;12788295 |
| Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56831 |
| Exelixis, Inc. \* | &nbsp;&nbsp;14034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232684 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;10749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669878 |
| Incyte Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602823 |
| Ionis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294549 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9548 | &nbsp;&nbsp;&nbsp;&nbsp;2001929 |
| Maravai LifeSciences Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93939 |
| Merck & Co., Inc. | &nbsp;&nbsp;54589 | &nbsp;&nbsp;&nbsp;&nbsp;5524407 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;1457199 |
| Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157846 |
| Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191503 |
| Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560289 |
| Novavax, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;4032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89793 |
| Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584025 |
| Repligen Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369542 |
| Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492452 |

---

<sub>113</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888721 |
| Sotera Health Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;5024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34565 |
| Syneos Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44637 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp;1268478 |
| Ultragenyx Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107785 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;12430 | &nbsp;&nbsp;&nbsp;&nbsp;3878160 |
| Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922042 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876451 |
| Zoetis, Inc. | &nbsp;&nbsp;24239 | &nbsp;&nbsp;&nbsp;&nbsp;3654756 |
|  |  | &nbsp;&nbsp;&nbsp;**63523035** |
| &nbsp;&nbsp;**Real Estate 1.5%** | &nbsp;&nbsp;**Real Estate 1.5%** | &nbsp;&nbsp;**Real Estate 1.5%** |
| American Tower Corp. | &nbsp;&nbsp;18330 | &nbsp;&nbsp;&nbsp;&nbsp;3797793 |
| Apartment Income REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19484 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50380 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574047 |
| Crown Castle, Inc. | &nbsp;&nbsp;22219 | &nbsp;&nbsp;&nbsp;&nbsp;2960904 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp;1998400 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357920 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144081 |
| Iron Mountain, Inc. | &nbsp;&nbsp;11091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555326 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358959 |
| Opendoor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17094 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp;1979922 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339264 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885245 |
| Zillow Group, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20645 |
|  |  | &nbsp;&nbsp;&nbsp;**14059464** |
| &nbsp;&nbsp;**Retailing 8.9%** | &nbsp;&nbsp;**Retailing 8.9%** | &nbsp;&nbsp;**Retailing 8.9%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46340 |
| Amazon.com, Inc. \* | 457193 | &nbsp;&nbsp;&nbsp;&nbsp;46834851 |
| AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp;2302388 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220828 |
| Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453612 |
| CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60364 |
| Carvana Co. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;5321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71993 |
| Dollar General Corp. | &nbsp;&nbsp;11773 | &nbsp;&nbsp;&nbsp;&nbsp;3002704 |
| Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537157 |
| DoorDash, Inc., Class A \* | &nbsp;&nbsp;11409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496634 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153782 |
| Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614829 |
| Five Below, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410365 |
| Floor & Decor Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389301 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109028 |
| Leslie's, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101664 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;28425 | &nbsp;&nbsp;&nbsp;&nbsp;5541454 |
| Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100358 |
| Ollie's Bargain Outlet Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7840 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp;1104227 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604201 |
| RH \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96239 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719110 |
| Target Corp. | &nbsp;&nbsp;13142 | &nbsp;&nbsp;&nbsp;&nbsp;2158574 |
| The Home Depot, Inc. | &nbsp;&nbsp;30867 | &nbsp;&nbsp;&nbsp;&nbsp;9140645 |
| The TJX Cos., Inc. | &nbsp;&nbsp;60459 | &nbsp;&nbsp;&nbsp;&nbsp;4359094 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;1263897 |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp;1108814 |
| Victoria's Secret & Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114830 |
| Wayfair, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98175 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344247 |
|  |  | &nbsp;&nbsp;&nbsp;**82567545** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 6.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 6.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 6.4%** |
| Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;65550 | &nbsp;&nbsp;&nbsp;&nbsp;3936933 |
| Allegro MicroSystems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83700 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772858 |
| Applied Materials, Inc. | &nbsp;&nbsp;44727 | &nbsp;&nbsp;&nbsp;&nbsp;3948947 |
| Broadcom, Inc. | &nbsp;&nbsp;20340 | &nbsp;&nbsp;&nbsp;&nbsp;9562241 |
| Enphase Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6733 | &nbsp;&nbsp;&nbsp;&nbsp;2067031 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603857 |
| GLOBALFOUNDRIES, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44283 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7302 | &nbsp;&nbsp;&nbsp;&nbsp;2310718 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7046 | &nbsp;&nbsp;&nbsp;&nbsp;2852080 |
| Lattice Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338212 |
| Microchip Technology, Inc. | &nbsp;&nbsp;23636 | &nbsp;&nbsp;&nbsp;&nbsp;1459287 |
| Micron Technology, Inc. | &nbsp;&nbsp;10726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580276 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791937 |
| NVIDIA Corp. | 124010 | &nbsp;&nbsp;&nbsp;&nbsp;16737630 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp;13931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855781 |
| QUALCOMM, Inc. | &nbsp;&nbsp;57700 | &nbsp;&nbsp;&nbsp;&nbsp;6788982 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593285 |
| Texas Instruments, Inc. | &nbsp;&nbsp;32539 | &nbsp;&nbsp;&nbsp;&nbsp;5226739 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212341 |
|  |  | &nbsp;&nbsp;&nbsp;**59767118** |
| &nbsp;&nbsp;**Software & Services 22.5%** | &nbsp;&nbsp;**Software & Services 22.5%** | &nbsp;&nbsp;**Software & Services 22.5%** |
| Accenture plc, Class A | &nbsp;&nbsp;32643 | &nbsp;&nbsp;&nbsp;&nbsp;9267348 |
| Adobe, Inc. \* | &nbsp;&nbsp;24307 | &nbsp;&nbsp;&nbsp;&nbsp;7741779 |
| Alteryx, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;3020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147165 |
| ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523265 |
| AppLovin Corp., Class A \* | &nbsp;&nbsp;11326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192089 |
| Aspen Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335374 |
| Atlassian Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7041 | &nbsp;&nbsp;&nbsp;&nbsp;1427422 |
| Autodesk, Inc. \* | &nbsp;&nbsp;11209 | &nbsp;&nbsp;&nbsp;&nbsp;2402089 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;19746 | &nbsp;&nbsp;&nbsp;&nbsp;4772608 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;8706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307148 |
| Black Knight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43901 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817227 |
| Cadence Design Systems, Inc. \* | &nbsp;&nbsp;14052 | &nbsp;&nbsp;&nbsp;&nbsp;2127332 |
| CCC Intelligent Solutions Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32487 |
| Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88297 |
| Cloudflare, Inc., Class A \* | &nbsp;&nbsp;14376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809656 |
| Confluent, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172865 |
| Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114764 |
| Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;10820 | &nbsp;&nbsp;&nbsp;&nbsp;1744184 |
| Datadog, Inc., Class A \* | &nbsp;&nbsp;13665 | &nbsp;&nbsp;&nbsp;&nbsp;1100169 |
| DocuSign, Inc. \* | &nbsp;&nbsp;10154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490438 |
| DoubleVerify Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82575 |
| Dropbox, Inc., Class A \* | &nbsp;&nbsp;13233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287818 |
| Dynatrace, Inc. \* | &nbsp;&nbsp;10258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361492 |
| Elastic N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;3993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255352 |
| EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988050 |
| Euronet Worldwide, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151470 |
| Fair Isaac Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605254 |
| Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283973 |
| Five9, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214706 |
| FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697206 |
| Fortinet, Inc. \* | &nbsp;&nbsp;33227 | &nbsp;&nbsp;&nbsp;&nbsp;1899255 |
| Gartner, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp;&nbsp;1192584 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234934 |
| Globant S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395096 |
| GoDaddy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88922 |
| HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696323 |
| Informatica, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343 |
| International Business Machines Corp. | &nbsp;&nbsp;30959 | &nbsp;&nbsp;&nbsp;&nbsp;4281320 |
| Intuit, Inc. | &nbsp;&nbsp;14197 | &nbsp;&nbsp;&nbsp;&nbsp;6069217 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741698 |
| Jamf Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68477 |

---

<sub>114</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Manhattan Associates, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244800 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;44336 | &nbsp;&nbsp;&nbsp;&nbsp;14550188 |
| Microsoft Corp. | 385024 | &nbsp;&nbsp;&nbsp;&nbsp;89375621 |
| MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612418 |
| nCino, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22067 |
| NCR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8185 |
| New Relic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159237 |
| NortonLifeLock, Inc. | &nbsp;&nbsp;10468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235844 |
| Nutanix, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156427 |
| Okta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58589 |
| Oracle Corp. | &nbsp;&nbsp;53547 | &nbsp;&nbsp;&nbsp;&nbsp;4180414 |
| Palantir Technologies, Inc., Class A \* | &nbsp;&nbsp;93148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818771 |
| Palo Alto Networks, Inc. \* | &nbsp;&nbsp;15135 | &nbsp;&nbsp;&nbsp;&nbsp;2597015 |
| Paychex, Inc. | &nbsp;&nbsp;16604 | &nbsp;&nbsp;&nbsp;&nbsp;1964419 |
| Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912748 |
| Paylocity Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473779 |
| PayPal Holdings, Inc. \* | &nbsp;&nbsp;18373 | &nbsp;&nbsp;&nbsp;&nbsp;1535615 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78067 |
| Procore Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142553 |
| PTC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638167 |
| RingCentral, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155080 |
| Salesforce, Inc. \* | &nbsp;&nbsp;10627 | &nbsp;&nbsp;&nbsp;&nbsp;1727844 |
| SentinelOne, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152343 |
| ServiceNow, Inc. \* | &nbsp;&nbsp;10317 | &nbsp;&nbsp;&nbsp;&nbsp;4340775 |
| Shift4 Payments, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118373 |
| Smartsheet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225723 |
| Snowflake, Inc., Class A \* | &nbsp;&nbsp;14771 | &nbsp;&nbsp;&nbsp;&nbsp;2367791 |
| Splunk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686904 |
| Switch, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152306 |
| Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7853 | &nbsp;&nbsp;&nbsp;&nbsp;2297395 |
| Teradata Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89716 |
| The Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;6502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87842 |
| Thoughtworks Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40276 |
| Toast, Inc., Class A \* | &nbsp;&nbsp;12678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280057 |
| Twilio, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;3337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248173 |
| Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597837 |
| UiPath, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22530 |
| Unity Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213787 |
| VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104440 |
| Visa, Inc., Class A | &nbsp;&nbsp;84786 | &nbsp;&nbsp;&nbsp;&nbsp;17564268 |
| VMware, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590670 |
| WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268041 |
| Wix.com Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180899 |
| Workday, Inc., Class A \* | &nbsp;&nbsp;10167 | &nbsp;&nbsp;&nbsp;&nbsp;1584222 |
| Zendesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479466 |
| Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546949 |
| Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660935 |
|  |  | **208808238** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 14.0%** | &nbsp;&nbsp;**Technology Hardware & Equipment 14.0%** | &nbsp;&nbsp;**Technology Hardware & Equipment 14.0%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;22779 | &nbsp;&nbsp;&nbsp;&nbsp;1727332 |
| Apple Inc. | 786911 | &nbsp;&nbsp;120664933 |
| Arista Networks, Inc. \* | &nbsp;&nbsp;12672 | &nbsp;&nbsp;&nbsp;&nbsp;1531538 |
| Arrow Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17518 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6960 | &nbsp;&nbsp;&nbsp;&nbsp;1202758 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384911 |
| Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33946 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73509 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80064 |
| HP, Inc. | &nbsp;&nbsp;24647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680750 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362434 |
| Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8555 | &nbsp;&nbsp;&nbsp;&nbsp;1489853 |
| National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31804 |
| NetApp, Inc. | &nbsp;&nbsp;11409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790301 |
| Pure Storage, Inc., Class A \* | &nbsp;&nbsp;14577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449846 |
| Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30167 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95748 |
| Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309560 |
|  |  | **129956972** |
| &nbsp;&nbsp;**Transportation 2.1%** | &nbsp;&nbsp;**Transportation 2.1%** | &nbsp;&nbsp;**Transportation 2.1%** |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163876 |
| CSX Corp. | &nbsp;&nbsp;27806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808042 |
| Delta Air Lines, Inc. \* | &nbsp;&nbsp;32911 | &nbsp;&nbsp;&nbsp;&nbsp;1116670 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250790 |
| GXO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20828 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651948 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255888 |
| Lyft, Inc., Class A \* | &nbsp;&nbsp;12790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187246 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5170 | &nbsp;&nbsp;&nbsp;&nbsp;1419682 |
| Uber Technologies, Inc. \* | &nbsp;&nbsp;84254 | &nbsp;&nbsp;&nbsp;&nbsp;2238629 |
| Union Pacific Corp. | &nbsp;&nbsp;32332 | &nbsp;&nbsp;&nbsp;&nbsp;6373930 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;33790 | &nbsp;&nbsp;&nbsp;&nbsp;5668948 |
| XPO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20334 |
|  |  | &nbsp;&nbsp;&nbsp;**19176811** |
| &nbsp;&nbsp;**Utilities 0.0%** | &nbsp;&nbsp;**Utilities 0.0%** | &nbsp;&nbsp;**Utilities 0.0%** |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24297 |
| The AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161590 |
| Vistra Corp. | &nbsp;&nbsp;12232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**466856** |
| **Total Common Stocks<br> (Cost $793,019,382)** | **Total Common Stocks<br> (Cost $793,019,382)** | **920266046** |
| **INVESTMENT COMPANIES 0.1% OF NET ASSETS** | **INVESTMENT COMPANIES 0.1% OF NET ASSETS** | **INVESTMENT COMPANIES 0.1% OF NET ASSETS** |
| &nbsp;&nbsp;**Equity Funds 0.1%** | &nbsp;&nbsp;**Equity Funds 0.1%** | &nbsp;&nbsp;**Equity Funds 0.1%** |
| iShares Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**868062** |
| **Total Investment Companies<br> (Cost $840,722)** | **Total Investment Companies<br> (Cost $840,722)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**868062** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.5%** | &nbsp;&nbsp;**Money Market Funds 0.5%** | &nbsp;&nbsp;**Money Market Funds 0.5%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)* | 4505176 | &nbsp;&nbsp;&nbsp;&nbsp;4505176 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | &nbsp;&nbsp;&nbsp;693895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5199071** |
| **Total Short-Term Investments<br> (Cost $5,199,071)** | **Total Short-Term Investments<br> (Cost $5,199,071)** | &nbsp;&nbsp;&nbsp;&nbsp;**5199071** |
| **Total Investments in Securities<br> (Cost $799,059,175)** | **Total Investments in Securities<br> (Cost $799,059,175)** | **926333179** |

---

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Schwab U.S. Large-Cap Growth Index Fund

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 1000 Growth Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7537500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121047 |
| S&P 500 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10173) |
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **110874** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $674,746.

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

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

ETF — Exchange traded fund <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DIVIDENDS <br> RECEIVED |
| **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** | **COMMON STOCKS 0.4% OF NET ASSETS** |
| **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** | **Diversified Financials 0.4%** |
| The Charles Schwab Corp. | $— | $2927104 | ($128426) | $1923 | $644170 | **$3444771** | 43238 | $9224 |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$920266046 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$920266046 |
| Investment Companies<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868062 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868062 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199071 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199071 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121047 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121047 |
| **Liabilities** |  |  |  |  |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10173) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10173) |
| **Total** | **$926444053** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$926444053** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the underlying mutual funds and ETFs, which could be Level 1, Level 2 or Level 3.

<sub>116</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $2,800,601) |  | &nbsp;&nbsp;&nbsp;&nbsp;$3444771 |
| Investments in securities, at value - unaffiliated (cost $796,258,574) including securities on loan of $674,746 |  | &nbsp;&nbsp;&nbsp;922888408 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963860 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463600 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**930722853** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693895 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24508 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1734823** |
| **Net assets** |  | **$928988030** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$848819896 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;80168134 |
| **Net assets** |  | **$928988030** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $928988030 |  | 14056773 |  | $66.09 |

---

<sub>117</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $1,391) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7917292 |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9224 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27888 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7954404** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311233 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**315234** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7639170** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(43110083) |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869520) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(43977680)** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644170 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(211896756) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83645 |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(211168941)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(255146621)** |
| **Decrease in net assets resulting from operations** |  | **($247507451)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>118</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Growth Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7639170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5029957 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;(43977680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16292898 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(211168941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214527301 |
| **Increase (decrease) in net assets resulting from operations** |  | **($247507451)** | &nbsp;&nbsp;&nbsp;**$235850156** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($16277055)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($3820481)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;7588954 | &nbsp;&nbsp;&nbsp;&nbsp;$563493219 | &nbsp;&nbsp;&nbsp;&nbsp;4598477 | &nbsp;&nbsp;&nbsp;&nbsp;$352197876 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;157797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14184348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263376 |
| Shares redeemed | + | &nbsp;&nbsp;(3565449) | &nbsp;&nbsp;&nbsp;&nbsp;(266064240) | &nbsp;&nbsp;&nbsp;(2532061) | &nbsp;&nbsp;&nbsp;&nbsp;(193536712) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**4181302** | &nbsp;&nbsp;&nbsp;**$311613327** | &nbsp;&nbsp;&nbsp;&nbsp;**2112230** | &nbsp;&nbsp;&nbsp;**$161924540** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;&nbsp;9875471 | &nbsp;&nbsp;&nbsp;&nbsp;$881159209 | &nbsp;&nbsp;&nbsp;&nbsp;7763241 | &nbsp;&nbsp;&nbsp;&nbsp;$487204994 |
| Total increase | + | &nbsp;&nbsp;&nbsp;4181302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47828821 | &nbsp;&nbsp;&nbsp;&nbsp;2112230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393954215 |
| **End of period** |  | **14056773** | &nbsp;&nbsp;&nbsp;**$928988030** | &nbsp;&nbsp;&nbsp;&nbsp;**9875471** | &nbsp;&nbsp;&nbsp;**$881159209** |

---

<sub>119</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;12/20/17 <sup>1</sup>–<br> 10/31/18 |
| **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;&nbsp;$53.65 | &nbsp;&nbsp;&nbsp;&nbsp;$38.09 | &nbsp;&nbsp;&nbsp;&nbsp;$43.06 | &nbsp;&nbsp;&nbsp;&nbsp;$39.51 | &nbsp;&nbsp;&nbsp;&nbsp;$40.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$47.51 | &nbsp;&nbsp;&nbsp;&nbsp;$53.65 | &nbsp;&nbsp;&nbsp;&nbsp;$38.09 | &nbsp;&nbsp;&nbsp;&nbsp;$43.06 | &nbsp;&nbsp;&nbsp;&nbsp;$39.51 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.69%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23%) <sup>3</sup> |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.035% <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.040% <sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% <sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% <sup>6</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% <sup>3</sup> |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$647796 | &nbsp;&nbsp;$575972 | &nbsp;&nbsp;$331322 | &nbsp;&nbsp;$212213 | &nbsp;&nbsp;$69749 |

---

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

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

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio includes less than 0.0005% of non-routine proxy expenses.

<sup>5</sup> Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended 10/31/19 is a blended ratio.

<sup>6</sup> Annualized.

<sup>7</sup> The investment adviser voluntarily agreed to waive the fund's management fees to 0.00% beginning with the fund's commencement of operations through June 30, 2018. The ratio presented for period ended 10/31/18 is a blended ratio.

<sup>8</sup> Portfolio turnover rate excludes in-kind transactions.

<sub>120</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.3% OF NET ASSETS** | **COMMON STOCKS 99.3% OF NET ASSETS** | **COMMON STOCKS 99.3% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 1.0%** | &nbsp;&nbsp;**Automobiles & Components 1.0%** | &nbsp;&nbsp;**Automobiles & Components 1.0%** |
| Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;7159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651970 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313938 |
| Ford Motor Co. | 139527 | &nbsp;&nbsp;&nbsp;1865476 |
| General Motors Co. | &nbsp;&nbsp;51482 | &nbsp;&nbsp;&nbsp;2020669 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219417 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205497 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292539 |
| Lucid Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17077 |
| QuantumScape Corp. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;8891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74062 |
| Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;18370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642399 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152593 |
|  |  | &nbsp;&nbsp;&nbsp;**6455637** |
| &nbsp;&nbsp;**Banks 7.5%** | &nbsp;&nbsp;**Banks 7.5%** | &nbsp;&nbsp;**Banks 7.5%** |
| Bank of America Corp. | 248727 | &nbsp;&nbsp;&nbsp;8964121 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106558 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;3954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169943 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114377 |
| Citigroup, Inc. | &nbsp;&nbsp;68554 | &nbsp;&nbsp;&nbsp;3143886 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;17267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706220 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326556 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274930 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320643 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358780 |
| F.N.B. Corp. | &nbsp;&nbsp;12394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179093 |
| Fifth Third Bancorp | &nbsp;&nbsp;24096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859986 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267189 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116031 |
| First Horizon Corp. | &nbsp;&nbsp;18688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458043 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;6429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772123 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;50740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770233 |
| JPMorgan Chase & Co. | 103296 | 13002901 |
| KeyCorp | &nbsp;&nbsp;32840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586851 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;1041874 |
| MGIC Investment Corp. | &nbsp;&nbsp;10729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146451 |
| New York Community Bancorp, Inc. | &nbsp;&nbsp;16376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152461 |
| PacWest Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102871 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220421 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184155 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222010 |
| Regions Financial Corp. | &nbsp;&nbsp;33051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725470 |
| Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11909 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330535 |
| SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174144 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202000 |
| TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25037 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;14619 | &nbsp;&nbsp;&nbsp;2365793 |
| Truist Financial Corp. | &nbsp;&nbsp;47071 | &nbsp;&nbsp;&nbsp;2108310 |
| U.S. Bancorp | &nbsp;&nbsp;47520 | &nbsp;&nbsp;&nbsp;2017224 |
| Umpqua Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151605 |
| UWM Holdings Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335869 |
| Wells Fargo & Co. | 134315 | &nbsp;&nbsp;&nbsp;6177147 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Western Alliance Bancorp | &nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98068 |
| Wintrust Financial Corp. | &nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197445 |
| Zions Bancorp NA | &nbsp;&nbsp;5279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274191 |
|  |  | **48764376** |
| &nbsp;&nbsp;**Capital Goods 7.9%** | &nbsp;&nbsp;**Capital Goods 7.9%** | &nbsp;&nbsp;**Capital Goods 7.9%** |
| 3M Co. | 20096 | &nbsp;&nbsp;&nbsp;&nbsp;2527876 |
| A.O. Smith Corp. | &nbsp;&nbsp;3406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186581 |
| Acuity Brands, Inc. | &nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210738 |
| AECOM | &nbsp;&nbsp;4382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329877 |
| AGCO Corp. | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235923 |
| Air Lease Corp. | &nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130255 |
| Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67996 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30293 |
| AMETEK, Inc. | &nbsp;&nbsp;8154 | &nbsp;&nbsp;&nbsp;&nbsp;1057248 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52748 |
| Axon Enterprise, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78538 |
| Builders FirstSource, Inc. \* | &nbsp;&nbsp;5468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337157 |
| BWX Technologies, Inc. | &nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111225 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68536 |
| Carrier Global Corp. | 30000 | &nbsp;&nbsp;&nbsp;&nbsp;1192800 |
| Caterpillar, Inc. | &nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521236 |
| Core & Main, Inc., Class A \* | &nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39072 |
| Crane Holdings Co. | &nbsp;&nbsp;1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166665 |
| Cummins, Inc. | &nbsp;&nbsp;4991 | &nbsp;&nbsp;&nbsp;&nbsp;1220349 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227745 |
| Donaldson Co., Inc. | &nbsp;&nbsp;3613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207567 |
| Dover Corp. | &nbsp;&nbsp;5088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664951 |
| Eaton Corp. plc | 14134 | &nbsp;&nbsp;&nbsp;&nbsp;2121089 |
| Emerson Electric Co. | 14239 | &nbsp;&nbsp;&nbsp;&nbsp;1233097 |
| Esab Corp. | &nbsp;&nbsp;1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66580 |
| Flowserve Corp. | &nbsp;&nbsp;4637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132989 |
| Fortive Corp. | 12694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811147 |
| Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180719 |
| Gates Industrial Corp. plc \* | &nbsp;&nbsp;3834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42749 |
| General Dynamics Corp. | &nbsp;&nbsp;8616 | &nbsp;&nbsp;&nbsp;&nbsp;2152277 |
| General Electric Co. | 36604 | &nbsp;&nbsp;&nbsp;&nbsp;2848157 |
| Graco, Inc. | &nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129906 |
| Hayward Holdings, Inc. \* | &nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21895 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15939 |
| HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22532 |
| Hexcel Corp. | &nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165875 |
| Honeywell International, Inc. | 16854 | &nbsp;&nbsp;&nbsp;&nbsp;3438553 |
| Howmet Aerospace, Inc. | 11935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424289 |
| Hubbell, Inc. | &nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449075 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279692 |
| IDEX Corp. | &nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490193 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237232 |
| Ingersoll Rand, Inc. | 14368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725584 |
| ITT, Inc. | &nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224663 |
| Johnson Controls International plc | 24619 | &nbsp;&nbsp;&nbsp;&nbsp;1423963 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;6811 | &nbsp;&nbsp;&nbsp;&nbsp;1678707 |
| Lennox International, Inc. | &nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264635 |
| Masco Corp. | &nbsp;&nbsp;7533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348552 |
| MasTec, Inc. \* | &nbsp;&nbsp;2152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165876 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;7159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203888 |
| Mercury Systems, Inc. \* | &nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97090 |

---

<sub>121</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134594 |
| Nordson Corp. | &nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353925 |
| Northrop Grumman Corp. | &nbsp;&nbsp;4578 | &nbsp;&nbsp;&nbsp;&nbsp;2513368 |
| nVent Electric plc | &nbsp;&nbsp;5816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212284 |
| Oshkosh Corp. | &nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204688 |
| Otis Worldwide Corp. | 13151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928987 |
| Owens Corning | &nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294070 |
| PACCAR, Inc. | 12072 | &nbsp;&nbsp;&nbsp;&nbsp;1168932 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp;1017751 |
| Pentair plc | &nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250527 |
| Plug Power, Inc. \* | &nbsp;&nbsp;9237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147607 |
| Quanta Services, Inc. | &nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325414 |
| Raytheon Technologies Corp. | 52661 | &nbsp;&nbsp;&nbsp;&nbsp;4993316 |
| Regal Rexnord Corp. | &nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299014 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342357 |
| Sensata Technologies Holding plc | &nbsp;&nbsp;5441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218783 |
| SiteOne Landscape Supply, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71028 |
| Snap-on, Inc. | &nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411903 |
| Spirit AeroSystems Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;5212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409090 |
| Sunrun, Inc. \* | &nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163625 |
| Textron, Inc. | &nbsp;&nbsp;7462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510699 |
| The AZEK Co., Inc. \* | &nbsp;&nbsp;3880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67939 |
| The Boeing Co. \* | 13368 | &nbsp;&nbsp;&nbsp;&nbsp;1905074 |
| The Middleby Corp. \* | &nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246853 |
| The Timken Co. | &nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157836 |
| Trane Technologies plc | &nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551522 |
| TransDigm Group, Inc. | &nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641397 |
| United Rentals, Inc. \* | &nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423051 |
| Univar Solutions, Inc. \* | &nbsp;&nbsp;5783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147351 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203343 |
| Vertiv Holdings Co. | &nbsp;&nbsp;9055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129577 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148486 |
| WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103052 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;6398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596805 |
| WillScot Mobile Mini Holdings Corp. \* | &nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145367 |
| Woodward, Inc. | &nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189911 |
| Xylem, Inc. | &nbsp;&nbsp;5444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557629 |
|  |  | **51253573** |
| &nbsp;&nbsp;**Commercial & Professional Services 0.9%** | &nbsp;&nbsp;**Commercial & Professional Services 0.9%** | &nbsp;&nbsp;**Commercial & Professional Services 0.9%** |
| CACI International, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249609 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88075 |
| Clarivate plc \* | 16769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173224 |
| Clean Harbors, Inc. \* | &nbsp;&nbsp;1808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221408 |
| CoStar Group, Inc. \* | 11911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985278 |
| Driven Brands Holdings, Inc. \* | &nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58523 |
| Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;8934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114802 |
| Equifax, Inc. | &nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365359 |
| FTI Consulting, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107852 |
| IAA, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30761 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;4515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520218 |
| KBR, Inc. | &nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84957 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;4811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488750 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143284 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106989 |
| Republic Services, Inc. | &nbsp;&nbsp;6833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906192 |
| Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34101 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24743 |
| Science Applications International Corp. | &nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212238 |
| Stericycle, Inc. \* | &nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144261 |
| Tetra Tech, Inc. | &nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157103 |
| TransUnion | &nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108523 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146651 |
|  |  | &nbsp;&nbsp;&nbsp;**5472901** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Consumer Durables & Apparel 0.8%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.8%** | &nbsp;&nbsp;**Consumer Durables & Apparel 0.8%** |
| Brunswick Corp. | &nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152294 |
| Capri Holdings Ltd. \* | &nbsp;&nbsp;4770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217894 |
| Carter's, Inc. | &nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91285 |
| Columbia Sportswear Co. | &nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94988 |
| D.R. Horton, Inc. | &nbsp;&nbsp;5357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411846 |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38492 |
| Garmin Ltd. | &nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479466 |
| Hanesbrands, Inc. | 12283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83770 |
| Hasbro, Inc. | &nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304000 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;4724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159435 |
| Lennar Corp., Class A | &nbsp;&nbsp;8872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715970 |
| Lennar Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33523 |
| Mattel, Inc. \* | &nbsp;&nbsp;6453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122349 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp;1865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176709 |
| Newell Brands, Inc. | 13387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184874 |
| NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127132 |
| Peloton Interactive, Inc., Class A \* | 10647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89435 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52730 |
| PulteGroup, Inc. | &nbsp;&nbsp;4974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198910 |
| PVH Corp. | &nbsp;&nbsp;2386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122450 |
| Ralph Lauren Corp. | &nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137645 |
| Skechers U.S.A., Inc., Class A \* | &nbsp;&nbsp;4034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138891 |
| Tapestry, Inc. | &nbsp;&nbsp;7722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244633 |
| Tempur Sealy International, Inc. | &nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160533 |
| Toll Brothers, Inc. | &nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78836 |
| TopBuild Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30285 |
| Under Armour, Inc., Class A \* | &nbsp;&nbsp;6833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50906 |
| Under Armour, Inc., Class C \* | &nbsp;&nbsp;7038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46169 |
| VF Corp. | 12328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348266 |
| Whirlpool Corp. | &nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261274 |
|  |  | &nbsp;&nbsp;&nbsp;**5354990** |
| &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** | &nbsp;&nbsp;**Consumer Services 2.0%** |
| ADT, Inc. | &nbsp;&nbsp;7418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62756 |
| Aramark | &nbsp;&nbsp;8213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299774 |
| Boyd Gaming Corp. | &nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160400 |
| Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94975 |
| Caesars Entertainment, Inc. \* | &nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99836 |
| Carnival Corp. \* | 33945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307542 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168046 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112962 |
| Grand Canyon Education, Inc. \* | &nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112303 |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40985 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358845 |
| Hyatt Hotels Corp., Class A \* | &nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165056 |
| Las Vegas Sands Corp. \* | &nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279526 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199328 |
| McDonald's Corp. | 19813 | &nbsp;&nbsp;&nbsp;&nbsp;5402213 |
| MGM Resorts International | 11583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412007 |
| Mister Car Wash, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411 |
| Norwegian Cruise Line Holdings Ltd. \* | 13730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231900 |
| Penn Entertainment, Inc. \* | &nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183705 |
| Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51467 |
| Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;7773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414923 |
| Service Corp. International | &nbsp;&nbsp;5474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331779 |
| Six Flags Entertainment Corp. \* | &nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 |
| Starbucks Corp. | 25988 | &nbsp;&nbsp;&nbsp;&nbsp;2250301 |
| Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31409 |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17530 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71982 |
| Wynn Resorts Ltd. \* | &nbsp;&nbsp;3229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206333 |
| Yum! Brands, Inc. | &nbsp;&nbsp;8968 | &nbsp;&nbsp;&nbsp;&nbsp;1060466 |
|  |  | **13163460** |

---

<sub>122</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Diversified Financials 9.0%** | &nbsp;&nbsp;**Diversified Financials 9.0%** | &nbsp;&nbsp;**Diversified Financials 9.0%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165629 |
| AGNC Investment Corp. | 18552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152497 |
| Ally Financial, Inc. | 10931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301258 |
| American Express Co. | 19974 | &nbsp;&nbsp;&nbsp;&nbsp;2965140 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429059 |
| Annaly Capital Management, Inc. | 15267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283203 |
| Apollo Global Management, Inc. | &nbsp;&nbsp;3888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215240 |
| Berkshire Hathaway, Inc., Class B \* | 63891 | &nbsp;&nbsp;18853595 |
| BlackRock, Inc. | &nbsp;&nbsp;5313 | &nbsp;&nbsp;&nbsp;&nbsp;3431720 |
| Capital One Financial Corp. | 13474 | &nbsp;&nbsp;&nbsp;&nbsp;1428513 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;3741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465755 |
| CME Group, Inc. | 12700 | &nbsp;&nbsp;&nbsp;&nbsp;2200910 |
| Coinbase Global, Inc., Class A \* | &nbsp;&nbsp;5571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369079 |
| Credit Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99177 |
| Discover Financial Services | &nbsp;&nbsp;9650 | &nbsp;&nbsp;&nbsp;&nbsp;1008039 |
| Equitable Holdings, Inc. | 13260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406021 |
| Evercore, Inc., Class A | &nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135369 |
| Franklin Resources, Inc. | 10117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237244 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264014 |
| Intercontinental Exchange, Inc. | 19538 | &nbsp;&nbsp;&nbsp;&nbsp;1867247 |
| Invesco Ltd. | 13237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202791 |
| Janus Henderson Group plc | &nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110298 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;7208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248027 |
| KKR & Co., Inc. | 20225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983542 |
| Lazard Ltd., Class A | &nbsp;&nbsp;3184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120069 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86612 |
| Morgan Stanley | 44351 | &nbsp;&nbsp;&nbsp;&nbsp;3644322 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19735 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323982 |
| Nasdaq, Inc. | 12165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757150 |
| Northern Trust Corp. | &nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613140 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158674 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748299 |
| Rithm Capital Corp. | 15150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127715 |
| Robinhood Markets, Inc., Class A \* | 19931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232794 |
| S&P Global, Inc. | 11801 | &nbsp;&nbsp;&nbsp;&nbsp;3791071 |
| SEI Investments Co. | &nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198195 |
| SLM Corp. | &nbsp;&nbsp;8890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147485 |
| SoFi Technologies, Inc. \* | 28292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153908 |
| Starwood Property Trust, Inc. | 10343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213686 |
| State Street Corp. | 12978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960372 |
| Stifel Financial Corp. | &nbsp;&nbsp;3663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226630 |
| Synchrony Financial | 16965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603275 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;7914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840150 |
| The Bank of New York Mellon Corp. | 25996 | &nbsp;&nbsp;&nbsp;&nbsp;1094692 |
| The Carlyle Group, Inc. | &nbsp;&nbsp;7342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207632 |
| The Charles Schwab Corp. *(b)* | 23820 | &nbsp;&nbsp;&nbsp;&nbsp;1897739 |
| The Goldman Sachs Group, Inc. | 11782 | &nbsp;&nbsp;&nbsp;&nbsp;4059017 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76726 |
| Upstart Holdings, Inc. \* | &nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46592 |
| Virtu Financial, Inc., Class A | &nbsp;&nbsp;3404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76182 |
| Voya Financial, Inc. | &nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234475 |
|  |  | **58483686** |
| &nbsp;&nbsp;**Energy 8.8%** | &nbsp;&nbsp;**Energy 8.8%** | &nbsp;&nbsp;**Energy 8.8%** |
| Antero Midstream Corp. | 11905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126788 |
| Antero Resources Corp. \* | &nbsp;&nbsp;3587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131499 |
| APA Corp. | 11496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522608 |
| Baker Hughes Co. | 33657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930953 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;3741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659950 |
| Chesapeake Energy Corp. | &nbsp;&nbsp;4275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437204 |
| Chevron Corp. | 69596 | &nbsp;&nbsp;12589916 |
| ConocoPhillips | 45095 | &nbsp;&nbsp;&nbsp;&nbsp;5686029 |
| Continental Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23892 |
| Coterra Energy, Inc. | 23229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723119 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Devon Energy Corp. | &nbsp;&nbsp;11892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919846 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411785 |
| DTE Midstream LLC \* | &nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205070 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760143 |
| EQT Corp. | &nbsp;&nbsp;13021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544799 |
| Exxon Mobil Corp. | 147692 | &nbsp;&nbsp;16365751 |
| Halliburton Co. | &nbsp;&nbsp;17380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632980 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305720 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316065 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;70326 | &nbsp;&nbsp;&nbsp;&nbsp;1274307 |
| Marathon Oil Corp. | &nbsp;&nbsp;23882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727207 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;17627 | &nbsp;&nbsp;&nbsp;&nbsp;2002780 |
| NOV, Inc. | &nbsp;&nbsp;13877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310845 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366848 |
| ONEOK, Inc. | &nbsp;&nbsp;13943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827099 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131437 |
| PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111961 |
| Phillips 66 | &nbsp;&nbsp;17028 | &nbsp;&nbsp;&nbsp;&nbsp;1775850 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970512 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86949 |
| Schlumberger N.V. | &nbsp;&nbsp;50012 | &nbsp;&nbsp;&nbsp;&nbsp;2602124 |
| Southwestern Energy Co. \* | &nbsp;&nbsp;36661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254061 |
| The Williams Cos., Inc. | &nbsp;&nbsp;43096 | &nbsp;&nbsp;&nbsp;&nbsp;1410532 |
| Valero Energy Corp. | &nbsp;&nbsp;13915 | &nbsp;&nbsp;&nbsp;&nbsp;1747028 |
|  |  | **56893657** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** | &nbsp;&nbsp;**Food & Staples Retailing 1.6%** |
| Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122629 |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135373 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305548 |
| Grocery Outlet Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99804 |
| Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;3726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193901 |
| The Kroger Co. | &nbsp;&nbsp;23194 | &nbsp;&nbsp;&nbsp;&nbsp;1096844 |
| U.S. Foods Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212903 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;25378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926297 |
| Walmart, Inc. | &nbsp;&nbsp;51050 | &nbsp;&nbsp;&nbsp;&nbsp;7265946 |
|  |  | **10359245** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 4.3%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 4.3%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 4.3%** |
| Altria Group, Inc. | &nbsp;&nbsp;64130 | &nbsp;&nbsp;&nbsp;&nbsp;2967295 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;19824 | &nbsp;&nbsp;&nbsp;&nbsp;1922531 |
| Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46351 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181764 |
| Bunge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488466 |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;6836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361693 |
| Conagra Brands, Inc. | &nbsp;&nbsp;16640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610688 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp;&nbsp;1324596 |
| Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412648 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191122 |
| Freshpet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41324 |
| General Mills, Inc. | &nbsp;&nbsp;21097 | &nbsp;&nbsp;&nbsp;&nbsp;1721093 |
| Hormel Foods Corp. | &nbsp;&nbsp;10126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470353 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206937 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310891 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;30344 | &nbsp;&nbsp;&nbsp;&nbsp;1178561 |
| McCormick & Co., Inc. - Non Voting Shares | &nbsp;&nbsp;&nbsp;&nbsp;8867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697301 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;6170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311153 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;48941 | &nbsp;&nbsp;&nbsp;&nbsp;3008893 |
| Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92220 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7593 | &nbsp;&nbsp;&nbsp;&nbsp;1378737 |
| Philip Morris International, Inc. | &nbsp;&nbsp;54876 | &nbsp;&nbsp;&nbsp;&nbsp;5040361 |
| Pilgrim's Pride Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855 |
| Post Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173968 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33717 |
| The Boston Beer Co., Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5973 |
| The Coca-Cola Co. | &nbsp;&nbsp;34584 | &nbsp;&nbsp;&nbsp;&nbsp;2069852 |

---

<sub>123</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164751 |
| The JM Smucker Co. | &nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548704 |
| The Kraft Heinz Co. | 24736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951594 |
| Tyson Foods, Inc., Class A | 10075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688626 |
|  |  | **27621018** |
| &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** |
| Abbott Laboratories | 52708 | &nbsp;&nbsp;&nbsp;&nbsp;5214929 |
| Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256583 |
| agilon health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9171 |
| Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135621 |
| Amedisys, Inc. \* | &nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111155 |
| Baxter International, Inc. | 15026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816663 |
| Becton, Dickinson & Co. | 10054 | &nbsp;&nbsp;&nbsp;&nbsp;2372442 |
| Boston Scientific Corp. \* | 50523 | &nbsp;&nbsp;&nbsp;&nbsp;2178046 |
| Cardinal Health, Inc. | &nbsp;&nbsp;9632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731069 |
| Centene Corp. \* | 20114 | &nbsp;&nbsp;&nbsp;&nbsp;1712305 |
| Certara, Inc. \* | &nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17709 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155468 |
| Cigna Corp. | &nbsp;&nbsp;8913 | &nbsp;&nbsp;&nbsp;&nbsp;2879434 |
| CVS Health Corp. | 46420 | &nbsp;&nbsp;&nbsp;&nbsp;4395974 |
| Definitive Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9799 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;7598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234170 |
| Doximity, Inc., Class A \* | &nbsp;&nbsp;2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54211 |
| Elevance Health, Inc. | &nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp;3248361 |
| Encompass Health Corp. | &nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189451 |
| Enhabit, Inc. \* | &nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21511 |
| Enovis Corp. \* | &nbsp;&nbsp;1779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87972 |
| Envista Holdings Corp. \* | &nbsp;&nbsp;5770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190468 |
| Globus Medical, Inc., Class A \* | &nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169778 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;7281 | &nbsp;&nbsp;&nbsp;&nbsp;1583399 |
| Henry Schein, Inc. \* | &nbsp;&nbsp;4768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326417 |
| Hologic, Inc. \* | &nbsp;&nbsp;8696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589589 |
| Humana, Inc. | &nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733875 |
| ICU Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85633 |
| Integra LifeSciences Holdings Corp. \* | &nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129444 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245977 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708843 |
| Masimo Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51719 |
| McKesson Corp. | &nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp;1608098 |
| Medtronic plc | 47330 | &nbsp;&nbsp;&nbsp;&nbsp;4133802 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162922 |
| Oak Street Health, Inc. \* | &nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83914 |
| Premier, Inc., Class A | &nbsp;&nbsp;4153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144857 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593993 |
| QuidelOrtho Corp. \* | &nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156916 |
| Signify Health, Inc., Class A \* | &nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68778 |
| STERIS plc | &nbsp;&nbsp;3527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608690 |
| Stryker Corp. | &nbsp;&nbsp;5784 | &nbsp;&nbsp;&nbsp;&nbsp;1325924 |
| Tandem Diabetes Care, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8422 |
| Teladoc Health, Inc. \* | &nbsp;&nbsp;5167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153150 |
| Teleflex, Inc. | &nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357028 |
| Tenet Healthcare Corp. \* | &nbsp;&nbsp;3769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167193 |
| The Cooper Cos., Inc. | &nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469137 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;2981 | &nbsp;&nbsp;&nbsp;&nbsp;1654902 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261055 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;7422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841284 |
|  |  | **42447251** |
| &nbsp;&nbsp;**Household & Personal Products 1.3%** | &nbsp;&nbsp;**Household & Personal Products 1.3%** | &nbsp;&nbsp;**Household & Personal Products 1.3%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;4708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349004 |
| Colgate-Palmolive Co. | 11286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833358 |
| Coty, Inc., Class A \* | 12340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82802 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;4841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602511 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59309 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64042 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109822 |
| The Procter & Gamble Co. | 48578 | &nbsp;&nbsp;&nbsp;&nbsp;6541999 |
|  |  | &nbsp;&nbsp;&nbsp;**8642847** |
| &nbsp;&nbsp;**Insurance 3.6%** | &nbsp;&nbsp;**Insurance 3.6%** | &nbsp;&nbsp;**Insurance 3.6%** |
| Aflac, Inc. | 22184 | &nbsp;&nbsp;&nbsp;&nbsp;1444400 |
| American Financial Group, Inc. | &nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346087 |
| American International Group, Inc. | 26930 | &nbsp;&nbsp;&nbsp;&nbsp;1535010 |
| Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121604 |
| Arch Capital Group Ltd. \* | &nbsp;&nbsp;8440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485300 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;6519 | &nbsp;&nbsp;&nbsp;&nbsp;1219575 |
| Assurant, Inc. | &nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240744 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124299 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;2761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150944 |
| Brighthouse Financial, Inc. \* | &nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142903 |
| Brown & Brown, Inc. | &nbsp;&nbsp;7717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453682 |
| Chubb Ltd. | 14719 | &nbsp;&nbsp;&nbsp;&nbsp;3162966 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;5525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570843 |
| CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39532 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58341 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307495 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;9301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366273 |
| First American Financial Corp. | &nbsp;&nbsp;3584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180634 |
| Globe Life, Inc. | &nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364350 |
| Kemper Corp. | &nbsp;&nbsp;2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108068 |
| Lincoln National Corp. | &nbsp;&nbsp;4769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256906 |
| Loews Corp. | &nbsp;&nbsp;7065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402846 |
| Markel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440227 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;1905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307639 |
| MetLife, Inc. | 23776 | &nbsp;&nbsp;&nbsp;&nbsp;1740641 |
| Old Republic International Corp. | 10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232564 |
| Primerica, Inc. | &nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189412 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;8724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768846 |
| Prudential Financial, Inc. | 13275 | &nbsp;&nbsp;&nbsp;&nbsp;1396397 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;2369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348646 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107503 |
| The Allstate Corp. | &nbsp;&nbsp;9529 | &nbsp;&nbsp;&nbsp;&nbsp;1203036 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182234 |
| The Hartford Financial Services Group, Inc. | 11405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825836 |
| The Progressive Corp. | &nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346038 |
| The Travelers Cos., Inc. | &nbsp;&nbsp;8385 | &nbsp;&nbsp;&nbsp;&nbsp;1546697 |
| Unum Group | &nbsp;&nbsp;7099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323643 |
| W.R. Berkley Corp. | &nbsp;&nbsp;7275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541115 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141615 |
| Willis Towers Watson plc | &nbsp;&nbsp;3868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844036 |
|  |  | **23568927** |
| &nbsp;&nbsp;**Materials 4.1%** | &nbsp;&nbsp;**Materials 4.1%** | &nbsp;&nbsp;**Materials 4.1%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;7841 | &nbsp;&nbsp;&nbsp;&nbsp;1963386 |
| Albemarle Corp. | &nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561419 |
| Alcoa Corp. | &nbsp;&nbsp;6374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248777 |
| Amcor plc | 53037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614168 |
| AptarGroup, Inc. | &nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230127 |
| Ardagh Metal Packaging S.A. | &nbsp;&nbsp;3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531 |
| Ashland, Inc. | &nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186863 |
| Avery Dennison Corp. | &nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187183 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;5919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138031 |
| Ball Corp. | &nbsp;&nbsp;6585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325233 |
| Berry Global Group, Inc. \* | &nbsp;&nbsp;2284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108079 |
| Celanese Corp. | &nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369101 |
| Cleveland-Cliffs, Inc. \* | 18116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235327 |
| Corteva, Inc. | 25645 | &nbsp;&nbsp;&nbsp;&nbsp;1675644 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33335 |
| Dow, Inc. | 25438 | &nbsp;&nbsp;&nbsp;&nbsp;1188972 |
| DuPont de Nemours, Inc. | 17746 | &nbsp;&nbsp;&nbsp;&nbsp;1015071 |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26786 |

---

<sub>124</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333279 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162096 |
| Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138047 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349447 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;50449 | &nbsp;&nbsp;&nbsp;&nbsp;1598729 |
| Ginkgo Bioworks Holdings, Inc. \* | &nbsp;&nbsp;25274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68998 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57423 |
| Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179881 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879954 |
| International Paper Co. | &nbsp;&nbsp;12762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428931 |
| Linde plc | &nbsp;&nbsp;14057 | &nbsp;&nbsp;&nbsp;&nbsp;4179849 |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133184 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695083 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673976 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63303 |
| Newmont Corp. | &nbsp;&nbsp;28118 | &nbsp;&nbsp;&nbsp;&nbsp;1189954 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9258 | &nbsp;&nbsp;&nbsp;&nbsp;1216316 |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251036 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;3261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392005 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445645 |
| Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;2126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428346 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206253 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404098 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139996 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214114 |
| Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49084 |
| SSR Mining, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103693 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575586 |
| The Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;2163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61927 |
| The Mosaic Co. | &nbsp;&nbsp;10691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574641 |
| The Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43064 |
| United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168581 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393699 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113370 |
| WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;8986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306063 |
|  |  | **26342684** |
| &nbsp;&nbsp;**Media & Entertainment 5.1%** | &nbsp;&nbsp;**Media & Entertainment 5.1%** | &nbsp;&nbsp;**Media & Entertainment 5.1%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;2002000 |
| Alphabet, Inc., Class A \* | &nbsp;&nbsp;27697 | &nbsp;&nbsp;&nbsp;&nbsp;2617644 |
| Alphabet, Inc., Class C \* | &nbsp;&nbsp;24859 | &nbsp;&nbsp;&nbsp;&nbsp;2353153 |
| Altice USA, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49086 |
| AMC Entertainment Holdings, Inc., Class A *\*(a)* | &nbsp;&nbsp;18384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122437 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68754 |
| Comcast Corp., Class A | 155072 | &nbsp;&nbsp;&nbsp;&nbsp;4921985 |
| DISH Network Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131193 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9194 | &nbsp;&nbsp;&nbsp;&nbsp;1158076 |
| Fox Corp., Class A | &nbsp;&nbsp;10669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308014 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137605 |
| IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133870 |
| Liberty Broadband Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29521 |
| Liberty Broadband Corp., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197904 |
| Liberty Media Corp. - Liberty Formula One, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34697 |
| Liberty Media Corp. - Liberty Formula One, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364507 |
| Liberty Media Corp. - Liberty SiriusXM, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81782 |
| Liberty Media Corp. - Liberty SiriusXM, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;3951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166693 |
| Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217415 |
| Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52934 |
| Match Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26438 |
| Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;63900 | &nbsp;&nbsp;&nbsp;&nbsp;5952924 |
| Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8510 | &nbsp;&nbsp;&nbsp;&nbsp;2483899 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| News Corp., Class A | &nbsp;&nbsp;13710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231288 |
| News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;4252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72837 |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205731 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522927 |
| Paramount Global, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 |
| Paramount Global, Class B | &nbsp;&nbsp;20453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374699 |
| Pinterest, Inc., Class A \* | &nbsp;&nbsp;16296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400882 |
| Playtika Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 |
| Roku, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169619 |
| Sirius XM Holdings, Inc. *(a)* | &nbsp;&nbsp;24821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149919 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118362 |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp;13876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413366 |
| The New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168489 |
| The Walt Disney Co. \* | &nbsp;&nbsp;60195 | &nbsp;&nbsp;&nbsp;&nbsp;6413175 |
| TripAdvisor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77615 |
| Warner Bros Discovery, Inc. \* | &nbsp;&nbsp;22259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289367 |
|  |  | **33230973** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 10.3%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 10.3%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 10.3%** |
| 10X Genomics, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8535 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150525 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817809 |
| Avantor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30013 |
| Azenta, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115884 |
| Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5156 | &nbsp;&nbsp;&nbsp;&nbsp;1461417 |
| BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564828 |
| Bio-Rad Laboratories, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266596 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;75418 | &nbsp;&nbsp;&nbsp;&nbsp;5842632 |
| Catalent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270939 |
| Charles River Laboratories International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24621 |
| Danaher Corp. | &nbsp;&nbsp;21364 | &nbsp;&nbsp;&nbsp;&nbsp;5376678 |
| Elanco Animal Health, Inc. \* | &nbsp;&nbsp;15771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208019 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5549 | &nbsp;&nbsp;&nbsp;&nbsp;2009237 |
| Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175152 |
| Exelixis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24771 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;44449 | &nbsp;&nbsp;&nbsp;&nbsp;3487469 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33902 |
| Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;1272239 |
| Incyte Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64973 |
| Ionis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18343 |
| Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310586 |
| Johnson & Johnson | &nbsp;&nbsp;93201 | &nbsp;&nbsp;16214178 |
| Merck & Co., Inc. | &nbsp;&nbsp;52049 | &nbsp;&nbsp;&nbsp;&nbsp;5267359 |
| Mirati Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103269 |
| Moderna, Inc. \* | &nbsp;&nbsp;11245 | &nbsp;&nbsp;&nbsp;&nbsp;1690461 |
| Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235620 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595366 |
| Perrigo Co., plc | &nbsp;&nbsp;&nbsp;&nbsp;4727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190404 |
| Pfizer, Inc. | 200152 | &nbsp;&nbsp;&nbsp;&nbsp;9317076 |
| QIAGEN N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350353 |
| Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp;2346582 |
| Repligen Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103289 |
| Royalty Pharma plc, Class A | &nbsp;&nbsp;12970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548890 |
| Syneos Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151442 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;12165 | &nbsp;&nbsp;&nbsp;&nbsp;6252445 |
| Ultragenyx Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21282 |
| United Therapeutics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364468 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159120 |
| Viatris, Inc. | &nbsp;&nbsp;42768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433240 |
|  |  | **66890860** |
| &nbsp;&nbsp;**Real Estate 4.5%** | &nbsp;&nbsp;**Real Estate 4.5%** | &nbsp;&nbsp;**Real Estate 4.5%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832278 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;10754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343483 |

---

<sub>125</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| American Tower Corp. | &nbsp;&nbsp;3828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793123 |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;9514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230715 |
| Apartment Income REIT Corp. | &nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192688 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;4941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865268 |
| Boston Properties, Inc. | &nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402104 |
| Brixmor Property Group, Inc. | 10506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223883 |
| Camden Property Trust | &nbsp;&nbsp;3351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387208 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp;5789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410672 |
| Cousins Properties, Inc. | &nbsp;&nbsp;5372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127639 |
| CubeSmart | &nbsp;&nbsp;7925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331820 |
| Digital Realty Trust, Inc. | 10045 | &nbsp;&nbsp;&nbsp;&nbsp;1007011 |
| Douglas Emmett, Inc. | &nbsp;&nbsp;6019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105874 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228454 |
| EPR Properties | &nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101093 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449187 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154399 |
| Equity Residential | 13102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825688 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510485 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732650 |
| Federal Realty Investment Trust | &nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281598 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;4670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222432 |
| Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;8616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431834 |
| Healthcare Realty Trust, Inc. | 13447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273378 |
| Healthpeak Properties, Inc. | 19041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451843 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;3661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103350 |
| Host Hotels & Resorts, Inc. | 24999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471981 |
| Hudson Pacific Properties, Inc. | &nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53268 |
| Invitation Homes, Inc. | 21575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683712 |
| Iron Mountain, Inc. | &nbsp;&nbsp;2573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128830 |
| JBG SMITH Properties | &nbsp;&nbsp;3769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74174 |
| Jones Lang LaSalle, Inc. \* | &nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269180 |
| Kilroy Realty Corp. | &nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176516 |
| Kimco Realty Corp. | 21318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455779 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34678 |
| Life Storage, Inc. | &nbsp;&nbsp;2983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329950 |
| Medical Properties Trust, Inc. | 21053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241057 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639247 |
| National Retail Properties, Inc. | &nbsp;&nbsp;6217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261301 |
| National Storage Affiliates Trust | &nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128321 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;8332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264791 |
| Opendoor Technologies, Inc. \* | 11889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30793 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp;7871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102953 |
| Prologis, Inc. | 32595 | &nbsp;&nbsp;&nbsp;&nbsp;3609896 |
| Public Storage | &nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354044 |
| Rayonier, Inc. | &nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172713 |
| Realty Income Corp. | 21866 | &nbsp;&nbsp;&nbsp;&nbsp;1361596 |
| Regency Centers Corp. | &nbsp;&nbsp;6075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367598 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;6072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335660 |
| SBA Communications Corp. | &nbsp;&nbsp;2912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785949 |
| Simon Property Group, Inc. | &nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647450 |
| SL Green Realty Corp. | &nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89439 |
| Spirit Realty Capital, Inc. | &nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185646 |
| STORE Capital Corp. | &nbsp;&nbsp;9009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286486 |
| Sun Communities, Inc. | &nbsp;&nbsp;4299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579720 |
| The Howard Hughes Corp. \* | &nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79264 |
| UDR, Inc. | 11435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454656 |
| Ventas, Inc. | 14111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552163 |
| VICI Properties, Inc. | 34035 | &nbsp;&nbsp;&nbsp;&nbsp;1089801 |
| Vornado Realty Trust | &nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147485 |
| Welltower, Inc. | 16411 | &nbsp;&nbsp;&nbsp;&nbsp;1001727 |
| WeWork, Inc., Class A *\*(a)* | &nbsp;&nbsp;4682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12033 |
| Weyerhaeuser Co. | 26340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814696 |
| WP Carey, Inc. | &nbsp;&nbsp;6755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515406 |
| Zillow Group, Inc., Class A \* | &nbsp;&nbsp;1897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58674 |
| Zillow Group, Inc., Class C \* | &nbsp;&nbsp;5345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164947 |
|  |  | **29033737** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Retailing 2.2%** | &nbsp;&nbsp;**Retailing 2.2%** | &nbsp;&nbsp;**Retailing 2.2%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376801 |
| AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143837 |
| AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159571 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270845 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335141 |
| Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20586 |
| CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316877 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219443 |
| Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822140 |
| DoorDash, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44314 |
| eBay, Inc. | &nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673296 |
| GameStop Corp., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269511 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;4515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803038 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136243 |
| Leslie's, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190422 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504599 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604540 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198367 |
| Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11370 |
| Ollie's Bargain Outlet Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116872 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;1100041 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106597 |
| Petco Health & Wellness Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29558 |
| RH \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110460 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672605 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7363 | &nbsp;&nbsp;&nbsp;&nbsp;1209373 |
| The Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79454 |
| The Home Depot, Inc. | &nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp;&nbsp;4551222 |
| Victoria's Secret & Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31358 |
| Wayfair, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38223 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61915 |
|  |  | **14216692** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** |
| Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;12118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727807 |
| Analog Devices, Inc. | &nbsp;&nbsp;14771 | &nbsp;&nbsp;&nbsp;&nbsp;2106640 |
| Cirrus Logic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132763 |
| First Solar, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546179 |
| GLOBALFOUNDRIES, Inc. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96106 |
| Intel Corp. | 144928 | &nbsp;&nbsp;&nbsp;&nbsp;4120303 |
| Marvell Technology, Inc. | &nbsp;&nbsp;30009 | &nbsp;&nbsp;&nbsp;&nbsp;1190757 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172502 |
| Micron Technology, Inc. | &nbsp;&nbsp;31641 | &nbsp;&nbsp;&nbsp;&nbsp;1711778 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167340 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353652 |
| Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314192 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488709 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41570 |
| Texas Instruments, Inc. | &nbsp;&nbsp;10290 | &nbsp;&nbsp;&nbsp;&nbsp;1652883 |
| Wolfspeed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321300 |
|  |  | **14144481** |
| &nbsp;&nbsp;**Software & Services 4.1%** | &nbsp;&nbsp;**Software & Services 4.1%** | &nbsp;&nbsp;**Software & Services 4.1%** |
| Affirm Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125618 |
| Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488642 |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367681 |
| ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322672 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293907 |
| Bill.com Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459425 |
| Black Knight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300536 |
| Block, Inc. \* | &nbsp;&nbsp;18680 | &nbsp;&nbsp;&nbsp;&nbsp;1122108 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57173 |
| CCC Intelligent Solutions Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33831 |

---

<sub>126</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260127 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;18414 | &nbsp;&nbsp;&nbsp;&nbsp;1146272 |
| Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186645 |
| Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62811 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144909 |
| DoubleVerify Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 |
| Dropbox, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13746 |
| DXC Technology Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;8156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234485 |
| Euronet Worldwide, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34948 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;21598 | &nbsp;&nbsp;&nbsp;&nbsp;1792418 |
| Fiserv, Inc. \* | &nbsp;&nbsp;18947 | &nbsp;&nbsp;&nbsp;&nbsp;1946615 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145112 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9729 | &nbsp;&nbsp;&nbsp;&nbsp;1111636 |
| GoDaddy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384553 |
| Guidewire Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176685 |
| Informatica, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20967 |
| International Business Machines Corp. | &nbsp;&nbsp;10581 | &nbsp;&nbsp;&nbsp;&nbsp;1463246 |
| Jamf Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521 |
| Kyndryl Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68899 |
| Manhattan Associates, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103785 |
| nCino, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61669 |
| NCR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89675 |
| NortonLifeLock, Inc. | &nbsp;&nbsp;13006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293025 |
| Nutanix, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99791 |
| Okta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256468 |
| Oracle Corp. | &nbsp;&nbsp;16761 | &nbsp;&nbsp;&nbsp;&nbsp;1308531 |
| Paycor HCM, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51799 |
| PayPal Holdings, Inc. \* | &nbsp;&nbsp;28364 | &nbsp;&nbsp;&nbsp;&nbsp;2370663 |
| Procore Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37442 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3735 | &nbsp;&nbsp;&nbsp;&nbsp;1548307 |
| Salesforce, Inc. \* | &nbsp;&nbsp;26781 | &nbsp;&nbsp;&nbsp;&nbsp;4354323 |
| SentinelOne, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44241 |
| Snowflake, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111889 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404881 |
| Switch, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72390 |
| Teradata Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51902 |
| The Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;9036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122076 |
| Twilio, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281416 |
| Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60463 |
| UiPath, Inc., Class A \* | &nbsp;&nbsp;12059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152546 |
| Unity Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70505 |
| VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594163 |
| VMware, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427727 |
| WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69760 |
| Wix.com Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35743 |
| Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370724 |
|  |  | **26228072** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 2.4%** | &nbsp;&nbsp;**Technology Hardware & Equipment 2.4%** | &nbsp;&nbsp;**Technology Hardware & Equipment 2.4%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385671 |
| Arrow Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218013 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134395 |
| Ciena Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252912 |
| Cisco Systems, Inc. | 147234 | &nbsp;&nbsp;&nbsp;&nbsp;6688841 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20434 |
| Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128491 |
| Corning, Inc. | &nbsp;&nbsp;25130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808432 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;7781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298790 |
| F5, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301826 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;45925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655350 |
| HP, Inc. | &nbsp;&nbsp;19788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546544 |
| IPG Photonics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101336 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55897 |
| Juniper Networks, Inc. | &nbsp;&nbsp;11333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346790 |
| Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82721 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188314 |
| Lumentum Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181435 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5825 | &nbsp;&nbsp;&nbsp;&nbsp;1454561 |
| National Instruments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153789 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138088 |
| Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651493 |
| Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530551 |
| Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50972 |
| ViaSat, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103956 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39843 |
| Western Digital Corp. \* | &nbsp;&nbsp;11064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380270 |
| Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305878 |
|  |  | **15205593** |
| &nbsp;&nbsp;**Telecommunication Services 2.1%** | &nbsp;&nbsp;**Telecommunication Services 2.1%** | &nbsp;&nbsp;**Telecommunication Services 2.1%** |
| AT&T, Inc. | 253535 | &nbsp;&nbsp;&nbsp;&nbsp;4621943 |
| Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203379 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;36431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268132 |
| T-Mobile US, Inc. \* | &nbsp;&nbsp;21097 | &nbsp;&nbsp;&nbsp;&nbsp;3197461 |
| Verizon Communications, Inc. | 148823 | &nbsp;&nbsp;&nbsp;&nbsp;5561516 |
|  |  | **13852431** |
| &nbsp;&nbsp;**Transportation 1.5%** | &nbsp;&nbsp;**Transportation 1.5%** | &nbsp;&nbsp;**Transportation 1.5%** |
| Alaska Air Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193534 |
| AMERCO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182335 |
| American Airlines Group, Inc. \* | &nbsp;&nbsp;22895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324651 |
| Avis Budget Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247810 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309382 |
| Copa Holdings S.A., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76208 |
| CSX Corp. | &nbsp;&nbsp;56655 | &nbsp;&nbsp;&nbsp;&nbsp;1646394 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391009 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8497 | &nbsp;&nbsp;&nbsp;&nbsp;1361899 |
| GXO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121605 |
| Hertz Global Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133142 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55769 |
| JetBlue Airways Corp. \* | &nbsp;&nbsp;11421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91825 |
| Kirby Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147800 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265414 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22183 |
| Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31520 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8298 | &nbsp;&nbsp;&nbsp;&nbsp;1892525 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141295 |
| Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42701 |
| Southwest Airlines Co. \* | &nbsp;&nbsp;20942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761242 |
| Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238758 |
| United Airlines Holdings, Inc. \* | &nbsp;&nbsp;11518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496196 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470930 |
| XPO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172398 |
|  |  | &nbsp;&nbsp;&nbsp;**9818525** |
| &nbsp;&nbsp;**Utilities 5.5%** | &nbsp;&nbsp;**Utilities 5.5%** | &nbsp;&nbsp;**Utilities 5.5%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461704 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742321 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;18203 | &nbsp;&nbsp;&nbsp;&nbsp;1600408 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934972 |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519538 |
| Avangrid, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101863 |
| Brookfield Renewable Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140690 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;22284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637545 |
| CMS Energy Corp. | &nbsp;&nbsp;10231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583679 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;12566 | &nbsp;&nbsp;&nbsp;&nbsp;1105305 |
| Constellation Energy Corp. | &nbsp;&nbsp;11553 | &nbsp;&nbsp;&nbsp;&nbsp;1092221 |
| Dominion Energy, Inc. | &nbsp;&nbsp;29472 | &nbsp;&nbsp;&nbsp;&nbsp;2062156 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;6826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765263 |

---

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Duke Energy Corp. | 27275 | &nbsp;&nbsp;&nbsp;&nbsp;2541484 |
| Edison International | 13291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797992 |
| Entergy Corp. | &nbsp;&nbsp;7181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769372 |
| Essential Utilities, Inc. | &nbsp;&nbsp;8203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362737 |
| Evergy, Inc. | &nbsp;&nbsp;7850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479870 |
| Eversource Energy | 12193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930082 |
| Exelon Corp. | 35148 | &nbsp;&nbsp;&nbsp;&nbsp;1356361 |
| FirstEnergy Corp. | 19210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724409 |
| Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;3852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146530 |
| IDACORP, Inc. | &nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186680 |
| National Fuel Gas Co. | &nbsp;&nbsp;2851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192414 |
| NextEra Energy, Inc. | 69526 | &nbsp;&nbsp;&nbsp;&nbsp;5388265 |
| NiSource, Inc. | 14397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369859 |
| NRG Energy, Inc. | &nbsp;&nbsp;8325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369630 |
| OGE Energy Corp. | &nbsp;&nbsp;7075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259157 |
| PG&E Corp. \* | 54863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819105 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;4001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268907 |
| PPL Corp. | 26070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690594 |
| Public Service Enterprise Group, Inc. | 17611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987449 |
| Sempra Energy | 11137 | &nbsp;&nbsp;&nbsp;&nbsp;1681019 |
| The AES Corp. | 19319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505385 |
| The Southern Co. | 37595 | &nbsp;&nbsp;&nbsp;&nbsp;2461721 |
| UGI Corp. | &nbsp;&nbsp;7423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262255 |
| Vistra Corp. | &nbsp;&nbsp;6184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142046 |
| WEC Energy Group, Inc. | 11167 | &nbsp;&nbsp;&nbsp;&nbsp;1019882 |
| Xcel Energy, Inc. | 19291 | &nbsp;&nbsp;&nbsp;&nbsp;1256037 |
|  |  | &nbsp;&nbsp;&nbsp;**35716907** |
| **Total Common Stocks<br> (Cost $559,167,998)** | **Total Common Stocks<br> (Cost $559,167,998)** | **643162523** |
| **INVESTMENT COMPANIES 0.1% OF NET ASSETS** | **INVESTMENT COMPANIES 0.1% OF NET ASSETS** | **INVESTMENT COMPANIES 0.1% OF NET ASSETS** |
| &nbsp;&nbsp;**Equity Funds 0.1%** | &nbsp;&nbsp;**Equity Funds 0.1%** | &nbsp;&nbsp;**Equity Funds 0.1%** |
| iShares Russell 1000 Value ETF | &nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**621421** |
| **Total Investment Companies<br> (Cost $580,088)** | **Total Investment Companies<br> (Cost $580,088)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**621421** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.5%** | &nbsp;&nbsp;**Money Market Funds 0.5%** | &nbsp;&nbsp;**Money Market Funds 0.5%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)* | 2663955 | &nbsp;&nbsp;&nbsp;&nbsp;2663955 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | &nbsp;&nbsp;&nbsp;686224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3350179** |
| **Total Short-Term Investments<br> (Cost $3,350,179)** | **Total Short-Term Investments<br> (Cost $3,350,179)** | &nbsp;&nbsp;&nbsp;&nbsp;**3350179** |
| **Total Investments in Securities<br> (Cost $563,098,265)** | **Total Investments in Securities<br> (Cost $563,098,265)** | **647134123** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 1000 Value Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108463 |
| S&P 500 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 |
| **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **Net Unrealized Appreciation** | **109124** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $670,319.

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

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

ETF — Exchange traded fund <br> REIT — Real Estate Investment Trust

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

------

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DIVIDENDS <br> RECEIVED |
| **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** | **COMMON STOCKS 0.3% OF NET ASSETS** |
| **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** | **Diversified Financials 0.3%** |
| The Charles Schwab Corp. | $3397519 | $854830 | ($1862661) | $285654 | ($777603) | **$1897739** | 23820 | $30673 |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$643162523 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$643162523 |
| Investment Companies<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621421 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621421 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350179 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350179 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109124 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109124 |
| **Total** | **$647243247** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$647243247** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the underlying mutual funds and ETFs, which could be Level 1, Level 2 or Level 3.

<sub>129</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $1,039,263) |  | &nbsp;&nbsp;&nbsp;&nbsp;$1897739 |
| Investments in securities, at value - unaffiliated (cost $562,059,002) including securities on loan of $670,319 |  | &nbsp;&nbsp;&nbsp;645236384 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129853 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**649061295** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686224 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16867 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1265325** |
| **Net assets** |  | **$647795970** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$582325155 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;65470815 |
| **Net assets** |  | **$647795970** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $647795970 |  | 13634563 |  | $47.51 |

---

<sub>130</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $3,229) |  | &nbsp;&nbsp;&nbsp;$12704310 |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30673 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26865 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;**12761848** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214388 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217145** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;**12544703** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180340) |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(4434022) |
| Net realized gains on sales of in-kind redemptions - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465994 |
| Net realized gains on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9972950 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378084) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5446498** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777603) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(62636956) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93006 |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(63321553)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(57875055)** |
| **Decrease in net assets resulting from operations** |  | **($45330352)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>131</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Large-Cap Value Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;$12544703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9554564 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18696413 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(63321553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125598537 |
| **Increase (decrease) in net assets resulting from operations** |  | **($45330352)** | &nbsp;&nbsp;&nbsp;**$153849514** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($27740131)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($7759956)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;5720926 | &nbsp;&nbsp;&nbsp;&nbsp;$280961274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972069 | &nbsp;&nbsp;&nbsp;&nbsp;$193635977 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;416349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21312908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614330 |
| Shares redeemed | + | &nbsp;&nbsp;(3237613) | &nbsp;&nbsp;&nbsp;&nbsp;(157379862) | &nbsp;&nbsp;&nbsp;&nbsp;(2064619) | &nbsp;&nbsp;&nbsp;&nbsp;(100690119) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**2899662** | &nbsp;&nbsp;&nbsp;**$144894320** | &nbsp;&nbsp;&nbsp;&nbsp;**2036664** | &nbsp;&nbsp;&nbsp;&nbsp;**$98560188** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;10734901 | &nbsp;&nbsp;&nbsp;&nbsp;$575972133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698237 | &nbsp;&nbsp;&nbsp;&nbsp;$331322387 |
| Total increase | + | &nbsp;&nbsp;&nbsp;2899662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71823837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244649746 |
| **End of period** |  | **13634563** | &nbsp;&nbsp;&nbsp;**$647795970** | &nbsp;&nbsp;&nbsp;**10734901** | &nbsp;&nbsp;&nbsp;**$575972133** |

---

<sub>132</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;12/20/17 <sup>1</sup>–<br> 10/31/18 |
| **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;&nbsp;$64.44 | &nbsp;&nbsp;&nbsp;&nbsp;$44.98 | &nbsp;&nbsp;&nbsp;&nbsp;$44.29 | &nbsp;&nbsp;&nbsp;&nbsp;$39.55 | &nbsp;&nbsp;&nbsp;&nbsp;$40.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$51.84 | &nbsp;&nbsp;&nbsp;&nbsp;$64.44 | &nbsp;&nbsp;&nbsp;&nbsp;$44.98 | &nbsp;&nbsp;&nbsp;&nbsp;$44.29 | &nbsp;&nbsp;&nbsp;&nbsp;$39.55 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.15%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13%) <sup>3</sup> |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% <sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% <sup>6</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% <sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>3</sup> |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$903303 | &nbsp;&nbsp;$890697 | &nbsp;&nbsp;$482977 | &nbsp;&nbsp;$356596 | &nbsp;&nbsp;$171278 |

---

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

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

<sup>3</sup> Not annualized.

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

<sup>5</sup> Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 10/31/19 is a blended ratio.

<sup>6</sup> Annualized.

<sup>7</sup> The investment adviser voluntarily agreed to waive the fund's management fees to 0.00% beginning with the fund's commencement of operations through June 30, 2018. The ratio presented for period ended 10/31/18 is a blended ratio.

<sup>8</sup> Portfolio turnover rate excludes in-kind transactions.

<sub>133</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 98.9% OF NET ASSETS** | **COMMON STOCKS 98.9% OF NET ASSETS** | **COMMON STOCKS 98.9% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 0.9%** | &nbsp;&nbsp;**Automobiles & Components 0.9%** | &nbsp;&nbsp;**Automobiles & Components 0.9%** |
| Aptiv plc \* | &nbsp;&nbsp;25657 | &nbsp;&nbsp;&nbsp;&nbsp;2336583 |
| BorgWarner, Inc. | &nbsp;&nbsp;22410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841047 |
| Gentex Corp. | &nbsp;&nbsp;22338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591734 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;12740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547820 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783850 |
| Lucid Group, Inc. *\*(a)* | &nbsp;&nbsp;50504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721702 |
| QuantumScape Corp. *\*(a)* | &nbsp;&nbsp;24135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201045 |
| Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;49323 | &nbsp;&nbsp;&nbsp;&nbsp;1724825 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407920 |
|  |  | &nbsp;&nbsp;&nbsp;**8156526** |
| &nbsp;&nbsp;**Banks 3.4%** | &nbsp;&nbsp;**Banks 3.4%** | &nbsp;&nbsp;**Banks 3.4%** |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283901 |
| Bank OZK | &nbsp;&nbsp;10592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455244 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307651 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;46346 | &nbsp;&nbsp;&nbsp;&nbsp;1895551 |
| Comerica, Inc. | &nbsp;&nbsp;12398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874059 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;10401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736807 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858357 |
| East West Bancorp, Inc. | &nbsp;&nbsp;13423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960684 |
| F.N.B. Corp. | &nbsp;&nbsp;33118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478555 |
| Fifth Third Bancorp | &nbsp;&nbsp;64677 | &nbsp;&nbsp;&nbsp;&nbsp;2308322 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950371 |
| First Hawaiian, Inc. | &nbsp;&nbsp;12083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309083 |
| First Horizon Corp. | &nbsp;&nbsp;50218 | &nbsp;&nbsp;&nbsp;&nbsp;1230843 |
| First Republic Bank | &nbsp;&nbsp;17261 | &nbsp;&nbsp;&nbsp;&nbsp;2073046 |
| Huntington Bancshares, Inc. | 136218 | &nbsp;&nbsp;&nbsp;&nbsp;2067789 |
| KeyCorp | &nbsp;&nbsp;88197 | &nbsp;&nbsp;&nbsp;&nbsp;1576080 |
| M&T Bank Corp. | &nbsp;&nbsp;16602 | &nbsp;&nbsp;&nbsp;&nbsp;2795279 |
| MGIC Investment Corp. | &nbsp;&nbsp;28649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391059 |
| New York Community Bancorp, Inc. | &nbsp;&nbsp;43778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407573 |
| PacWest Bancorp | &nbsp;&nbsp;11039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274430 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588897 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491858 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595319 |
| Regions Financial Corp. | &nbsp;&nbsp;88721 | &nbsp;&nbsp;&nbsp;&nbsp;1947426 |
| Rocket Cos., Inc., Class A | &nbsp;&nbsp;10961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75631 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;5881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932315 |
| SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;5572 | &nbsp;&nbsp;&nbsp;&nbsp;1286909 |
| Synovus Financial Corp. | &nbsp;&nbsp;13694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545706 |
| TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67791 |
| Umpqua Holdings Corp. | &nbsp;&nbsp;20443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406407 |
| UWM Holdings Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;8652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28379 |
| Webster Financial Corp. | &nbsp;&nbsp;16576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899414 |
| Western Alliance Bancorp | &nbsp;&nbsp;10037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674185 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531013 |
| Zions Bancorp NA | &nbsp;&nbsp;14143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734587 |
|  |  | **31040521** |
| &nbsp;&nbsp;**Capital Goods 10.0%** | &nbsp;&nbsp;**Capital Goods 10.0%** | &nbsp;&nbsp;**Capital Goods 10.0%** |
| A.O. Smith Corp. | &nbsp;&nbsp;12043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659716 |
| Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569067 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;6082 | &nbsp;&nbsp;&nbsp;&nbsp;704782 |
| AECOM | 12499 | &nbsp;&nbsp;&nbsp;&nbsp;940925 |
| AGCO Corp. | &nbsp;&nbsp;5896 | &nbsp;&nbsp;&nbsp;&nbsp;732106 |
| Air Lease Corp. | &nbsp;&nbsp;9854 | &nbsp;&nbsp;&nbsp;&nbsp;347748 |
| Allegion plc | &nbsp;&nbsp;8317 | &nbsp;&nbsp;&nbsp;&nbsp;871372 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;9175 | &nbsp;&nbsp;&nbsp;&nbsp;387644 |
| AMETEK, Inc. | 21871 | 2835794 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp;330468 |
| Axon Enterprise, Inc. \* | &nbsp;&nbsp;6411 | &nbsp;&nbsp;&nbsp;&nbsp;932416 |
| Builders FirstSource, Inc. \* | 14635 | &nbsp;&nbsp;&nbsp;&nbsp;902394 |
| BWX Technologies, Inc. | &nbsp;&nbsp;8648 | &nbsp;&nbsp;&nbsp;&nbsp;492763 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;4879 | 1165105 |
| Carrier Global Corp. | 80471 | 3199527 |
| ChargePoint Holdings, Inc. *\*(a)* | 23809 | &nbsp;&nbsp;&nbsp;&nbsp;332850 |
| Core & Main, Inc., Class A \* | &nbsp;&nbsp;6737 | &nbsp;&nbsp;&nbsp;&nbsp;158858 |
| Crane Holdings Co. | &nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp;447918 |
| Cummins, Inc. | 13378 | 3271055 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp;610901 |
| Donaldson Co., Inc. | 11680 | &nbsp;&nbsp;&nbsp;&nbsp;671016 |
| Dover Corp. | 13657 | 1784833 |
| Esab Corp. | &nbsp;&nbsp;4835 | &nbsp;&nbsp;&nbsp;&nbsp;180346 |
| Fastenal Co. | 54644 | 2640945 |
| Flowserve Corp. | 12384 | &nbsp;&nbsp;&nbsp;&nbsp;355173 |
| Fortive Corp. | 34052 | 2175923 |
| Fortune Brands Home & Security, Inc. | 12255 | &nbsp;&nbsp;&nbsp;&nbsp;739222 |
| Gates Industrial Corp. plc \* | 10279 | &nbsp;&nbsp;&nbsp;&nbsp;114611 |
| Generac Holdings, Inc. \* | &nbsp;&nbsp;5917 | &nbsp;&nbsp;&nbsp;&nbsp;685840 |
| Graco, Inc. | 15930 | 1108409 |
| Hayward Holdings, Inc. \* | &nbsp;&nbsp;6425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59431 |
| HEICO Corp. | &nbsp;&nbsp;4259 | &nbsp;&nbsp;&nbsp;&nbsp;692684 |
| HEICO Corp., Class A | &nbsp;&nbsp;7504 | &nbsp;&nbsp;&nbsp;&nbsp;955259 |
| Hexcel Corp. | &nbsp;&nbsp;7943 | &nbsp;&nbsp;&nbsp;&nbsp;442425 |
| Howmet Aerospace, Inc. | 35577 | 1264762 |
| Hubbell, Inc. | &nbsp;&nbsp;5081 | 1206636 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;3735 | &nbsp;&nbsp;&nbsp;&nbsp;960156 |
| IDEX Corp. | &nbsp;&nbsp;7210 | 1602855 |
| Ingersoll Rand, Inc. | 38559 | 1947230 |
| ITT, Inc. | &nbsp;&nbsp;7924 | &nbsp;&nbsp;&nbsp;&nbsp;605314 |
| Lennox International, Inc. | &nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp;708418 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;5317 | &nbsp;&nbsp;&nbsp;&nbsp;755014 |
| Masco Corp. | 21377 | &nbsp;&nbsp;&nbsp;&nbsp;989114 |
| MasTec, Inc. \* | &nbsp;&nbsp;5779 | &nbsp;&nbsp;&nbsp;&nbsp;445445 |
| MDU Resources Group, Inc. | 19170 | &nbsp;&nbsp;&nbsp;&nbsp;545962 |
| Mercury Systems, Inc. \* | &nbsp;&nbsp;5406 | &nbsp;&nbsp;&nbsp;&nbsp;261650 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp;363867 |
| Nordson Corp. | &nbsp;&nbsp;5497 | 1236825 |
| nVent Electric plc | 15690 | &nbsp;&nbsp;&nbsp;&nbsp;572685 |
| Oshkosh Corp. | &nbsp;&nbsp;6215 | &nbsp;&nbsp;&nbsp;&nbsp;546920 |
| Otis Worldwide Corp. | 40167 | 2837397 |
| Owens Corning | &nbsp;&nbsp;9197 | &nbsp;&nbsp;&nbsp;&nbsp;787355 |
| PACCAR, Inc. | 32385 | 3135840 |
| Parker-Hannifin Corp. | 12149 | 3530742 |
| Pentair plc | 15631 | &nbsp;&nbsp;&nbsp;&nbsp;671351 |
| Plug Power, Inc. \* | 49308 | &nbsp;&nbsp;&nbsp;&nbsp;787942 |
| Quanta Services, Inc. | 13506 | 1918392 |
| Regal Rexnord Corp. | &nbsp;&nbsp;6359 | &nbsp;&nbsp;&nbsp;&nbsp;804668 |
| Rockwell Automation, Inc. | 11038 | 2818001 |
| Sensata Technologies Holding plc | 14537 | &nbsp;&nbsp;&nbsp;&nbsp;584533 |

---

<sub>134</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| SiteOne Landscape Supply, Inc. \* | &nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488044 |
| Snap-on, Inc. | &nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp;1107807 |
| Spirit AeroSystems Holdings, Inc., Class A | &nbsp;&nbsp;9927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229909 |
| Stanley Black & Decker, Inc. | 14015 | &nbsp;&nbsp;&nbsp;&nbsp;1100037 |
| Sunrun, Inc. \* | 19472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438315 |
| Textron, Inc. | 20053 | &nbsp;&nbsp;&nbsp;&nbsp;1372427 |
| The AZEK Co., Inc. \* | 10498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183820 |
| The Middleby Corp. \* | &nbsp;&nbsp;5078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710209 |
| The Timken Co. | &nbsp;&nbsp;5896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420326 |
| The Toro Co. | &nbsp;&nbsp;9903 | &nbsp;&nbsp;&nbsp;&nbsp;1044073 |
| Trane Technologies plc | 22148 | &nbsp;&nbsp;&nbsp;&nbsp;3535485 |
| TransDigm Group, Inc. | &nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp;2806830 |
| Trex Co., Inc. \* | 10482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504079 |
| United Rentals, Inc. \* | &nbsp;&nbsp;6629 | &nbsp;&nbsp;&nbsp;&nbsp;2092842 |
| Univar Solutions, Inc. \* | 15608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397692 |
| Valmont Industries, Inc. | &nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636525 |
| Vertiv Holdings Co. | 28862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413015 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp;2527314 |
| Watsco, Inc. | &nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847292 |
| WESCO International, Inc. \* | &nbsp;&nbsp;4234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583318 |
| Westinghouse Air Brake Technologies Corp. | 17181 | &nbsp;&nbsp;&nbsp;&nbsp;1602644 |
| WillScot Mobile Mini Holdings Corp. \* | 19752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840053 |
| Woodward, Inc. | &nbsp;&nbsp;5573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511044 |
| Xylem, Inc. | 17002 | &nbsp;&nbsp;&nbsp;&nbsp;1741515 |
|  |  | **90523215** |
| &nbsp;&nbsp;**Commercial & Professional Services 3.3%** | &nbsp;&nbsp;**Commercial & Professional Services 3.3%** | &nbsp;&nbsp;**Commercial & Professional Services 3.3%** |
| Booz Allen Hamilton Holding Corp. | 12458 | &nbsp;&nbsp;&nbsp;&nbsp;1356053 |
| CACI International, Inc., Class A \* | &nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667042 |
| Cintas Corp. | &nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp;3513178 |
| Clarivate plc \* | 44723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461989 |
| Clean Harbors, Inc. \* | &nbsp;&nbsp;4837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592339 |
| Copart, Inc. \* | 20231 | &nbsp;&nbsp;&nbsp;&nbsp;2326970 |
| CoStar Group, Inc. \* | 37302 | &nbsp;&nbsp;&nbsp;&nbsp;3085621 |
| Driven Brands Holdings, Inc. \* | &nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167607 |
| Dun & Bradstreet Holdings, Inc. | 23872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306755 |
| Equifax, Inc. | 11538 | &nbsp;&nbsp;&nbsp;&nbsp;1956152 |
| FTI Consulting, Inc. \* | &nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497705 |
| IAA, Inc. \* | 12702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481787 |
| Jacobs Solutions, Inc. | 12132 | &nbsp;&nbsp;&nbsp;&nbsp;1397849 |
| KBR, Inc. | 13176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655770 |
| Leidos Holdings, Inc. | 12928 | &nbsp;&nbsp;&nbsp;&nbsp;1313355 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;4893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383318 |
| MSA Safety, Inc. | &nbsp;&nbsp;3504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470377 |
| Republic Services, Inc. | 19574 | &nbsp;&nbsp;&nbsp;&nbsp;2595904 |
| Robert Half International, Inc. | 10217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781192 |
| Rollins, Inc. | 21986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925171 |
| Science Applications International Corp. | &nbsp;&nbsp;5269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570843 |
| Stericycle, Inc. \* | &nbsp;&nbsp;8715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388515 |
| Tetra Tech, Inc. | &nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714312 |
| TransUnion | 18268 | &nbsp;&nbsp;&nbsp;&nbsp;1082744 |
| Verisk Analytics, Inc. | 14746 | &nbsp;&nbsp;&nbsp;&nbsp;2696011 |
|  |  | **29388559** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 2.5%** | &nbsp;&nbsp;**Consumer Durables & Apparel 2.5%** | &nbsp;&nbsp;**Consumer Durables & Apparel 2.5%** |
| Brunswick Corp. | &nbsp;&nbsp;7013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495609 |
| Capri Holdings Ltd. \* | 12788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584156 |
| Carter's, Inc. | &nbsp;&nbsp;3618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245554 |
| Columbia Sportswear Co. | &nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254790 |
| D.R. Horton, Inc. | 30259 | &nbsp;&nbsp;&nbsp;&nbsp;2326312 |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874475 |
| Garmin Ltd. | 14634 | &nbsp;&nbsp;&nbsp;&nbsp;1288377 |
| Hanesbrands, Inc. | 32988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224978 |
| Hasbro, Inc. | 12477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814124 |
| Leggett & Platt, Inc. | 12608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425520 |
| Lennar Corp., Class A | 23826 | &nbsp;&nbsp;&nbsp;&nbsp;1922758 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Lennar Corp., Class B | &nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89743 |
| Lululemon Athletica, Inc. \* | 10602 | &nbsp;&nbsp;&nbsp;&nbsp;3488482 |
| Mattel, Inc. \* | 33397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633207 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp;4979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471760 |
| Newell Brands, Inc. | 35828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494785 |
| NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;1207759 |
| Peloton Interactive, Inc., Class A \* | 28815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242046 |
| Polaris, Inc. | &nbsp;&nbsp;5360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544576 |
| PulteGroup, Inc. | 21861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874221 |
| PVH Corp. | &nbsp;&nbsp;6396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328243 |
| Ralph Lauren Corp. | &nbsp;&nbsp;4023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372892 |
| Skechers U.S.A., Inc., Class A \* | 12682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436641 |
| Tapestry, Inc. | 23912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757532 |
| Tempur Sealy International, Inc. | 15922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428142 |
| Toll Brothers, Inc. | 10201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439459 |
| TopBuild Corp. \* | &nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522500 |
| Under Armour, Inc., Class A \* | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134100 |
| Under Armour, Inc., Class C \* | 18846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123630 |
| VF Corp. | 33171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937081 |
| Whirlpool Corp. | &nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700600 |
| YETI Holdings, Inc. \* | &nbsp;&nbsp;8158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261709 |
|  |  | **22945761** |
| &nbsp;&nbsp;**Consumer Services 3.4%** | &nbsp;&nbsp;**Consumer Services 3.4%** | &nbsp;&nbsp;**Consumer Services 3.4%** |
| ADT, Inc. | 19594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165765 |
| Aramark | 22003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803110 |
| Boyd Gaming Corp. | &nbsp;&nbsp;7418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428464 |
| Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;5478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357823 |
| Caesars Entertainment, Inc. \* | 19471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851467 |
| Carnival Corp. \* | 90904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823590 |
| Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;3957090 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;3204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416007 |
| Churchill Downs, Inc. | &nbsp;&nbsp;3442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715626 |
| Darden Restaurants, Inc. | 11618 | &nbsp;&nbsp;&nbsp;&nbsp;1663001 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp;1132606 |
| DraftKings, Inc., Class A \* | 30690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484902 |
| Expedia Group, Inc. \* | 14352 | &nbsp;&nbsp;&nbsp;&nbsp;1341482 |
| Grand Canyon Education, Inc. \* | &nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299475 |
| H&R Block, Inc. | 15152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623505 |
| Hilton Worldwide Holdings, Inc. | 25646 | &nbsp;&nbsp;&nbsp;&nbsp;3468878 |
| Hyatt Hotels Corp., Class A \* | &nbsp;&nbsp;4679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440809 |
| Las Vegas Sands Corp. \* | 31393 | &nbsp;&nbsp;&nbsp;&nbsp;1193248 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538733 |
| MGM Resorts International | 31158 | &nbsp;&nbsp;&nbsp;&nbsp;1108290 |
| Mister Car Wash, Inc. \* | &nbsp;&nbsp;7352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64918 |
| Norwegian Cruise Line Holdings Ltd. \* | 39645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669604 |
| Penn Entertainment, Inc. \* | 14953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494944 |
| Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;7989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523120 |
| Royal Caribbean Cruises Ltd. \* | 20905 | &nbsp;&nbsp;&nbsp;&nbsp;1115909 |
| Service Corp. International | 14651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887997 |
| Six Flags Entertainment Corp. \* | &nbsp;&nbsp;7050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157215 |
| The Wendy's Co. | 16248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337633 |
| Travel & Leisure Co. | &nbsp;&nbsp;7786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295712 |
| Vail Resorts, Inc. | &nbsp;&nbsp;3817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836419 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;8423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639558 |
| Wynn Resorts Ltd. \* | &nbsp;&nbsp;9908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633121 |
| Yum! Brands, Inc. | 27177 | &nbsp;&nbsp;&nbsp;&nbsp;3213680 |
|  |  | **30683701** |
| &nbsp;&nbsp;**Diversified Financials 5.7%** | &nbsp;&nbsp;**Diversified Financials 5.7%** | &nbsp;&nbsp;**Diversified Financials 5.7%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;3594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446231 |
| AGNC Investment Corp. | 49497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406865 |
| Ally Financial, Inc. | 29269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806654 |
| Ameriprise Financial, Inc. | 10256 | &nbsp;&nbsp;&nbsp;&nbsp;3170335 |
| Annaly Capital Management, Inc. | 40885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758417 |
| Apollo Global Management, Inc. | 43595 | &nbsp;&nbsp;&nbsp;&nbsp;2413419 |

---

<sub>135</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ares Management Corp., Class A | 14397 | &nbsp;&nbsp;&nbsp;&nbsp;1091725 |
| Blue Owl Capital, Inc. | 39482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395610 |
| Cboe Global Markets, Inc. | 10048 | &nbsp;&nbsp;&nbsp;&nbsp;1250976 |
| Coinbase Global, Inc., Class A \* | 14984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992690 |
| Credit Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296134 |
| Discover Financial Services | 25899 | &nbsp;&nbsp;&nbsp;&nbsp;2705410 |
| Equitable Holdings, Inc. | 35508 | &nbsp;&nbsp;&nbsp;&nbsp;1087255 |
| Evercore, Inc., Class A | &nbsp;&nbsp;3451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362700 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp;1532615 |
| Franklin Resources, Inc. | 27125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636081 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;8825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707324 |
| Invesco Ltd. | 35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543860 |
| Janus Henderson Group plc | 12890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293505 |
| Jefferies Financial Group, Inc. | 19335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665317 |
| KKR & Co., Inc. | 54295 | &nbsp;&nbsp;&nbsp;&nbsp;2640366 |
| Lazard Ltd., Class A | &nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319404 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;7555 | &nbsp;&nbsp;&nbsp;&nbsp;1931436 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860241 |
| Morningstar, Inc. | &nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546552 |
| MSCI, Inc. | &nbsp;&nbsp;7483 | &nbsp;&nbsp;&nbsp;&nbsp;3508479 |
| Nasdaq, Inc. | 32637 | &nbsp;&nbsp;&nbsp;&nbsp;2031327 |
| Northern Trust Corp. | 19510 | &nbsp;&nbsp;&nbsp;&nbsp;1645668 |
| OneMain Holdings, Inc. | 11050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426088 |
| Raymond James Financial, Inc. | 18476 | &nbsp;&nbsp;&nbsp;&nbsp;2182755 |
| Rithm Capital Corp. | 40444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340943 |
| Robinhood Markets, Inc., Class A \* | 53269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622182 |
| SEI Investments Co. | &nbsp;&nbsp;9735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528611 |
| SLM Corp. | 23769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394328 |
| SoFi Technologies, Inc. \* | 75501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410725 |
| Starwood Property Trust, Inc. | 27791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574162 |
| State Street Corp. | 34826 | &nbsp;&nbsp;&nbsp;&nbsp;2577124 |
| Stifel Financial Corp. | &nbsp;&nbsp;9805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606635 |
| Synchrony Financial | 45558 | &nbsp;&nbsp;&nbsp;&nbsp;1620042 |
| T. Rowe Price Group, Inc. | 21244 | &nbsp;&nbsp;&nbsp;&nbsp;2255263 |
| The Bank of New York Mellon Corp. | 69730 | &nbsp;&nbsp;&nbsp;&nbsp;2936330 |
| The Carlyle Group, Inc. | 19648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555645 |
| Tradeweb Markets, Inc., Class A | 10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561816 |
| Upstart Holdings, Inc. *\*(a)* | &nbsp;&nbsp;6676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154750 |
| Virtu Financial, Inc., Class A | &nbsp;&nbsp;9295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208022 |
| Voya Financial, Inc. | &nbsp;&nbsp;9219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630211 |
|  |  | **51632228** |
| &nbsp;&nbsp;**Energy 5.6%** | &nbsp;&nbsp;**Energy 5.6%** | &nbsp;&nbsp;**Energy 5.6%** |
| Antero Midstream Corp. | 31789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338553 |
| Antero Resources Corp. \* | 27449 | &nbsp;&nbsp;&nbsp;&nbsp;1006280 |
| APA Corp. | 30880 | &nbsp;&nbsp;&nbsp;&nbsp;1403805 |
| Baker Hughes Co. | 90320 | &nbsp;&nbsp;&nbsp;&nbsp;2498251 |
| Cheniere Energy, Inc. | 23629 | &nbsp;&nbsp;&nbsp;&nbsp;4168392 |
| Chesapeake Energy Corp. | 11492 | &nbsp;&nbsp;&nbsp;&nbsp;1175287 |
| Continental Resources, Inc. | &nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254013 |
| Coterra Energy, Inc. | 74492 | &nbsp;&nbsp;&nbsp;&nbsp;2318936 |
| Devon Energy Corp. | 62450 | &nbsp;&nbsp;&nbsp;&nbsp;4830508 |
| Diamondback Energy, Inc. | 16426 | &nbsp;&nbsp;&nbsp;&nbsp;2580689 |
| DTE Midstream LLC \* | &nbsp;&nbsp;9218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550315 |
| Enviva, Inc. | &nbsp;&nbsp;2884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172579 |
| EQT Corp. | 34975 | &nbsp;&nbsp;&nbsp;&nbsp;1463354 |
| Halliburton Co. | 85291 | &nbsp;&nbsp;&nbsp;&nbsp;3106298 |
| Hess Corp. | 26731 | &nbsp;&nbsp;&nbsp;&nbsp;3771209 |
| HF Sinclair Corp. | 13830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845981 |
| Marathon Oil Corp. | 64107 | &nbsp;&nbsp;&nbsp;&nbsp;1952058 |
| New Fortress Energy, Inc. | &nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250569 |
| NOV, Inc. | 37145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832048 |
| ONEOK, Inc. | 42200 | &nbsp;&nbsp;&nbsp;&nbsp;2503304 |
| Ovintiv, Inc. | 24253 | &nbsp;&nbsp;&nbsp;&nbsp;1228414 |
| PDC Energy, Inc. | &nbsp;&nbsp;8986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648250 |
| Phillips 66 | 45683 | &nbsp;&nbsp;&nbsp;&nbsp;4764280 |
| Range Resources Corp. | 24336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693089 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Southwestern Energy Co. \* | 105699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732494 |
| Targa Resources Corp. | &nbsp;&nbsp;21447 | &nbsp;&nbsp;&nbsp;&nbsp;1466331 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp;1251001 |
| The Williams Cos., Inc. | 115635 | &nbsp;&nbsp;&nbsp;&nbsp;3784734 |
|  |  | **50591022** |
| &nbsp;&nbsp;**Food & Staples Retailing 0.7%** | &nbsp;&nbsp;**Food & Staples Retailing 0.7%** | &nbsp;&nbsp;**Food & Staples Retailing 0.7%** |
| Albertsons Cos., Inc., Class A | &nbsp;&nbsp;15948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327093 |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;12716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984218 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818907 |
| Grocery Outlet Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290250 |
| Performance Food Group Co. \* | &nbsp;&nbsp;14437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751301 |
| The Kroger Co. | &nbsp;&nbsp;62247 | &nbsp;&nbsp;&nbsp;&nbsp;2943661 |
| U.S. Foods Holding Corp. \* | &nbsp;&nbsp;19155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570053 |
|  |  | &nbsp;&nbsp;&nbsp;**6685483** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 2.5%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.5%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.5%** |
| Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296192 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;17434 | &nbsp;&nbsp;&nbsp;&nbsp;1185512 |
| Bunge Ltd. | &nbsp;&nbsp;13299 | &nbsp;&nbsp;&nbsp;&nbsp;1312611 |
| Campbell Soup Co. | &nbsp;&nbsp;18399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973491 |
| Conagra Brands, Inc. | &nbsp;&nbsp;44682 | &nbsp;&nbsp;&nbsp;&nbsp;1639829 |
| Darling Ingredients, Inc. \* | &nbsp;&nbsp;15185 | &nbsp;&nbsp;&nbsp;&nbsp;1191719 |
| Flowers Foods, Inc. | &nbsp;&nbsp;17749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509574 |
| Freshpet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253485 |
| Hormel Foods Corp. | &nbsp;&nbsp;27217 | &nbsp;&nbsp;&nbsp;&nbsp;1264230 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554861 |
| Kellogg Co. | &nbsp;&nbsp;23960 | &nbsp;&nbsp;&nbsp;&nbsp;1840607 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;13678 | &nbsp;&nbsp;&nbsp;&nbsp;1179317 |
| McCormick & Co., Inc. - Non Voting Shares | &nbsp;&nbsp;23798 | &nbsp;&nbsp;&nbsp;&nbsp;1871475 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;16613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837794 |
| Pilgrim's Pride Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103425 |
| Post Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468376 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89913 |
| The Boston Beer Co., Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333721 |
| The Hershey Co. | &nbsp;&nbsp;13856 | &nbsp;&nbsp;&nbsp;&nbsp;3308397 |
| The JM Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;9784 | &nbsp;&nbsp;&nbsp;&nbsp;1474058 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;27042 | &nbsp;&nbsp;&nbsp;&nbsp;1848321 |
|  |  | **22536908** |
| &nbsp;&nbsp;**Health Care Equipment & Services 5.1%** | &nbsp;&nbsp;**Health Care Equipment & Services 5.1%** | &nbsp;&nbsp;**Health Care Equipment & Services 5.1%** |
| ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp;1069071 |
| Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687310 |
| agilon health, Inc. \* | &nbsp;&nbsp;17917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355653 |
| Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7448 | &nbsp;&nbsp;&nbsp;&nbsp;1447146 |
| Amedisys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295893 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;14015 | &nbsp;&nbsp;&nbsp;&nbsp;2203438 |
| Cardinal Health, Inc. | &nbsp;&nbsp;25863 | &nbsp;&nbsp;&nbsp;&nbsp;1963002 |
| Certara, Inc. \* | &nbsp;&nbsp;10927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133637 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648482 |
| DaVita, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389581 |
| Definitive Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48255 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;20372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627865 |
| DexCom, Inc. \* | &nbsp;&nbsp;37181 | &nbsp;&nbsp;&nbsp;&nbsp;4490721 |
| Doximity, Inc., Class A \* | &nbsp;&nbsp;10280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272112 |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505149 |
| Enhabit, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56573 |
| Enovis Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237360 |
| Envista Holdings Corp. \* | &nbsp;&nbsp;15446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509873 |
| Globus Medical, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484611 |
| Guardant Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456687 |
| Henry Schein, Inc. \* | &nbsp;&nbsp;12839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878958 |
| Hologic, Inc. \* | &nbsp;&nbsp;23350 | &nbsp;&nbsp;&nbsp;&nbsp;1583130 |
| ICU Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283018 |
| IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7915 | &nbsp;&nbsp;&nbsp;&nbsp;2846867 |

---

<sub>136</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Insulet Corp. \* | &nbsp;&nbsp;6534 | &nbsp;&nbsp;&nbsp;&nbsp;1691065 |
| Integra LifeSciences Holdings Corp. \* | &nbsp;&nbsp;6871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345268 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;8578 | &nbsp;&nbsp;&nbsp;&nbsp;1903115 |
| Masimo Corp. \* | &nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593253 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;5438 | &nbsp;&nbsp;&nbsp;&nbsp;1951481 |
| Novocure Ltd. \* | &nbsp;&nbsp;9812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693316 |
| Oak Street Health, Inc. \* | 11122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224998 |
| Penumbra, Inc. \* | &nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580940 |
| Premier, Inc., Class A | 11191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390342 |
| Quest Diagnostics, Inc. | 11105 | &nbsp;&nbsp;&nbsp;&nbsp;1595233 |
| QuidelOrtho Corp. \* | &nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419819 |
| ResMed, Inc. | 13716 | &nbsp;&nbsp;&nbsp;&nbsp;3068132 |
| Signify Health, Inc., Class A \* | &nbsp;&nbsp;6728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196660 |
| STERIS plc | &nbsp;&nbsp;9473 | &nbsp;&nbsp;&nbsp;&nbsp;1634850 |
| Tandem Diabetes Care, Inc. \* | &nbsp;&nbsp;6076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341167 |
| Teladoc Health, Inc. \* | 15231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451447 |
| Teleflex, Inc. | &nbsp;&nbsp;4454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955650 |
| Tenet Healthcare Corp. \* | 10071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446750 |
| The Cooper Cos., Inc. | &nbsp;&nbsp;4612 | &nbsp;&nbsp;&nbsp;&nbsp;1260875 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;6020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697537 |
| Veeva Systems, Inc., Class A \* | 13232 | &nbsp;&nbsp;&nbsp;&nbsp;2222182 |
| Zimmer Biomet Holdings, Inc. | 19915 | &nbsp;&nbsp;&nbsp;&nbsp;2257365 |
|  |  | **46395837** |
| &nbsp;&nbsp;**Household & Personal Products 0.5%** | &nbsp;&nbsp;**Household & Personal Products 0.5%** | &nbsp;&nbsp;**Household & Personal Products 0.5%** |
| Church & Dwight Co., Inc. | 23045 | &nbsp;&nbsp;&nbsp;&nbsp;1708326 |
| Coty, Inc., Class A \* | 32930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220960 |
| Olaplex Holdings, Inc. \* | 11624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51146 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158655 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;3809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175747 |
| The Clorox Co. | 11695 | &nbsp;&nbsp;&nbsp;&nbsp;1707938 |
|  |  | &nbsp;&nbsp;&nbsp;**4022772** |
| &nbsp;&nbsp;**Insurance 4.8%** | &nbsp;&nbsp;**Insurance 4.8%** | &nbsp;&nbsp;**Insurance 4.8%** |
| Aflac, Inc. | 59485 | &nbsp;&nbsp;&nbsp;&nbsp;3873068 |
| American Financial Group, Inc. | &nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926673 |
| Arch Capital Group Ltd. \* | 33620 | &nbsp;&nbsp;&nbsp;&nbsp;1933150 |
| Arthur J. Gallagher & Co. | 19751 | &nbsp;&nbsp;&nbsp;&nbsp;3695017 |
| Assurant, Inc. | &nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686636 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333240 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;7376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403246 |
| Brighthouse Financial, Inc. \* | &nbsp;&nbsp;6742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384766 |
| Brown & Brown, Inc. | 22440 | &nbsp;&nbsp;&nbsp;&nbsp;1319248 |
| Cincinnati Financial Corp. | 14845 | &nbsp;&nbsp;&nbsp;&nbsp;1533785 |
| CNA Financial Corp. | &nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109046 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611684 |
| Everest Re Group Ltd. | &nbsp;&nbsp;3693 | &nbsp;&nbsp;&nbsp;&nbsp;1191583 |
| Fidelity National Financial, Inc. | 25032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985760 |
| First American Financial Corp. | &nbsp;&nbsp;9553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481471 |
| Globe Life, Inc. | &nbsp;&nbsp;8487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980418 |
| Kemper Corp. | &nbsp;&nbsp;6051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288451 |
| Lincoln National Corp. | 16102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867415 |
| Loews Corp. | 18921 | &nbsp;&nbsp;&nbsp;&nbsp;1078875 |
| Markel Corp. \* | &nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp;1529335 |
| Old Republic International Corp. | 26884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623978 |
| Primerica, Inc. | &nbsp;&nbsp;3523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509778 |
| Principal Financial Group, Inc. | 23409 | &nbsp;&nbsp;&nbsp;&nbsp;2063035 |
| Prudential Financial, Inc. | 35622 | &nbsp;&nbsp;&nbsp;&nbsp;3747078 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;6341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933205 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630630 |
| Ryan Specialty Group Holdings, Inc., Class A \* | &nbsp;&nbsp;7822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350817 |
| The Allstate Corp. | 25573 | &nbsp;&nbsp;&nbsp;&nbsp;3228591 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;3351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490888 |
| The Hartford Financial Services Group, Inc. | 30617 | &nbsp;&nbsp;&nbsp;&nbsp;2216977 |
| Unum Group | 19016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866940 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| W.R. Berkley Corp. | &nbsp;&nbsp;19539 | &nbsp;&nbsp;&nbsp;&nbsp;1453311 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379528 |
| Willis Towers Watson plc | &nbsp;&nbsp;10382 | &nbsp;&nbsp;&nbsp;&nbsp;2265456 |
|  |  | **42973079** |
| &nbsp;&nbsp;**Materials 6.1%** | &nbsp;&nbsp;**Materials 6.1%** | &nbsp;&nbsp;**Materials 6.1%** |
| Albemarle Corp. | &nbsp;&nbsp;11110 | &nbsp;&nbsp;&nbsp;&nbsp;3109356 |
| Alcoa Corp. | &nbsp;&nbsp;17075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666437 |
| Amcor plc | 142367 | &nbsp;&nbsp;&nbsp;&nbsp;1648610 |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614730 |
| Ardagh Metal Packaging S.A. *(a)* | &nbsp;&nbsp;14176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62941 |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503091 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7728 | &nbsp;&nbsp;&nbsp;&nbsp;1310282 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;20907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487551 |
| Ball Corp. | &nbsp;&nbsp;29273 | &nbsp;&nbsp;&nbsp;&nbsp;1445793 |
| Berry Global Group, Inc. \* | &nbsp;&nbsp;11862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561310 |
| Celanese Corp. | &nbsp;&nbsp;10279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988017 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;18874 | &nbsp;&nbsp;&nbsp;&nbsp;2005551 |
| Cleveland-Cliffs, Inc. \* | &nbsp;&nbsp;48505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630080 |
| Corteva, Inc. | &nbsp;&nbsp;68789 | &nbsp;&nbsp;&nbsp;&nbsp;4494673 |
| Crown Holdings, Inc. | &nbsp;&nbsp;11034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756822 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;47607 | &nbsp;&nbsp;&nbsp;&nbsp;2723120 |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433711 |
| Eastman Chemical Co. | &nbsp;&nbsp;11616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892225 |
| Element Solutions, Inc. | &nbsp;&nbsp;21691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373085 |
| FMC Corp. | &nbsp;&nbsp;11954 | &nbsp;&nbsp;&nbsp;&nbsp;1421331 |
| Ginkgo Bioworks Holdings, Inc. *\*(a)* | &nbsp;&nbsp;82786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226006 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;29076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667585 |
| Huntsman Corp. | &nbsp;&nbsp;18187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486684 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;24193 | &nbsp;&nbsp;&nbsp;&nbsp;2361479 |
| International Paper Co. | &nbsp;&nbsp;34307 | &nbsp;&nbsp;&nbsp;&nbsp;1153058 |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394114 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;24391 | &nbsp;&nbsp;&nbsp;&nbsp;1864692 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5904 | &nbsp;&nbsp;&nbsp;&nbsp;1983626 |
| MP Materials Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257473 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169822 |
| Nucor Corp. | &nbsp;&nbsp;24839 | &nbsp;&nbsp;&nbsp;&nbsp;3263348 |
| Olin Corp. | &nbsp;&nbsp;12715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673259 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;8769 | &nbsp;&nbsp;&nbsp;&nbsp;1054122 |
| PPG Industries, Inc. | &nbsp;&nbsp;22370 | &nbsp;&nbsp;&nbsp;&nbsp;2554207 |
| Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;5694 | &nbsp;&nbsp;&nbsp;&nbsp;1147227 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591886 |
| RPM International, Inc. | &nbsp;&nbsp;12112 | &nbsp;&nbsp;&nbsp;&nbsp;1145432 |
| Sealed Air Corp. | &nbsp;&nbsp;13845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659299 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377649 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;9243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573805 |
| SSR Mining, Inc. | &nbsp;&nbsp;20086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277187 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;16434 | &nbsp;&nbsp;&nbsp;&nbsp;1545618 |
| The Chemours Co. | &nbsp;&nbsp;14650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419430 |
| The Mosaic Co. | &nbsp;&nbsp;32731 | &nbsp;&nbsp;&nbsp;&nbsp;1759291 |
| The Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176111 |
| United States Steel Corp. | &nbsp;&nbsp;22262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453254 |
| Valvoline, Inc. | &nbsp;&nbsp;16748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491721 |
| Vulcan Materials Co. | &nbsp;&nbsp;12569 | &nbsp;&nbsp;&nbsp;&nbsp;2057545 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302225 |
| WestRock Co. | &nbsp;&nbsp;24048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819075 |
|  |  | **55034946** |
| &nbsp;&nbsp;**Media & Entertainment 3.5%** | &nbsp;&nbsp;**Media & Entertainment 3.5%** | &nbsp;&nbsp;**Media & Entertainment 3.5%** |
| Altice USA, Inc., Class A \* | &nbsp;&nbsp;19803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130898 |
| AMC Entertainment Holdings, Inc., Class A *\*(a)* | &nbsp;&nbsp;49210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327739 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476984 |
| DISH Network Corp., Class A \* | &nbsp;&nbsp;23860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355753 |
| Electronic Arts, Inc. | &nbsp;&nbsp;26308 | &nbsp;&nbsp;&nbsp;&nbsp;3313756 |
| Fox Corp., Class A | &nbsp;&nbsp;28526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823546 |

---

<sub>137</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Fox Corp., Class B | &nbsp;&nbsp;13558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368777 |
| IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359550 |
| Liberty Broadband Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148627 |
| Liberty Broadband Corp., Class C \* | &nbsp;&nbsp;11723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989773 |
| Liberty Media Corp. - Liberty Formula One, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102739 |
| Liberty Media Corp. - Liberty Formula One, Class C \* | &nbsp;&nbsp;19058 | &nbsp;&nbsp;&nbsp;&nbsp;1100218 |
| Liberty Media Corp. - Liberty SiriusXM, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302088 |
| Liberty Media Corp. - Liberty SiriusXM, Class C \* | &nbsp;&nbsp;14680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619349 |
| Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;14618 | &nbsp;&nbsp;&nbsp;&nbsp;1163739 |
| Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282838 |
| Match Group, Inc. \* | &nbsp;&nbsp;27044 | &nbsp;&nbsp;&nbsp;&nbsp;1168301 |
| News Corp., Class A | &nbsp;&nbsp;36582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617138 |
| News Corp., Class B | &nbsp;&nbsp;11505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197081 |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607087 |
| Omnicom Group, Inc. | &nbsp;&nbsp;19305 | &nbsp;&nbsp;&nbsp;&nbsp;1404439 |
| Paramount Global, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17180 |
| Paramount Global, Class B | &nbsp;&nbsp;54786 | &nbsp;&nbsp;&nbsp;&nbsp;1003679 |
| Pinterest, Inc., Class A \* | &nbsp;&nbsp;55274 | &nbsp;&nbsp;&nbsp;&nbsp;1359740 |
| Playtika Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93442 |
| ROBLOX Corp., Class A \* | &nbsp;&nbsp;41782 | &nbsp;&nbsp;&nbsp;&nbsp;1869327 |
| Roku, Inc. \* | &nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632323 |
| Sirius XM Holdings, Inc. *(a)* | &nbsp;&nbsp;66499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401654 |
| Spotify Technology S.A. \* | &nbsp;&nbsp;13289 | &nbsp;&nbsp;&nbsp;&nbsp;1070828 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;15503 | &nbsp;&nbsp;&nbsp;&nbsp;1836795 |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp;37301 | &nbsp;&nbsp;&nbsp;&nbsp;1111197 |
| The New York Times Co., Class A | &nbsp;&nbsp;15566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450791 |
| The Trade Desk, Inc., Class A \* | &nbsp;&nbsp;41654 | &nbsp;&nbsp;&nbsp;&nbsp;2217659 |
| TripAdvisor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227933 |
| Warner Bros Discovery, Inc. \* | 223931 | &nbsp;&nbsp;&nbsp;&nbsp;2911103 |
| World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322897 |
| ZoomInfo Technologies, Inc. \* | &nbsp;&nbsp;26087 | &nbsp;&nbsp;&nbsp;&nbsp;1161654 |
|  |  | **31548622** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 5.2%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 5.2%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 5.2%** |
| 10X Genomics, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237390 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;28470 | &nbsp;&nbsp;&nbsp;&nbsp;3938824 |
| Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;11458 | &nbsp;&nbsp;&nbsp;&nbsp;2374785 |
| Avantor, Inc. \* | &nbsp;&nbsp;57892 | &nbsp;&nbsp;&nbsp;&nbsp;1167682 |
| Azenta, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313109 |
| Biogen, Inc. \* | &nbsp;&nbsp;13841 | &nbsp;&nbsp;&nbsp;&nbsp;3923093 |
| BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;17522 | &nbsp;&nbsp;&nbsp;&nbsp;1517931 |
| Bio-Rad Laboratories, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713971 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3693 | &nbsp;&nbsp;&nbsp;&nbsp;1094088 |
| Bruker Corp. | &nbsp;&nbsp;10309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637509 |
| Catalent, Inc. \* | &nbsp;&nbsp;16204 | &nbsp;&nbsp;&nbsp;&nbsp;1065089 |
| Charles River Laboratories International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4786 | &nbsp;&nbsp;&nbsp;&nbsp;1015828 |
| Elanco Animal Health, Inc. \* | &nbsp;&nbsp;42219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556869 |
| Exact Sciences Corp. \* | &nbsp;&nbsp;16560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575957 |
| Exelixis, Inc. \* | &nbsp;&nbsp;29922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496107 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;21320 | &nbsp;&nbsp;&nbsp;&nbsp;1328662 |
| Incyte Corp. \* | &nbsp;&nbsp;17330 | &nbsp;&nbsp;&nbsp;&nbsp;1288312 |
| Ionis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;13422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593252 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp;17613 | &nbsp;&nbsp;&nbsp;&nbsp;3692918 |
| Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp;5784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831681 |
| Maravai LifeSciences Holdings, Inc., Class A \* | &nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172640 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2124 | &nbsp;&nbsp;&nbsp;&nbsp;2686711 |
| Mirati Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274262 |
| Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383381 |
| Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8998 | &nbsp;&nbsp;&nbsp;&nbsp;1035850 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Novavax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163774 |
| Organon & Co. | &nbsp;&nbsp;24060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629891 |
| PerkinElmer, Inc. | &nbsp;&nbsp;11974 | &nbsp;&nbsp;&nbsp;&nbsp;1599487 |
| Perrigo Co., plc | &nbsp;&nbsp;12774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514537 |
| QIAGEN N.V. \* | &nbsp;&nbsp;21533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937977 |
| Repligen Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957890 |
| Royalty Pharma plc, Class A | &nbsp;&nbsp;34847 | &nbsp;&nbsp;&nbsp;&nbsp;1474725 |
| Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910792 |
| Seagen, Inc. \* | &nbsp;&nbsp;12907 | &nbsp;&nbsp;&nbsp;&nbsp;1641254 |
| Sotera Health Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;9211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63372 |
| Syneos Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488787 |
| Ultragenyx Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255181 |
| United Therapeutics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976295 |
| Viatris, Inc. | 115027 | &nbsp;&nbsp;&nbsp;&nbsp;1165224 |
| Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5685 | &nbsp;&nbsp;&nbsp;&nbsp;1700781 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7030 | &nbsp;&nbsp;&nbsp;&nbsp;1617603 |
|  |  | **47013471** |
| &nbsp;&nbsp;**Real Estate 7.5%** | &nbsp;&nbsp;**Real Estate 7.5%** | &nbsp;&nbsp;**Real Estate 7.5%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;15377 | &nbsp;&nbsp;&nbsp;&nbsp;2234278 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;28786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919425 |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;25554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619684 |
| Apartment Income REIT Corp. | &nbsp;&nbsp;14612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561539 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;13258 | &nbsp;&nbsp;&nbsp;&nbsp;2321741 |
| Boston Properties, Inc. | &nbsp;&nbsp;14873 | &nbsp;&nbsp;&nbsp;&nbsp;1081267 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;28345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604032 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;9839 | &nbsp;&nbsp;&nbsp;&nbsp;1136896 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp;30414 | &nbsp;&nbsp;&nbsp;&nbsp;2157569 |
| Cousins Properties, Inc. | &nbsp;&nbsp;14377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341598 |
| CubeSmart | &nbsp;&nbsp;21214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888230 |
| Douglas Emmett, Inc. | &nbsp;&nbsp;16068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282636 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611874 |
| EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;6997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270084 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;16857 | &nbsp;&nbsp;&nbsp;&nbsp;1078174 |
| Equity Residential | &nbsp;&nbsp;35152 | &nbsp;&nbsp;&nbsp;&nbsp;2215279 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6169 | &nbsp;&nbsp;&nbsp;&nbsp;1370999 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;12576 | &nbsp;&nbsp;&nbsp;&nbsp;2231485 |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;7621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754327 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;12484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594613 |
| Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;23166 | &nbsp;&nbsp;&nbsp;&nbsp;1161080 |
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp;36043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732754 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;51174 | &nbsp;&nbsp;&nbsp;&nbsp;1214359 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277953 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;67182 | &nbsp;&nbsp;&nbsp;&nbsp;1268396 |
| Hudson Pacific Properties, Inc. | &nbsp;&nbsp;13031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143862 |
| Invitation Homes, Inc. | &nbsp;&nbsp;57924 | &nbsp;&nbsp;&nbsp;&nbsp;1835612 |
| Iron Mountain, Inc. | &nbsp;&nbsp;27394 | &nbsp;&nbsp;&nbsp;&nbsp;1371618 |
| JBG SMITH Properties | &nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198296 |
| Jones Lang LaSalle, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721155 |
| Kilroy Realty Corp. | &nbsp;&nbsp;11004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470311 |
| Kimco Realty Corp. | &nbsp;&nbsp;57313 | &nbsp;&nbsp;&nbsp;&nbsp;1225352 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756747 |
| Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883221 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp;56477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646662 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;10898 | &nbsp;&nbsp;&nbsp;&nbsp;1715890 |
| National Retail Properties, Inc. | &nbsp;&nbsp;16662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700304 |
| National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;8035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342773 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;22324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709457 |
| Opendoor Technologies, Inc. \* | &nbsp;&nbsp;43444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112520 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp;21165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276838 |
| Rayonier, Inc. | &nbsp;&nbsp;13799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465026 |
| Realty Income Corp. | &nbsp;&nbsp;58664 | &nbsp;&nbsp;&nbsp;&nbsp;3653007 |
| Regency Centers Corp. | &nbsp;&nbsp;16261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983953 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;16252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898411 |
| SBA Communications Corp. | &nbsp;&nbsp;10123 | &nbsp;&nbsp;&nbsp;&nbsp;2732198 |
| Simon Property Group, Inc. | &nbsp;&nbsp;30965 | &nbsp;&nbsp;&nbsp;&nbsp;3374566 |
| SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241413 |

---

<sub>138</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Spirit Realty Capital, Inc. | 12858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499276 |
| STORE Capital Corp. | 24147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767875 |
| Sun Communities, Inc. | 11549 | &nbsp;&nbsp;&nbsp;&nbsp;1557383 |
| The Howard Hughes Corp. \* | &nbsp;&nbsp;3497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214541 |
| UDR, Inc. | 30728 | &nbsp;&nbsp;&nbsp;&nbsp;1221745 |
| Ventas, Inc. | 37892 | &nbsp;&nbsp;&nbsp;&nbsp;1482714 |
| VICI Properties, Inc. | 91305 | &nbsp;&nbsp;&nbsp;&nbsp;2923586 |
| Vornado Realty Trust | 16765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395486 |
| Welltower, Inc. | 44037 | &nbsp;&nbsp;&nbsp;&nbsp;2688018 |
| WeWork, Inc., Class A *\*(a)* | 12080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31046 |
| Weyerhaeuser Co. | 70666 | &nbsp;&nbsp;&nbsp;&nbsp;2185699 |
| WP Carey, Inc. | 18144 | &nbsp;&nbsp;&nbsp;&nbsp;1384387 |
| Zillow Group, Inc., Class A \* | &nbsp;&nbsp;5395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166867 |
| Zillow Group, Inc., Class C \* | 15182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468517 |
|  |  | **67376604** |
| &nbsp;&nbsp;**Retailing 4.7%** | &nbsp;&nbsp;**Retailing 4.7%** | &nbsp;&nbsp;**Retailing 4.7%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;5796 | &nbsp;&nbsp;&nbsp;&nbsp;1100776 |
| AutoNation, Inc. \* | &nbsp;&nbsp;3612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383992 |
| AutoZone, Inc. \* | &nbsp;&nbsp;1847 | &nbsp;&nbsp;&nbsp;&nbsp;4678229 |
| Bath & Body Works, Inc. | 21720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725014 |
| Best Buy Co., Inc. | 19081 | &nbsp;&nbsp;&nbsp;&nbsp;1305331 |
| Burlington Stores, Inc. \* | &nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893500 |
| CarMax, Inc. \* | 15226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959390 |
| Carvana Co. *\*(a)* | &nbsp;&nbsp;9922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134245 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;5152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586091 |
| Dollar Tree, Inc. \* | 20171 | &nbsp;&nbsp;&nbsp;&nbsp;3197103 |
| DoorDash, Inc., Class A \* | 23722 | &nbsp;&nbsp;&nbsp;&nbsp;1032619 |
| eBay, Inc. | 52182 | &nbsp;&nbsp;&nbsp;&nbsp;2078931 |
| Etsy, Inc. \* | 12002 | &nbsp;&nbsp;&nbsp;&nbsp;1127108 |
| Five Below, Inc. \* | &nbsp;&nbsp;5181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758239 |
| Floor & Decor Holdings, Inc., Class A \* | &nbsp;&nbsp;9799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718953 |
| GameStop Corp., Class A *\*(a)* | 25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721905 |
| Genuine Parts Co. | 13178 | &nbsp;&nbsp;&nbsp;&nbsp;2343839 |
| Kohl's Corp. | 12174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364611 |
| Leslie's, Inc. \* | 14969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210165 |
| Lithia Motors, Inc. | &nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509047 |
| LKQ Corp. | 24367 | &nbsp;&nbsp;&nbsp;&nbsp;1355780 |
| Macy's, Inc. | 25520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532092 |
| Nordstrom, Inc. | 10610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215807 |
| Ollie's Bargain Outlet Holdings, Inc. \* | &nbsp;&nbsp;5924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331744 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;5957 | &nbsp;&nbsp;&nbsp;&nbsp;4987022 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284184 |
| Petco Health & Wellness Co., Inc. \* | &nbsp;&nbsp;7777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81892 |
| Pool Corp. | &nbsp;&nbsp;3661 | &nbsp;&nbsp;&nbsp;&nbsp;1113786 |
| RH \* | &nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475357 |
| Ross Stores, Inc. | 32772 | &nbsp;&nbsp;&nbsp;&nbsp;3135953 |
| The Gap, Inc. | 18711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210873 |
| Tractor Supply Co. | 10617 | &nbsp;&nbsp;&nbsp;&nbsp;2333298 |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp;4878 | &nbsp;&nbsp;&nbsp;&nbsp;2045687 |
| Victoria's Secret & Co. \* | &nbsp;&nbsp;7831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294446 |
| Wayfair, Inc., Class A \* | &nbsp;&nbsp;7401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280646 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;6482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802666 |
|  |  | **42310321** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.2%** |
| Allegro MicroSystems, Inc. \* | &nbsp;&nbsp;6280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159575 |
| Cirrus Logic, Inc. \* | &nbsp;&nbsp;5286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354796 |
| Enphase Energy, Inc. \* | 12424 | &nbsp;&nbsp;&nbsp;&nbsp;3814168 |
| Entegris, Inc. | 14085 | &nbsp;&nbsp;&nbsp;&nbsp;1117504 |
| First Solar, Inc. \* | 10082 | &nbsp;&nbsp;&nbsp;&nbsp;1467637 |
| GLOBALFOUNDRIES, Inc. *\*(a)* | &nbsp;&nbsp;6039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342411 |
| Lattice Semiconductor Corp. \* | 12892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625391 |
| Microchip Technology, Inc. | 51076 | &nbsp;&nbsp;&nbsp;&nbsp;3153432 |
| MKS Instruments, Inc. | &nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445746 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp;1462011 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| ON Semiconductor Corp. \* | &nbsp;&nbsp;41181 | &nbsp;&nbsp;&nbsp;&nbsp;2529749 |
| Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841088 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;15262 | &nbsp;&nbsp;&nbsp;&nbsp;1312685 |
| Teradyne, Inc. | &nbsp;&nbsp;14864 | &nbsp;&nbsp;&nbsp;&nbsp;1209186 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392687 |
| Wolfspeed, Inc. \* | &nbsp;&nbsp;10965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863494 |
|  |  | **20091560** |
| &nbsp;&nbsp;**Software & Services 9.1%** | &nbsp;&nbsp;**Software & Services 9.1%** | &nbsp;&nbsp;**Software & Services 9.1%** |
| Affirm Holdings, Inc. \* | &nbsp;&nbsp;16907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339323 |
| Akamai Technologies, Inc. \* | &nbsp;&nbsp;14863 | &nbsp;&nbsp;&nbsp;&nbsp;1312849 |
| Alteryx, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;5648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275227 |
| Amdocs Ltd. | &nbsp;&nbsp;11464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989458 |
| ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8257 | &nbsp;&nbsp;&nbsp;&nbsp;1826118 |
| AppLovin Corp., Class A *\*(a)* | &nbsp;&nbsp;20749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351903 |
| Aspen Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618595 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;16002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564551 |
| Bill.com Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9261 | &nbsp;&nbsp;&nbsp;&nbsp;1235047 |
| Black Knight, Inc. \* | &nbsp;&nbsp;14667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886913 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;11076 | &nbsp;&nbsp;&nbsp;&nbsp;1662065 |
| Cadence Design Systems, Inc. \* | &nbsp;&nbsp;25899 | &nbsp;&nbsp;&nbsp;&nbsp;3920850 |
| CCC Intelligent Solutions Holdings, Inc. \* | &nbsp;&nbsp;16180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150959 |
| Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;12989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859742 |
| Cloudflare, Inc., Class A \* | &nbsp;&nbsp;26522 | &nbsp;&nbsp;&nbsp;&nbsp;1493719 |
| Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499554 |
| Confluent, Inc., Class A \* | &nbsp;&nbsp;11762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316163 |
| Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379796 |
| Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;19959 | &nbsp;&nbsp;&nbsp;&nbsp;3217391 |
| Datadog, Inc., Class A \* | &nbsp;&nbsp;25202 | &nbsp;&nbsp;&nbsp;&nbsp;2029013 |
| DocuSign, Inc. \* | &nbsp;&nbsp;18751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905673 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387137 |
| DoubleVerify Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175965 |
| Dropbox, Inc., Class A \* | &nbsp;&nbsp;25983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565130 |
| DXC Technology Co. \* | &nbsp;&nbsp;21789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626434 |
| Dynatrace, Inc. \* | &nbsp;&nbsp;18893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665789 |
| Elastic N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;7344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469649 |
| EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5210 | &nbsp;&nbsp;&nbsp;&nbsp;1823500 |
| Euronet Worldwide, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376953 |
| Fair Isaac Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp;1115697 |
| Five9, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393859 |
| FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp;1290184 |
| Fortinet, Inc. \* | &nbsp;&nbsp;61258 | &nbsp;&nbsp;&nbsp;&nbsp;3501507 |
| Gartner, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7285 | &nbsp;&nbsp;&nbsp;&nbsp;2199487 |
| Genpact Ltd. | &nbsp;&nbsp;17135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831047 |
| Global Payments, Inc. | &nbsp;&nbsp;26112 | &nbsp;&nbsp;&nbsp;&nbsp;2983557 |
| Globant S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;3865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729248 |
| GoDaddy, Inc., Class A \* | &nbsp;&nbsp;14851 | &nbsp;&nbsp;&nbsp;&nbsp;1194020 |
| Guidewire Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472666 |
| HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;1281732 |
| Informatica, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;3469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67160 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp;1371125 |
| Jamf Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147346 |
| Kyndryl Holdings, Inc. \* | &nbsp;&nbsp;19109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184784 |
| Manhattan Associates, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724667 |
| MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp;1132956 |
| nCino, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208933 |
| NCR Corp. \* | &nbsp;&nbsp;12058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256353 |
| New Relic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294601 |
| NortonLifeLock, Inc. | &nbsp;&nbsp;54218 | &nbsp;&nbsp;&nbsp;&nbsp;1221532 |
| Nutanix, Inc., Class A \* | &nbsp;&nbsp;20287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555864 |
| Okta, Inc. \* | &nbsp;&nbsp;14159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794603 |
| Palantir Technologies, Inc., Class A \* | 171693 | &nbsp;&nbsp;&nbsp;&nbsp;1509181 |
| Paychex, Inc. | &nbsp;&nbsp;30622 | &nbsp;&nbsp;&nbsp;&nbsp;3622889 |
| Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4859 | &nbsp;&nbsp;&nbsp;&nbsp;1681214 |
| Paycor HCM, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136262 |
| Paylocity Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873385 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146607 |

---

<sub>139</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Procore Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361740 |
| PTC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9996 | &nbsp;&nbsp;&nbsp;&nbsp;1177829 |
| RingCentral, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285865 |
| SentinelOne, Inc., Class A \* | &nbsp;&nbsp;17525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400271 |
| Shift4 Payments, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221024 |
| Smartsheet, Inc., Class A \* | &nbsp;&nbsp;11865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414326 |
| Splunk, Inc. \* | &nbsp;&nbsp;15277 | &nbsp;&nbsp;&nbsp;&nbsp;1269671 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;21182 | &nbsp;&nbsp;&nbsp;&nbsp;1089178 |
| Switch, Inc., Class A | &nbsp;&nbsp;13858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471865 |
| Synopsys, Inc. \* | &nbsp;&nbsp;14474 | &nbsp;&nbsp;&nbsp;&nbsp;4234369 |
| Teradata Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305949 |
| The Western Union Co. | &nbsp;&nbsp;36599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494452 |
| Thoughtworks Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78965 |
| Toast, Inc., Class A \* | &nbsp;&nbsp;23530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519778 |
| Twilio, Inc., Class A \* | &nbsp;&nbsp;16281 | &nbsp;&nbsp;&nbsp;&nbsp;1210818 |
| Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3906 | &nbsp;&nbsp;&nbsp;&nbsp;1262927 |
| UiPath, Inc., Class A \* | &nbsp;&nbsp;35350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447177 |
| Unity Software, Inc. \* | &nbsp;&nbsp;19798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584041 |
| VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8912 | &nbsp;&nbsp;&nbsp;&nbsp;1786500 |
| WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685613 |
| Wix.com Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;5082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427396 |
| Zendesk, Inc. \* | &nbsp;&nbsp;11537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884773 |
| Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;23973 | &nbsp;&nbsp;&nbsp;&nbsp;2000307 |
| Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;1217390 |
|  |  | **81680156** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 4.4%** | &nbsp;&nbsp;**Technology Hardware & Equipment 4.4%** | &nbsp;&nbsp;**Technology Hardware & Equipment 4.4%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;55598 | &nbsp;&nbsp;&nbsp;&nbsp;4215996 |
| Arista Networks, Inc. \* | &nbsp;&nbsp;23358 | &nbsp;&nbsp;&nbsp;&nbsp;2823048 |
| Arrow Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613028 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359781 |
| CDW Corp. | &nbsp;&nbsp;12833 | &nbsp;&nbsp;&nbsp;&nbsp;2217671 |
| Ciena Corp. \* | &nbsp;&nbsp;14159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678216 |
| Cognex Corp. | &nbsp;&nbsp;16492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762425 |
| Coherent Corp. \* | &nbsp;&nbsp;12088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406278 |
| Corning, Inc. | &nbsp;&nbsp;71673 | &nbsp;&nbsp;&nbsp;&nbsp;2305720 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;24584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944026 |
| F5, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807584 |
| Hewlett Packard Enterprise Co. | 123263 | &nbsp;&nbsp;&nbsp;&nbsp;1758963 |
| HP, Inc. | &nbsp;&nbsp;98214 | &nbsp;&nbsp;&nbsp;&nbsp;2712671 |
| IPG Photonics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272827 |
| Jabil, Inc. | &nbsp;&nbsp;12743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818738 |
| Juniper Networks, Inc. | &nbsp;&nbsp;30343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928496 |
| Keysight Technologies, Inc. \* | &nbsp;&nbsp;17014 | &nbsp;&nbsp;&nbsp;&nbsp;2962988 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504152 |
| Lumentum Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486084 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp;&nbsp;3902967 |
| National Instruments Corp. | &nbsp;&nbsp;12380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472668 |
| NetApp, Inc. | &nbsp;&nbsp;20850 | &nbsp;&nbsp;&nbsp;&nbsp;1444280 |
| Pure Storage, Inc., Class A \* | &nbsp;&nbsp;26717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824487 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370158 |
| Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4396 | &nbsp;&nbsp;&nbsp;&nbsp;1749520 |
| Trimble, Inc. \* | &nbsp;&nbsp;23703 | &nbsp;&nbsp;&nbsp;&nbsp;1425972 |
| Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196607 |
| ViaSat, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279798 |
| Vontier Corp. | &nbsp;&nbsp;14973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285984 |
| Western Digital Corp. \* | &nbsp;&nbsp;29752 | &nbsp;&nbsp;&nbsp;&nbsp;1022576 |
| Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;&nbsp;1387212 |
|  |  | **39940921** |
| &nbsp;&nbsp;**Telecommunication Services 0.1%** | &nbsp;&nbsp;**Telecommunication Services 0.1%** | &nbsp;&nbsp;**Telecommunication Services 0.1%** |
| Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;23247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544445 |
| Lumen Technologies, Inc. | &nbsp;&nbsp;97593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718284 |
|  |  | &nbsp;&nbsp;&nbsp;**1262729** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Transportation 2.1%** | &nbsp;&nbsp;**Transportation 2.1%** | &nbsp;&nbsp;**Transportation 2.1%** |
| Alaska Air Group, Inc. \* | &nbsp;&nbsp;11709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520582 |
| AMERCO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491212 |
| American Airlines Group, Inc. \* | &nbsp;&nbsp;61332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869688 |
| Avis Budget Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668709 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;11591 | &nbsp;&nbsp;&nbsp;&nbsp;1132673 |
| Copa Holdings S.A., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;2739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206055 |
| Delta Air Lines, Inc. \* | &nbsp;&nbsp;60743 | &nbsp;&nbsp;&nbsp;&nbsp;2061010 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;15479 | &nbsp;&nbsp;&nbsp;&nbsp;1514620 |
| GXO Logistics, Inc. \* | &nbsp;&nbsp;10050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367227 |
| Hertz Global Holdings, Inc. \* | &nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356776 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7916 | &nbsp;&nbsp;&nbsp;&nbsp;1354190 |
| JetBlue Airways Corp. \* | &nbsp;&nbsp;30519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245373 |
| Kirby Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;5648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393948 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711564 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535835 |
| Lyft, Inc., Class A \* | &nbsp;&nbsp;29441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431016 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9539 | &nbsp;&nbsp;&nbsp;&nbsp;2619409 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376545 |
| Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113202 |
| Southwest Airlines Co. \* | &nbsp;&nbsp;56203 | &nbsp;&nbsp;&nbsp;&nbsp;2042979 |
| United Airlines Holdings, Inc. \* | &nbsp;&nbsp;30951 | &nbsp;&nbsp;&nbsp;&nbsp;1333369 |
| XPO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504103 |
|  |  | &nbsp;&nbsp;&nbsp;**18850085** |
| &nbsp;&nbsp;**Utilities 5.6%** | &nbsp;&nbsp;**Utilities 5.6%** | &nbsp;&nbsp;**Utilities 5.6%** |
| Alliant Energy Corp. | &nbsp;&nbsp;23792 | &nbsp;&nbsp;&nbsp;&nbsp;1241229 |
| Ameren Corp. | &nbsp;&nbsp;24437 | &nbsp;&nbsp;&nbsp;&nbsp;1992104 |
| American Water Works Co., Inc. | &nbsp;&nbsp;17271 | &nbsp;&nbsp;&nbsp;&nbsp;2510167 |
| Atmos Energy Corp. | &nbsp;&nbsp;13093 | &nbsp;&nbsp;&nbsp;&nbsp;1395059 |
| Avangrid, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272312 |
| Brookfield Renewable Corp., Class A | &nbsp;&nbsp;12122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376146 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;59801 | &nbsp;&nbsp;&nbsp;&nbsp;1710907 |
| CMS Energy Corp. | &nbsp;&nbsp;27488 | &nbsp;&nbsp;&nbsp;&nbsp;1568190 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;33686 | &nbsp;&nbsp;&nbsp;&nbsp;2963021 |
| Constellation Energy Corp. | &nbsp;&nbsp;30998 | &nbsp;&nbsp;&nbsp;&nbsp;2930551 |
| DTE Energy Co. | &nbsp;&nbsp;18313 | &nbsp;&nbsp;&nbsp;&nbsp;2053070 |
| Edison International | &nbsp;&nbsp;35690 | &nbsp;&nbsp;&nbsp;&nbsp;2142828 |
| Entergy Corp. | &nbsp;&nbsp;19269 | &nbsp;&nbsp;&nbsp;&nbsp;2064481 |
| Essential Utilities, Inc. | &nbsp;&nbsp;21959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971027 |
| Evergy, Inc. | &nbsp;&nbsp;21099 | &nbsp;&nbsp;&nbsp;&nbsp;1289782 |
| Eversource Energy | &nbsp;&nbsp;32714 | &nbsp;&nbsp;&nbsp;&nbsp;2495424 |
| FirstEnergy Corp. | &nbsp;&nbsp;51546 | &nbsp;&nbsp;&nbsp;&nbsp;1943800 |
| Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;10347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393600 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498895 |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561247 |
| NiSource, Inc. | &nbsp;&nbsp;38559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990581 |
| NRG Energy, Inc. | &nbsp;&nbsp;22393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994249 |
| OGE Energy Corp. | &nbsp;&nbsp;18966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694725 |
| PG&E Corp. \* | 147242 | &nbsp;&nbsp;&nbsp;&nbsp;2198323 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;10726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720894 |
| PPL Corp. | &nbsp;&nbsp;69950 | &nbsp;&nbsp;&nbsp;&nbsp;1852975 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;47271 | &nbsp;&nbsp;&nbsp;&nbsp;2650485 |
| The AES Corp. | &nbsp;&nbsp;63323 | &nbsp;&nbsp;&nbsp;&nbsp;1656530 |
| UGI Corp. | &nbsp;&nbsp;19874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702148 |
| Vistra Corp. | &nbsp;&nbsp;39019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896266 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;29961 | &nbsp;&nbsp;&nbsp;&nbsp;2736338 |
| Xcel Energy, Inc. | &nbsp;&nbsp;51771 | &nbsp;&nbsp;&nbsp;&nbsp;3370810 |
|  |  | &nbsp;&nbsp;&nbsp;**50838164** |
| **Total Common Stocks<br> (Cost $821,431,306)** | **Total Common Stocks<br> (Cost $821,431,306)** | **893523191** |

---

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **INVESTMENT COMPANIES 0.1% OF NET ASSETS** | **INVESTMENT COMPANIES 0.1% OF NET ASSETS** | **INVESTMENT COMPANIES 0.1% OF NET ASSETS** |
| &nbsp;&nbsp;**Equity Funds 0.1%** | &nbsp;&nbsp;**Equity Funds 0.1%** | &nbsp;&nbsp;**Equity Funds 0.1%** |
| iShares Russell Mid-Cap ETF | 12700 | **858647** |
| **Total Investment Companies<br> (Cost $807,601)** | **Total Investment Companies<br> (Cost $807,601)** | **858647** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.8%** | &nbsp;&nbsp;**Money Market Funds 0.8%** | &nbsp;&nbsp;**Money Market Funds 0.8%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(b)* | 3134420 | &nbsp;&nbsp;&nbsp;&nbsp;3134420 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(b)(c)* | 3709990 | &nbsp;&nbsp;&nbsp;&nbsp;3709990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6844410** |
| **Total Short-Term Investments<br> (Cost $6,844,410)** | **Total Short-Term Investments<br> (Cost $6,844,410)** | &nbsp;&nbsp;&nbsp;&nbsp;**6844410** |
| **Total Investments in Securities<br> (Cost $829,083,317)** | **Total Investments in Securities<br> (Cost $829,083,317)** | **901226248** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**205754** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $3,617,681.

*(b)* The rate shown is the annualized 7-day yield.

*(c)* Security purchased with cash collateral received for securities on loan.

ETF — Exchange traded fund <br> REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$893523191 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$893523191 |
| Investment Companies<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858647 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858647 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844410 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844410 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205754 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205754 |
| **Total** | **$901432002** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$901432002** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the underlying mutual funds and ETFs, which could be Level 1, Level 2 or Level 3.

<sub>141</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $829,083,317) including securities on loan of $3,617,681 |  | &nbsp;&nbsp;$901226248 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838173 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16907 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**907655768** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709990 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4352735** |
| **Net assets** |  | **$903303033** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$846432597 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;56870436 |
| **Net assets** |  | **$903303033** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $903303033 |  | 17423547 |  | $51.84 |

---

<sub>142</sub>

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------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $4,217) |  | &nbsp;&nbsp;&nbsp;&nbsp;$12898234 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151822 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**13050056** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358330 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40371 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398701** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12651355** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(10054896) |
| Net realized gains on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10883121 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840379) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12154)** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(182868180) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205753 |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(182662427)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(182674581)** |
| **Decrease in net assets resulting from operations** |  | **($170023226)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>143</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab U.S. Mid-Cap Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$12651355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8467009 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17872949 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(182662427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208470779 |
| **Increase (decrease) in net assets resulting from operations** |  | **($170023226)** | &nbsp;&nbsp;&nbsp;**$234810737** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($26457808)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($8319433)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;6524271 | &nbsp;&nbsp;&nbsp;&nbsp;$369067984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533289 | &nbsp;&nbsp;&nbsp;&nbsp;$322845672 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;355335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21909932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065741 |
| Shares redeemed | + | &nbsp;&nbsp;(3277725) | &nbsp;&nbsp;&nbsp;&nbsp;(181890798) | &nbsp;&nbsp;&nbsp;&nbsp;(2583256) | &nbsp;&nbsp;&nbsp;&nbsp;(148682619) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**3601881** | &nbsp;&nbsp;&nbsp;**$209087118** | &nbsp;&nbsp;&nbsp;&nbsp;**3084184** | &nbsp;&nbsp;&nbsp;**$181228794** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;13821666 | &nbsp;&nbsp;&nbsp;&nbsp;$890696949 | &nbsp;&nbsp;&nbsp;&nbsp;10737482 | &nbsp;&nbsp;&nbsp;&nbsp;$482976851 |
| Total increase | + | &nbsp;&nbsp;&nbsp;3601881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12606084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407720098 |
| **End of period** |  | **17423547** | &nbsp;&nbsp;&nbsp;**$903303033** | &nbsp;&nbsp;&nbsp;**13821666** | &nbsp;&nbsp;&nbsp;**$890696949** |

---

<sub>144</sub>

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;$24.45 | &nbsp;&nbsp;$18.56 | &nbsp;&nbsp;$20.48 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$21.01 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(6.14) | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Net asset value at end of period | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$24.45 | &nbsp;&nbsp;$18.56 | &nbsp;&nbsp;$20.48 | &nbsp;&nbsp;$19.00 |
| Total return | &nbsp;&nbsp;&nbsp;(23.12%) | &nbsp;&nbsp;&nbsp;&nbsp;34.24% | &nbsp;&nbsp;&nbsp;&nbsp;(6.56%) | &nbsp;&nbsp;&nbsp;&nbsp;11.27% | &nbsp;&nbsp;&nbsp;&nbsp;(7.11%) |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.06% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;&nbsp;2.99% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$7127 | &nbsp;&nbsp;$8781 | &nbsp;&nbsp;$5937 | &nbsp;&nbsp;$5443 | &nbsp;&nbsp;$4314 |

---

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

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

<sub>145</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 98.9% OF NET ASSETS** | **COMMON STOCKS 98.9% OF NET ASSETS** | **COMMON STOCKS 98.9% OF NET ASSETS** |
| &nbsp;&nbsp;**Australia 8.0%** | &nbsp;&nbsp;**Australia 8.0%** | &nbsp;&nbsp;**Australia 8.0%** |
| Ampol Ltd. | &nbsp;&nbsp;&nbsp;131702 | &nbsp;&nbsp;&nbsp;2297121 |
| APA Group | &nbsp;&nbsp;&nbsp;641504 | &nbsp;&nbsp;&nbsp;4318854 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;333128 | &nbsp;&nbsp;&nbsp;7907106 |
| ASX Ltd. | &nbsp;&nbsp;&nbsp;106960 | &nbsp;&nbsp;&nbsp;4634413 |
| Aurizon Holdings Ltd. | 1026246 | &nbsp;&nbsp;&nbsp;2378188 |
| Australia & New Zealand Banking Group Ltd. | 1639871 | 26867217 |
| BHP Group Ltd. | 2786149 | 66923865 |
| BlueScope Steel Ltd. | &nbsp;&nbsp;&nbsp;269571 | &nbsp;&nbsp;&nbsp;2714573 |
| Brambles Ltd. | &nbsp;&nbsp;&nbsp;795373 | &nbsp;&nbsp;&nbsp;5954746 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36102 | &nbsp;&nbsp;&nbsp;4611800 |
| Coles Group Ltd. | &nbsp;&nbsp;&nbsp;731305 | &nbsp;&nbsp;&nbsp;7646275 |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;939056 | 62960648 |
| Computershare Ltd. | &nbsp;&nbsp;&nbsp;296274 | &nbsp;&nbsp;&nbsp;4796095 |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;265041 | 47446422 |
| Dexus | &nbsp;&nbsp;&nbsp;596704 | &nbsp;&nbsp;&nbsp;2973437 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34554 | &nbsp;&nbsp;&nbsp;1408893 |
| Endeavour Group Ltd. | &nbsp;&nbsp;&nbsp;748673 | &nbsp;&nbsp;&nbsp;3426902 |
| Evolution Mining Ltd. | 1007495 | &nbsp;&nbsp;&nbsp;1336492 |
| Fortescue Metals Group Ltd. | &nbsp;&nbsp;&nbsp;927963 | &nbsp;&nbsp;&nbsp;8742341 |
| Goodman Group | &nbsp;&nbsp;&nbsp;924275 | 10056763 |
| IDP Education Ltd. | &nbsp;&nbsp;&nbsp;115772 | &nbsp;&nbsp;&nbsp;2184246 |
| Insurance Australia Group Ltd. | 1354263 | &nbsp;&nbsp;&nbsp;4250945 |
| James Hardie Industries plc | &nbsp;&nbsp;&nbsp;243697 | &nbsp;&nbsp;&nbsp;5320632 |
| Lendlease Corp., Ltd. | &nbsp;&nbsp;&nbsp;373987 | &nbsp;&nbsp;&nbsp;2079652 |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;200226 | 21721076 |
| Medibank Pvt Ltd. | 1536064 | &nbsp;&nbsp;&nbsp;2765941 |
| Mineral Resources Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;93374 | &nbsp;&nbsp;&nbsp;4377539 |
| Mirvac Group | 2135777 | &nbsp;&nbsp;&nbsp;2829830 |
| National Australia Bank Ltd. | 1766656 | 36697053 |
| Newcrest Mining Ltd. | &nbsp;&nbsp;&nbsp;494120 | &nbsp;&nbsp;&nbsp;5472515 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;649434 | &nbsp;&nbsp;&nbsp;3624555 |
| Orica Ltd. | &nbsp;&nbsp;&nbsp;248946 | &nbsp;&nbsp;&nbsp;2214434 |
| Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;980978 | &nbsp;&nbsp;&nbsp;3504619 |
| Qantas Airways Ltd. \* | &nbsp;&nbsp;&nbsp;502682 | &nbsp;&nbsp;&nbsp;1878405 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;813559 | &nbsp;&nbsp;&nbsp;6374203 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp;&nbsp;101069 | &nbsp;&nbsp;&nbsp;3791012 |
| REA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29206 | &nbsp;&nbsp;&nbsp;2263636 |
| Reece Ltd. | &nbsp;&nbsp;&nbsp;129087 | &nbsp;&nbsp;&nbsp;1281817 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;204336 | 11595985 |
| Santos Ltd. | 1763257 | &nbsp;&nbsp;&nbsp;8607615 |
| Scentre Group | 2838495 | &nbsp;&nbsp;&nbsp;5282498 |
| SEEK Ltd. | &nbsp;&nbsp;&nbsp;189236 | &nbsp;&nbsp;&nbsp;2604997 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;252123 | &nbsp;&nbsp;&nbsp;5278317 |
| South32 Ltd. | 2535554 | &nbsp;&nbsp;&nbsp;5817240 |
| Stockland | 1296282 | &nbsp;&nbsp;&nbsp;2986761 |
| Suncorp Group Ltd. | &nbsp;&nbsp;&nbsp;699610 | &nbsp;&nbsp;&nbsp;5117654 |
| Telstra Group Ltd. | 2250199 | &nbsp;&nbsp;&nbsp;5642212 |
| The GPT Group | 1061761 | &nbsp;&nbsp;&nbsp;2934246 |
| The Lottery Corp., Ltd. \* | 1229691 | &nbsp;&nbsp;&nbsp;3373495 |
| Transurban Group | 1686565 | 14307040 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp;&nbsp;392088 | &nbsp;&nbsp;&nbsp;3249144 |
| Vicinity Ltd. | 2129427 | &nbsp;&nbsp;&nbsp;2654678 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Washington H Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;117853 | &nbsp;&nbsp;&nbsp;&nbsp;2109104 |
| Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;623373 | &nbsp;&nbsp;&nbsp;&nbsp;18089675 |
| Westpac Banking Corp. | 1926745 | &nbsp;&nbsp;&nbsp;&nbsp;29750794 |
| WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79553 | &nbsp;&nbsp;&nbsp;&nbsp;2942108 |
| Woodside Energy Group Ltd. | 1044892 | &nbsp;&nbsp;&nbsp;&nbsp;24156281 |
| Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;667940 | &nbsp;&nbsp;&nbsp;&nbsp;14105409 |
| Xero Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;74906 | &nbsp;&nbsp;&nbsp;&nbsp;3719733 |
|  |  | **566359247** |
| &nbsp;&nbsp;**Austria 0.2%** | &nbsp;&nbsp;**Austria 0.2%** | &nbsp;&nbsp;**Austria 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;191173 | &nbsp;&nbsp;&nbsp;&nbsp;4711446 |
| OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;80765 | &nbsp;&nbsp;&nbsp;&nbsp;3718690 |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;37526 | &nbsp;&nbsp;&nbsp;&nbsp;2939593 |
| Voestalpine AG | &nbsp;&nbsp;&nbsp;&nbsp;64382 | &nbsp;&nbsp;&nbsp;&nbsp;1397751 |
|  |  | &nbsp;&nbsp;&nbsp;**12767480** |
| &nbsp;&nbsp;**Belgium 1.0%** | &nbsp;&nbsp;**Belgium 1.0%** | &nbsp;&nbsp;**Belgium 1.0%** |
| Ageas S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;89235 | &nbsp;&nbsp;&nbsp;&nbsp;3089153 |
| Anheuser-Busch InBev S.A./N.V. | &nbsp;&nbsp;&nbsp;478128 | &nbsp;&nbsp;&nbsp;&nbsp;23916147 |
| Argenx SE \* | &nbsp;&nbsp;&nbsp;&nbsp;30283 | &nbsp;&nbsp;&nbsp;&nbsp;11757386 |
| D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;13714 | &nbsp;&nbsp;&nbsp;&nbsp;2282394 |
| Elia Group S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;18191 | &nbsp;&nbsp;&nbsp;&nbsp;2299930 |
| Groupe Bruxelles Lambert N.V. | &nbsp;&nbsp;&nbsp;&nbsp;54704 | &nbsp;&nbsp;&nbsp;&nbsp;4033128 |
| KBC Group N.V. | &nbsp;&nbsp;&nbsp;136757 | &nbsp;&nbsp;&nbsp;&nbsp;6853677 |
| Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp;82234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862119 |
| Sofina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344 | &nbsp;&nbsp;&nbsp;&nbsp;1627070 |
| Solvay S.A. | &nbsp;&nbsp;&nbsp;&nbsp;40432 | &nbsp;&nbsp;&nbsp;&nbsp;3648618 |
| UCB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;70116 | &nbsp;&nbsp;&nbsp;&nbsp;5284487 |
| Umicore S.A. | &nbsp;&nbsp;&nbsp;114431 | &nbsp;&nbsp;&nbsp;&nbsp;3772322 |
| Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;81156 | &nbsp;&nbsp;&nbsp;&nbsp;2082943 |
|  |  | &nbsp;&nbsp;&nbsp;**71509374** |
| &nbsp;&nbsp;**Denmark 2.7%** | &nbsp;&nbsp;**Denmark 2.7%** | &nbsp;&nbsp;**Denmark 2.7%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp;3387159 |
| AP Moller - Maersk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp;5780736 |
| Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;53545 | &nbsp;&nbsp;&nbsp;&nbsp;6304688 |
| Chr. Hansen Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;58758 | &nbsp;&nbsp;&nbsp;&nbsp;3263480 |
| Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;65008 | &nbsp;&nbsp;&nbsp;&nbsp;7246452 |
| Danske Bank A/S | &nbsp;&nbsp;&nbsp;376681 | &nbsp;&nbsp;&nbsp;&nbsp;6076235 |
| Demant A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;49414 | &nbsp;&nbsp;&nbsp;&nbsp;1349361 |
| DSV A/S | &nbsp;&nbsp;&nbsp;103243 | &nbsp;&nbsp;&nbsp;&nbsp;13951045 |
| Genmab A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;36202 | &nbsp;&nbsp;&nbsp;&nbsp;13945284 |
| GN Store Nord A/S | &nbsp;&nbsp;&nbsp;&nbsp;69369 | &nbsp;&nbsp;&nbsp;&nbsp;1474183 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;911238 | &nbsp;&nbsp;&nbsp;&nbsp;99080046 |
| Novozymes A/S, B Shares | &nbsp;&nbsp;&nbsp;113484 | &nbsp;&nbsp;&nbsp;&nbsp;5956838 |
| Orsted A/S | &nbsp;&nbsp;&nbsp;103553 | &nbsp;&nbsp;&nbsp;&nbsp;8543718 |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;49742 | &nbsp;&nbsp;&nbsp;&nbsp;2616602 |
| Rockwool A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993779 |
| Tryg A/S | &nbsp;&nbsp;&nbsp;197574 | &nbsp;&nbsp;&nbsp;&nbsp;4273374 |
| Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;555868 | &nbsp;&nbsp;&nbsp;&nbsp;10958195 |
|  |  | **195201175** |

---

<sub>146</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Finland 1.0%** | &nbsp;&nbsp;**Finland 1.0%** | &nbsp;&nbsp;**Finland 1.0%** |
| Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;78231 | &nbsp;&nbsp;&nbsp;&nbsp;3780615 |
| Fortum Oyj | &nbsp;&nbsp;&nbsp;243537 | &nbsp;&nbsp;&nbsp;&nbsp;3427608 |
| Kesko Oyj, B Shares | &nbsp;&nbsp;&nbsp;149674 | &nbsp;&nbsp;&nbsp;&nbsp;2912754 |
| Kone Oyj, B Shares | &nbsp;&nbsp;&nbsp;187788 | &nbsp;&nbsp;&nbsp;&nbsp;7689127 |
| Neste Oyj | &nbsp;&nbsp;&nbsp;233932 | &nbsp;&nbsp;10252878 |
| Nokia Oyj | 2976739 | &nbsp;&nbsp;13228369 |
| Orion Oyj, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;58978 | &nbsp;&nbsp;&nbsp;&nbsp;2714062 |
| Sampo Oyj, A Shares | &nbsp;&nbsp;&nbsp;263659 | &nbsp;&nbsp;12056529 |
| Stora Enso Oyj, R Shares | &nbsp;&nbsp;&nbsp;302207 | &nbsp;&nbsp;&nbsp;&nbsp;3940419 |
| UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;294081 | &nbsp;&nbsp;&nbsp;&nbsp;9886251 |
| Wartsila Oyj Abp | &nbsp;&nbsp;&nbsp;261929 | &nbsp;&nbsp;&nbsp;&nbsp;1785641 |
|  |  | **71674253** |
| &nbsp;&nbsp;**France 11.7%** | &nbsp;&nbsp;**France 11.7%** | &nbsp;&nbsp;**France 11.7%** |
| Accor S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;92172 | &nbsp;&nbsp;&nbsp;&nbsp;2208575 |
| Aeroports de Paris \* | &nbsp;&nbsp;&nbsp;&nbsp;16156 | &nbsp;&nbsp;&nbsp;&nbsp;2184786 |
| Air Liquide S.A. | &nbsp;&nbsp;&nbsp;287916 | &nbsp;&nbsp;37663353 |
| Airbus SE | &nbsp;&nbsp;&nbsp;325266 | &nbsp;&nbsp;35194988 |
| Alstom S.A. | &nbsp;&nbsp;&nbsp;174069 | &nbsp;&nbsp;&nbsp;&nbsp;3582553 |
| Amundi S.A. | &nbsp;&nbsp;&nbsp;&nbsp;34659 | &nbsp;&nbsp;&nbsp;&nbsp;1635208 |
| ArcelorMittal S.A. | &nbsp;&nbsp;&nbsp;291644 | &nbsp;&nbsp;&nbsp;&nbsp;6519307 |
| Arkema S.A. | &nbsp;&nbsp;&nbsp;&nbsp;32536 | &nbsp;&nbsp;&nbsp;&nbsp;2574835 |
| AXA S.A. | 1028672 | &nbsp;&nbsp;25402929 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;23030 | &nbsp;&nbsp;&nbsp;&nbsp;2037660 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp;611506 | &nbsp;&nbsp;28675888 |
| Bollore SE | &nbsp;&nbsp;&nbsp;489428 | &nbsp;&nbsp;&nbsp;&nbsp;2447894 |
| Bouygues S.A. | &nbsp;&nbsp;&nbsp;126565 | &nbsp;&nbsp;&nbsp;&nbsp;3611045 |
| Bureau Veritas S.A. | &nbsp;&nbsp;&nbsp;160578 | &nbsp;&nbsp;&nbsp;&nbsp;3972742 |
| Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;90094 | &nbsp;&nbsp;14765569 |
| Carrefour S.A. | &nbsp;&nbsp;&nbsp;333178 | &nbsp;&nbsp;&nbsp;&nbsp;5362649 |
| Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;274005 | &nbsp;&nbsp;11201579 |
| Cie Generale des Etablissements Michelin S.C.A. | &nbsp;&nbsp;&nbsp;373270 | &nbsp;&nbsp;&nbsp;&nbsp;9512431 |
| Covivio | &nbsp;&nbsp;&nbsp;&nbsp;25895 | &nbsp;&nbsp;&nbsp;&nbsp;1386458 |
| Credit Agricole S.A. | &nbsp;&nbsp;&nbsp;665555 | &nbsp;&nbsp;&nbsp;&nbsp;6039019 |
| Danone S.A. | &nbsp;&nbsp;&nbsp;353577 | &nbsp;&nbsp;17572596 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;13812 | &nbsp;&nbsp;&nbsp;&nbsp;2051335 |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;366024 | &nbsp;&nbsp;12268673 |
| Edenred | &nbsp;&nbsp;&nbsp;136865 | &nbsp;&nbsp;&nbsp;&nbsp;7016544 |
| Eiffage S.A. | &nbsp;&nbsp;&nbsp;&nbsp;45217 | &nbsp;&nbsp;&nbsp;&nbsp;4088601 |
| Electricite de France S.A. | &nbsp;&nbsp;&nbsp;304484 | &nbsp;&nbsp;&nbsp;&nbsp;3595941 |
| Engie S.A. | 1002736 | &nbsp;&nbsp;13028902 |
| EssilorLuxottica S.A. | &nbsp;&nbsp;&nbsp;158378 | &nbsp;&nbsp;25044020 |
| Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;23599 | &nbsp;&nbsp;&nbsp;&nbsp;1346687 |
| Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;73566 | &nbsp;&nbsp;&nbsp;&nbsp;4709311 |
| Euronext N.V. | &nbsp;&nbsp;&nbsp;&nbsp;47826 | &nbsp;&nbsp;&nbsp;&nbsp;3035461 |
| Gecina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;25368 | &nbsp;&nbsp;&nbsp;&nbsp;2261660 |
| Getlink SE | &nbsp;&nbsp;&nbsp;244251 | &nbsp;&nbsp;&nbsp;&nbsp;3865146 |
| Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;17431 | &nbsp;&nbsp;22562426 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;21138 | &nbsp;&nbsp;&nbsp;&nbsp;2172306 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;41163 | &nbsp;&nbsp;18851043 |
| Klepierre S.A. \* | &nbsp;&nbsp;&nbsp;119571 | &nbsp;&nbsp;&nbsp;&nbsp;2403168 |
| La Francaise des Jeux SAEM | &nbsp;&nbsp;&nbsp;&nbsp;56889 | &nbsp;&nbsp;&nbsp;&nbsp;1853931 |
| Legrand S.A. | &nbsp;&nbsp;&nbsp;147081 | &nbsp;&nbsp;11208251 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;132779 | &nbsp;&nbsp;41693160 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;152826 | &nbsp;&nbsp;96432378 |
| Orange S.A. | 1099169 | &nbsp;&nbsp;10472786 |
| Pernod-Ricard S.A. | &nbsp;&nbsp;&nbsp;115276 | &nbsp;&nbsp;20232226 |
| Publicis Groupe S.A. | &nbsp;&nbsp;&nbsp;126208 | &nbsp;&nbsp;&nbsp;&nbsp;7068200 |
| Remy Cointreau S.A. | &nbsp;&nbsp;&nbsp;&nbsp;12675 | &nbsp;&nbsp;&nbsp;&nbsp;1938487 |
| Renault S.A. \* | &nbsp;&nbsp;&nbsp;105905 | &nbsp;&nbsp;&nbsp;&nbsp;3260731 |
| Safran S.A. | &nbsp;&nbsp;&nbsp;188088 | &nbsp;&nbsp;20947339 |
| Sanofi | &nbsp;&nbsp;&nbsp;626637 | &nbsp;&nbsp;53926998 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;15158 | &nbsp;&nbsp;&nbsp;&nbsp;4810222 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;298559 | &nbsp;&nbsp;&nbsp;&nbsp;37754668 |
| SEB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;13670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889938 |
| Societe Generale S.A. | &nbsp;&nbsp;&nbsp;437732 | &nbsp;&nbsp;&nbsp;&nbsp;10040268 |
| Sodexo S.A. | &nbsp;&nbsp;&nbsp;&nbsp;48742 | &nbsp;&nbsp;&nbsp;&nbsp;4317678 |
| STMicroelectronics N.V. | &nbsp;&nbsp;&nbsp;375917 | &nbsp;&nbsp;&nbsp;&nbsp;11688740 |
| Teleperformance | &nbsp;&nbsp;&nbsp;&nbsp;32514 | &nbsp;&nbsp;&nbsp;&nbsp;8711471 |
| Thales S.A. | &nbsp;&nbsp;&nbsp;&nbsp;58550 | &nbsp;&nbsp;&nbsp;&nbsp;7446383 |
| TotalEnergies SE | 1364548 | &nbsp;&nbsp;&nbsp;&nbsp;74440666 |
| UbiSoft Entertainment S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;53429 | &nbsp;&nbsp;&nbsp;&nbsp;1465873 |
| Unibail-Rodamco-Westfield \* | &nbsp;&nbsp;&nbsp;&nbsp;64132 | &nbsp;&nbsp;&nbsp;&nbsp;3030851 |
| Valeo S.A. | &nbsp;&nbsp;&nbsp;113893 | &nbsp;&nbsp;&nbsp;&nbsp;1876156 |
| Veolia Environnement S.A. | &nbsp;&nbsp;&nbsp;366145 | &nbsp;&nbsp;&nbsp;&nbsp;8170896 |
| Vinci S.A. | &nbsp;&nbsp;&nbsp;294055 | &nbsp;&nbsp;&nbsp;&nbsp;27063924 |
| Vivendi SE | &nbsp;&nbsp;&nbsp;394918 | &nbsp;&nbsp;&nbsp;&nbsp;3232393 |
| Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;15141 | &nbsp;&nbsp;&nbsp;&nbsp;1185569 |
| Worldline S.A. \* | &nbsp;&nbsp;&nbsp;132115 | &nbsp;&nbsp;&nbsp;&nbsp;5766351 |
|  |  | **832779822** |
| &nbsp;&nbsp;**Germany 7.4%** | &nbsp;&nbsp;**Germany 7.4%** | &nbsp;&nbsp;**Germany 7.4%** |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;95015 | &nbsp;&nbsp;&nbsp;&nbsp;9274895 |
| Allianz SE | &nbsp;&nbsp;&nbsp;224959 | &nbsp;&nbsp;&nbsp;&nbsp;40471120 |
| Aroundtown S.A. | &nbsp;&nbsp;&nbsp;540841 | &nbsp;&nbsp;&nbsp;&nbsp;1072079 |
| BASF SE | &nbsp;&nbsp;&nbsp;505480 | &nbsp;&nbsp;&nbsp;&nbsp;22681210 |
| Bayer AG | &nbsp;&nbsp;&nbsp;540639 | &nbsp;&nbsp;&nbsp;&nbsp;28427354 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;183311 | &nbsp;&nbsp;&nbsp;&nbsp;14388422 |
| Bechtle AG | &nbsp;&nbsp;&nbsp;&nbsp;44092 | &nbsp;&nbsp;&nbsp;&nbsp;1523226 |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;55260 | &nbsp;&nbsp;&nbsp;&nbsp;5304694 |
| Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;85126 | &nbsp;&nbsp;&nbsp;&nbsp;5165130 |
| Carl Zeiss Meditec AG, Class B | &nbsp;&nbsp;&nbsp;&nbsp;22334 | &nbsp;&nbsp;&nbsp;&nbsp;2703378 |
| Commerzbank AG \* | &nbsp;&nbsp;&nbsp;586058 | &nbsp;&nbsp;&nbsp;&nbsp;4682427 |
| Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;60491 | &nbsp;&nbsp;&nbsp;&nbsp;3133171 |
| Covestro AG | &nbsp;&nbsp;&nbsp;105674 | &nbsp;&nbsp;&nbsp;&nbsp;3587211 |
| Daimler Truck Holding AG \* | &nbsp;&nbsp;&nbsp;250340 | &nbsp;&nbsp;&nbsp;&nbsp;6677213 |
| Delivery Hero SE \* | &nbsp;&nbsp;&nbsp;&nbsp;90433 | &nbsp;&nbsp;&nbsp;&nbsp;2976050 |
| Deutsche Bank AG | 1135271 | &nbsp;&nbsp;&nbsp;&nbsp;10821111 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;104607 | &nbsp;&nbsp;&nbsp;&nbsp;17011152 |
| Deutsche Lufthansa AG \* | &nbsp;&nbsp;&nbsp;319143 | &nbsp;&nbsp;&nbsp;&nbsp;2181982 |
| Deutsche Post AG | &nbsp;&nbsp;&nbsp;545667 | &nbsp;&nbsp;&nbsp;&nbsp;19289211 |
| Deutsche Telekom AG | 1785790 | &nbsp;&nbsp;&nbsp;&nbsp;33707653 |
| E.ON SE | 1232526 | &nbsp;&nbsp;&nbsp;&nbsp;10321152 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;115176 | &nbsp;&nbsp;&nbsp;&nbsp;2121739 |
| Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;&nbsp;113335 | &nbsp;&nbsp;&nbsp;&nbsp;3134911 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;231995 | &nbsp;&nbsp;&nbsp;&nbsp;5338933 |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;82635 | &nbsp;&nbsp;&nbsp;&nbsp;2888460 |
| Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;33323 | &nbsp;&nbsp;&nbsp;&nbsp;5422451 |
| HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;78950 | &nbsp;&nbsp;&nbsp;&nbsp;3630656 |
| HelloFresh SE \* | &nbsp;&nbsp;&nbsp;&nbsp;91544 | &nbsp;&nbsp;&nbsp;&nbsp;1829888 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;57574 | &nbsp;&nbsp;&nbsp;&nbsp;3379887 |
| Infineon Technologies AG | &nbsp;&nbsp;&nbsp;718761 | &nbsp;&nbsp;&nbsp;&nbsp;17441070 |
| KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;40047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887853 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;40883 | &nbsp;&nbsp;&nbsp;&nbsp;1840583 |
| LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;40878 | &nbsp;&nbsp;&nbsp;&nbsp;2668727 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;441775 | &nbsp;&nbsp;&nbsp;&nbsp;25570622 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;70887 | &nbsp;&nbsp;&nbsp;&nbsp;11552100 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;29666 | &nbsp;&nbsp;&nbsp;&nbsp;5308973 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;77136 | &nbsp;&nbsp;&nbsp;&nbsp;20362033 |
| Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;32037 | &nbsp;&nbsp;&nbsp;&nbsp;1527427 |
| Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;58657 | &nbsp;&nbsp;&nbsp;&nbsp;2593275 |
| QIAGEN N.V. \* | &nbsp;&nbsp;&nbsp;124507 | &nbsp;&nbsp;&nbsp;&nbsp;5376604 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;1559195 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;23699 | &nbsp;&nbsp;&nbsp;&nbsp;3852311 |
| RWE AG | &nbsp;&nbsp;&nbsp;353248 | &nbsp;&nbsp;&nbsp;&nbsp;13598329 |
| SAP SE | &nbsp;&nbsp;&nbsp;574787 | &nbsp;&nbsp;&nbsp;&nbsp;55324836 |
| Scout24 SE | &nbsp;&nbsp;&nbsp;&nbsp;43264 | &nbsp;&nbsp;&nbsp;&nbsp;2217062 |

---

<sub>147</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Siemens AG | &nbsp;&nbsp;&nbsp;421067 | &nbsp;&nbsp;&nbsp;&nbsp;45984289 |
| Siemens Energy AG | &nbsp;&nbsp;&nbsp;236626 | &nbsp;&nbsp;&nbsp;&nbsp;2758495 |
| Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;154572 | &nbsp;&nbsp;&nbsp;&nbsp;7081336 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;72615 | &nbsp;&nbsp;&nbsp;&nbsp;7411994 |
| Telefonica Deutschland Holding AG | &nbsp;&nbsp;&nbsp;585979 | &nbsp;&nbsp;&nbsp;&nbsp;1276789 |
| Uniper SE | &nbsp;&nbsp;&nbsp;&nbsp;56105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167947 |
| United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;52224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976227 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;16677 | &nbsp;&nbsp;&nbsp;&nbsp;2850630 |
| Vonovia SE | &nbsp;&nbsp;&nbsp;393741 | &nbsp;&nbsp;&nbsp;&nbsp;8705852 |
| Zalando SE \* | &nbsp;&nbsp;&nbsp;123167 | &nbsp;&nbsp;&nbsp;&nbsp;2838773 |
|  |  | **524880098** |
| &nbsp;&nbsp;**Hong Kong 2.5%** | &nbsp;&nbsp;**Hong Kong 2.5%** | &nbsp;&nbsp;**Hong Kong 2.5%** |
| AIA Group Ltd. | 6626800 | &nbsp;&nbsp;&nbsp;&nbsp;50196620 |
| BOC Hong Kong Holdings Ltd. | 2023590 | &nbsp;&nbsp;&nbsp;&nbsp;6287913 |
| Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp;&nbsp;951000 | &nbsp;&nbsp;&nbsp;&nbsp;2001591 |
| Chow Tai Fook Jewellery Group Ltd. | 1082200 | &nbsp;&nbsp;&nbsp;&nbsp;1852808 |
| CK Asset Holdings Ltd. | 1100711 | &nbsp;&nbsp;&nbsp;&nbsp;6085354 |
| CK Hutchison Holdings Ltd. | 1480025 | &nbsp;&nbsp;&nbsp;&nbsp;7367312 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp;1658002 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;907426 | &nbsp;&nbsp;&nbsp;&nbsp;6090464 |
| ESR Group Ltd. | 1086734 | &nbsp;&nbsp;&nbsp;&nbsp;1853263 |
| Futu Holdings Ltd., ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;32880 | &nbsp;&nbsp;&nbsp;&nbsp;1113317 |
| Galaxy Entertainment Group Ltd. | 1207000 | &nbsp;&nbsp;&nbsp;&nbsp;5514359 |
| Hang Lung Properties Ltd. | 1124000 | &nbsp;&nbsp;&nbsp;&nbsp;1413950 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;420440 | &nbsp;&nbsp;&nbsp;&nbsp;5918861 |
| Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;808735 | &nbsp;&nbsp;&nbsp;&nbsp;1979993 |
| HK Electric Investments & HK Electric Investments Ltd. | 1470104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934712 |
| HKT Trust & HKT Ltd. | 2047000 | &nbsp;&nbsp;&nbsp;&nbsp;2315042 |
| Hong Kong & China Gas Co., Ltd. | 6090696 | &nbsp;&nbsp;&nbsp;&nbsp;4694520 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;661865 | &nbsp;&nbsp;&nbsp;&nbsp;17568278 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;627101 | &nbsp;&nbsp;&nbsp;&nbsp;2414266 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;86717 | &nbsp;&nbsp;&nbsp;&nbsp;3994879 |
| Link REIT | 1159500 | &nbsp;&nbsp;&nbsp;&nbsp;6853355 |
| MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;842552 | &nbsp;&nbsp;&nbsp;&nbsp;3707388 |
| New World Development Co., Ltd. | &nbsp;&nbsp;&nbsp;824778 | &nbsp;&nbsp;&nbsp;&nbsp;1687062 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;771438 | &nbsp;&nbsp;&nbsp;&nbsp;3688668 |
| Sands China Ltd. \* | 1353600 | &nbsp;&nbsp;&nbsp;&nbsp;2366396 |
| Sino Land Co., Ltd. | 1919806 | &nbsp;&nbsp;&nbsp;&nbsp;2049999 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp;1259466 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;797104 | &nbsp;&nbsp;&nbsp;&nbsp;8565932 |
| Swire Pacific Ltd., A Shares | &nbsp;&nbsp;&nbsp;277090 | &nbsp;&nbsp;&nbsp;&nbsp;1838079 |
| Swire Properties Ltd. | &nbsp;&nbsp;&nbsp;620400 | &nbsp;&nbsp;&nbsp;&nbsp;1192355 |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;7196263 |
| WH Group Ltd. | 4659789 | &nbsp;&nbsp;&nbsp;&nbsp;2353245 |
| Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;930188 | &nbsp;&nbsp;&nbsp;&nbsp;3664996 |
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;&nbsp;973000 | &nbsp;&nbsp;&nbsp;&nbsp;1250456 |
|  |  | **178929164** |
| &nbsp;&nbsp;**Ireland 0.6%** | &nbsp;&nbsp;**Ireland 0.6%** | &nbsp;&nbsp;**Ireland 0.6%** |
| CRH plc | &nbsp;&nbsp;&nbsp;420378 | &nbsp;&nbsp;&nbsp;&nbsp;15141100 |
| Flutter Entertainment plc \* | &nbsp;&nbsp;&nbsp;&nbsp;91648 | &nbsp;&nbsp;&nbsp;&nbsp;12103883 |
| Kerry Group plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;88085 | &nbsp;&nbsp;&nbsp;&nbsp;7650608 |
| Kingspan Group plc | &nbsp;&nbsp;&nbsp;&nbsp;84429 | &nbsp;&nbsp;&nbsp;&nbsp;4256631 |
| Smurfit Kappa Group plc | &nbsp;&nbsp;&nbsp;135940 | &nbsp;&nbsp;&nbsp;&nbsp;4500014 |
|  |  | &nbsp;&nbsp;&nbsp;**43652236** |
| &nbsp;&nbsp;**Israel 0.9%** | &nbsp;&nbsp;**Israel 0.9%** | &nbsp;&nbsp;**Israel 0.9%** |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23908 | &nbsp;&nbsp;&nbsp;&nbsp;1771235 |
| Bank Hapoalim B.M. | &nbsp;&nbsp;&nbsp;700987 | &nbsp;&nbsp;&nbsp;&nbsp;6756992 |
| Bank Leumi Le-Israel B.M. | &nbsp;&nbsp;&nbsp;848395 | &nbsp;&nbsp;&nbsp;&nbsp;8093471 |
| Bezeq The Israeli Telecommunication Corp., Ltd. | 1132512 | &nbsp;&nbsp;&nbsp;&nbsp;2004813 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Check Point Software Technologies Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;56707 | &nbsp;&nbsp;&nbsp;&nbsp;7328246 |
| CyberArk Software Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;22219 | &nbsp;&nbsp;&nbsp;&nbsp;3486383 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14680 | &nbsp;&nbsp;&nbsp;&nbsp;2970282 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;390867 | &nbsp;&nbsp;&nbsp;&nbsp;3524682 |
| Israel Discount Bank Ltd., A Shares | &nbsp;&nbsp;&nbsp;689239 | &nbsp;&nbsp;&nbsp;&nbsp;3919073 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;83673 | &nbsp;&nbsp;&nbsp;&nbsp;3162969 |
| Nice Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;34759 | &nbsp;&nbsp;&nbsp;&nbsp;6551001 |
| Teva Pharmaceutical Industries Ltd. ADR, ADR \* | &nbsp;&nbsp;&nbsp;614682 | &nbsp;&nbsp;&nbsp;&nbsp;5482963 |
| Tower Semiconductor Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;59552 | &nbsp;&nbsp;&nbsp;&nbsp;2545004 |
| Wix.com Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;31152 | &nbsp;&nbsp;&nbsp;&nbsp;2619883 |
| ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45426 | &nbsp;&nbsp;&nbsp;&nbsp;1067057 |
|  |  | &nbsp;&nbsp;&nbsp;**61284054** |
| &nbsp;&nbsp;**Italy 2.4%** | &nbsp;&nbsp;**Italy 2.4%** | &nbsp;&nbsp;**Italy 2.4%** |
| Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;66849 | &nbsp;&nbsp;&nbsp;&nbsp;1660793 |
| Assicurazioni Generali S.p.A. | &nbsp;&nbsp;&nbsp;612868 | &nbsp;&nbsp;&nbsp;&nbsp;9197371 |
| Atlantia S.p.A. | &nbsp;&nbsp;&nbsp;271050 | &nbsp;&nbsp;&nbsp;&nbsp;6046452 |
| CNH Industrial N.V. | &nbsp;&nbsp;&nbsp;562218 | &nbsp;&nbsp;&nbsp;&nbsp;7273458 |
| Davide Campari-Milano N.V. | &nbsp;&nbsp;&nbsp;285422 | &nbsp;&nbsp;&nbsp;&nbsp;2563181 |
| DiaSorin S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;13779 | &nbsp;&nbsp;&nbsp;&nbsp;1801406 |
| Enel S.p.A. | 4474238 | &nbsp;&nbsp;&nbsp;&nbsp;19987975 |
| Eni S.p.A. | 1390243 | &nbsp;&nbsp;&nbsp;&nbsp;18259060 |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;69407 | &nbsp;&nbsp;&nbsp;&nbsp;13682776 |
| FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;335794 | &nbsp;&nbsp;&nbsp;&nbsp;4525021 |
| Infrastrutture Wireless Italiane S.p.A. | &nbsp;&nbsp;&nbsp;191722 | &nbsp;&nbsp;&nbsp;&nbsp;1692170 |
| Intesa Sanpaolo S.p.A. | 9091774 | &nbsp;&nbsp;&nbsp;&nbsp;17333716 |
| Mediobanca Banca di Credito Finanziario S.p.A. | &nbsp;&nbsp;&nbsp;332086 | &nbsp;&nbsp;&nbsp;&nbsp;3008561 |
| Moncler S.p.A. | &nbsp;&nbsp;&nbsp;113654 | &nbsp;&nbsp;&nbsp;&nbsp;4903511 |
| Nexi S.p.A. \* | &nbsp;&nbsp;&nbsp;289875 | &nbsp;&nbsp;&nbsp;&nbsp;2506109 |
| Poste Italiane S.p.A. | &nbsp;&nbsp;&nbsp;284999 | &nbsp;&nbsp;&nbsp;&nbsp;2483556 |
| Prysmian S.p.A. | &nbsp;&nbsp;&nbsp;139480 | &nbsp;&nbsp;&nbsp;&nbsp;4539810 |
| Recordati Industria Chimica e Farmaceutica S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;58915 | &nbsp;&nbsp;&nbsp;&nbsp;2213524 |
| Snam S.p.A. | 1100504 | &nbsp;&nbsp;&nbsp;&nbsp;4893402 |
| Stellantis N.V. | 1210972 | &nbsp;&nbsp;&nbsp;&nbsp;16337909 |
| Telecom Italia S.p.A. \* | 5333218 | &nbsp;&nbsp;&nbsp;&nbsp;1043400 |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;257960 | &nbsp;&nbsp;&nbsp;&nbsp;4037369 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;777675 | &nbsp;&nbsp;&nbsp;&nbsp;5157280 |
| UniCredit S.p.A. | 1142011 | &nbsp;&nbsp;&nbsp;&nbsp;14162380 |
|  |  | **169310190** |
| &nbsp;&nbsp;**Japan 21.9%** | &nbsp;&nbsp;**Japan 21.9%** | &nbsp;&nbsp;**Japan 21.9%** |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;103898 | &nbsp;&nbsp;&nbsp;&nbsp;5469354 |
| Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;359700 | &nbsp;&nbsp;&nbsp;&nbsp;6708615 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;106493 | &nbsp;&nbsp;&nbsp;&nbsp;3336953 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;2104918 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;6875802 |
| ANA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;87500 | &nbsp;&nbsp;&nbsp;&nbsp;1700887 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;7051143 |
| Asahi Intecc Co., Ltd. | &nbsp;&nbsp;&nbsp;120900 | &nbsp;&nbsp;&nbsp;&nbsp;2059548 |
| Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;684600 | &nbsp;&nbsp;&nbsp;&nbsp;4389596 |
| Astellas Pharma, Inc. | 1008450 | &nbsp;&nbsp;&nbsp;&nbsp;13914776 |
| Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62600 | &nbsp;&nbsp;&nbsp;&nbsp;1701197 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;109800 | &nbsp;&nbsp;&nbsp;&nbsp;7258095 |
| Bridgestone Corp. | &nbsp;&nbsp;&nbsp;315657 | &nbsp;&nbsp;&nbsp;&nbsp;11416192 |
| Brother Industries Ltd. | &nbsp;&nbsp;&nbsp;132400 | &nbsp;&nbsp;&nbsp;&nbsp;2255554 |
| Canon, Inc. | &nbsp;&nbsp;&nbsp;550395 | &nbsp;&nbsp;&nbsp;&nbsp;11666987 |
| Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;2698050 |
| Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;79600 | &nbsp;&nbsp;&nbsp;&nbsp;9215806 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;355900 | &nbsp;&nbsp;&nbsp;&nbsp;2896998 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;371500 | &nbsp;&nbsp;&nbsp;&nbsp;8608345 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp;&nbsp;591500 | &nbsp;&nbsp;&nbsp;&nbsp;1804797 |
| CyberAgent, Inc. | &nbsp;&nbsp;&nbsp;236200 | &nbsp;&nbsp;&nbsp;&nbsp;1940425 |

---

<sub>148</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;122548 | &nbsp;&nbsp;&nbsp;2454725 |
| Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56630 | &nbsp;&nbsp;&nbsp;2592234 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;538300 | &nbsp;&nbsp;&nbsp;8549681 |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;964100 | 30861574 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;137100 | 20535823 |
| Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;3426223 |
| Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;330800 | &nbsp;&nbsp;&nbsp;6664737 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;2423972 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;743300 | &nbsp;&nbsp;&nbsp;2900112 |
| Denso Corp. | &nbsp;&nbsp;&nbsp;238200 | 11818508 |
| Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;118200 | &nbsp;&nbsp;&nbsp;3676417 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;3826888 |
| East Japan Railway Co. | &nbsp;&nbsp;&nbsp;166160 | &nbsp;&nbsp;&nbsp;8853896 |
| Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;138600 | &nbsp;&nbsp;&nbsp;8358016 |
| ENEOS Holdings, Inc. | 1703100 | &nbsp;&nbsp;&nbsp;5617940 |
| FANUC Corp. | &nbsp;&nbsp;&nbsp;105500 | 13804846 |
| Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32100 | 17884231 |
| Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70900 | &nbsp;&nbsp;&nbsp;2741346 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;198911 | &nbsp;&nbsp;&nbsp;9100153 |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;108100 | 12437827 |
| GLP J-REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362 | &nbsp;&nbsp;&nbsp;2449588 |
| GMO Payment Gateway, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;1682596 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;&nbsp;125400 | &nbsp;&nbsp;&nbsp;1056589 |
| Hamamatsu Photonics K.K. | &nbsp;&nbsp;&nbsp;&nbsp;76300 | &nbsp;&nbsp;&nbsp;3451910 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;126600 | &nbsp;&nbsp;&nbsp;3760113 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10993 | &nbsp;&nbsp;&nbsp;1327892 |
| Hirose Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16664 | &nbsp;&nbsp;&nbsp;2161676 |
| Hitachi Construction Machinery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59353 | &nbsp;&nbsp;&nbsp;1161183 |
| Hitachi Ltd. | &nbsp;&nbsp;&nbsp;532615 | 24166771 |
| Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;897239 | 20459269 |
| Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60400 | &nbsp;&nbsp;&nbsp;1730458 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;201107 | 18695175 |
| Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;210700 | &nbsp;&nbsp;&nbsp;1530597 |
| Ibiden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;2073002 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;115703 | &nbsp;&nbsp;&nbsp;2531608 |
| Iida Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;81700 | &nbsp;&nbsp;&nbsp;1134434 |
| Inpex Corp. | &nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;5742573 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;316300 | &nbsp;&nbsp;&nbsp;3719580 |
| Ito En Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;30600 | &nbsp;&nbsp;&nbsp;1077742 |
| ITOCHU Corp. | &nbsp;&nbsp;&nbsp;654400 | 16912664 |
| Itochu Techno-Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51087 | &nbsp;&nbsp;&nbsp;1184387 |
| Japan Airlines Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;81200 | &nbsp;&nbsp;&nbsp;1516664 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;279400 | &nbsp;&nbsp;&nbsp;3671814 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872 | &nbsp;&nbsp;&nbsp;2852616 |
| Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;233500 | &nbsp;&nbsp;&nbsp;1555841 |
| Japan Post Holdings Co., Ltd. | 1307600 | &nbsp;&nbsp;&nbsp;8793056 |
| Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;109100 | &nbsp;&nbsp;&nbsp;1615024 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;2828444 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;660100 | 11054977 |
| JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp;&nbsp;2455179 |
| JSR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99200 | &nbsp;&nbsp;&nbsp;1884901 |
| Kajima Corp. | &nbsp;&nbsp;&nbsp;231200 | &nbsp;&nbsp;&nbsp;2176327 |
| Kakaku.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;1251561 |
| Kao Corp. | &nbsp;&nbsp;&nbsp;260719 | &nbsp;&nbsp;&nbsp;9738358 |
| KDDI Corp. | &nbsp;&nbsp;&nbsp;887600 | 26234766 |
| Keio Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56500 | &nbsp;&nbsp;&nbsp;1980919 |
| Keisei Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72156 | &nbsp;&nbsp;&nbsp;1915170 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;107000 | 40345959 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80477 | &nbsp;&nbsp;&nbsp;4361052 |
| Kintetsu Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95600 | &nbsp;&nbsp;&nbsp;3230791 |
| Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;449800 | &nbsp;&nbsp;&nbsp;6612029 |
| Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;1549550 |
| Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;81700 | &nbsp;&nbsp;&nbsp;1772123 |
| Koei Tecmo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;64600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974745 |
| Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;1618439 |
| Komatsu Ltd. | &nbsp;&nbsp;&nbsp;507409 | &nbsp;&nbsp;&nbsp;9940237 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52400 | &nbsp;&nbsp;&nbsp;2296760 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Kose Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;1826714 |
| Kubota Corp. | &nbsp;&nbsp;&nbsp;564500 | &nbsp;&nbsp;&nbsp;7874545 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57147 | &nbsp;&nbsp;&nbsp;2091864 |
| Kyocera Corp. | &nbsp;&nbsp;&nbsp;176600 | &nbsp;&nbsp;&nbsp;8552107 |
| Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;146900 | &nbsp;&nbsp;&nbsp;3459742 |
| Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;5845251 |
| Lixil Corp. | &nbsp;&nbsp;&nbsp;161087 | &nbsp;&nbsp;&nbsp;2433264 |
| M3, Inc. | &nbsp;&nbsp;&nbsp;244500 | &nbsp;&nbsp;&nbsp;7286143 |
| Makita Corp. | &nbsp;&nbsp;&nbsp;125800 | &nbsp;&nbsp;&nbsp;2298807 |
| Marubeni Corp. | &nbsp;&nbsp;&nbsp;845600 | &nbsp;&nbsp;&nbsp;7402309 |
| Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;312900 | &nbsp;&nbsp;&nbsp;2106743 |
| McDonald's Holdings Co., Japan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48100 | &nbsp;&nbsp;&nbsp;1669899 |
| MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60400 | &nbsp;&nbsp;&nbsp;2485406 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp;&nbsp;202600 | &nbsp;&nbsp;&nbsp;2994110 |
| MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;158700 | &nbsp;&nbsp;&nbsp;3380222 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;698500 | &nbsp;&nbsp;&nbsp;3155370 |
| Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;695200 | 18832188 |
| Mitsubishi Electric Corp. | 1062900 | &nbsp;&nbsp;&nbsp;9352039 |
| Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;647102 | &nbsp;&nbsp;&nbsp;8137498 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;347338 | &nbsp;&nbsp;&nbsp;1490447 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;177400 | &nbsp;&nbsp;&nbsp;6110375 |
| Mitsubishi UFJ Financial Group, Inc. | 6581509 | 31090054 |
| Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;768600 | 17008482 |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp;&nbsp;103400 | &nbsp;&nbsp;&nbsp;1913823 |
| Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;498477 | &nbsp;&nbsp;&nbsp;9545019 |
| Mitsui O.S.K. Lines Ltd. | &nbsp;&nbsp;&nbsp;187300 | &nbsp;&nbsp;&nbsp;3707639 |
| Mizuho Financial Group, Inc. | 1325513 | 14336035 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;138200 | &nbsp;&nbsp;&nbsp;2097855 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;245562 | &nbsp;&nbsp;&nbsp;6502777 |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;315900 | 14954522 |
| NEC Corp. | &nbsp;&nbsp;&nbsp;135500 | &nbsp;&nbsp;&nbsp;4485170 |
| Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;270900 | &nbsp;&nbsp;&nbsp;4533301 |
| NGK Insulators Ltd. | &nbsp;&nbsp;&nbsp;131600 | &nbsp;&nbsp;&nbsp;1535253 |
| Nidec Corp. | &nbsp;&nbsp;&nbsp;245800 | 13515065 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;&nbsp;163700 | &nbsp;&nbsp;&nbsp;1847158 |
| Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;607290 | 24655423 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;3725114 |
| Nippon Express Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;2090313 |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;463700 | &nbsp;&nbsp;&nbsp;2955170 |
| Nippon Prologis REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;2484378 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94900 | &nbsp;&nbsp;&nbsp;1510943 |
| Nippon Shinyaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;1505962 |
| Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;444341 | &nbsp;&nbsp;&nbsp;6095701 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;657871 | 18144539 |
| Nippon Yusen K.K. | &nbsp;&nbsp;&nbsp;265700 | &nbsp;&nbsp;&nbsp;4813011 |
| Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71166 | &nbsp;&nbsp;&nbsp;3203564 |
| Nissan Motor Co., Ltd. | 1267296 | &nbsp;&nbsp;&nbsp;4039256 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;107800 | &nbsp;&nbsp;&nbsp;1164845 |
| Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34900 | &nbsp;&nbsp;&nbsp;2259037 |
| Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43900 | &nbsp;&nbsp;&nbsp;3978087 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79100 | &nbsp;&nbsp;&nbsp;4167440 |
| Nomura Holdings, Inc. | 1595600 | &nbsp;&nbsp;&nbsp;5163295 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66600 | &nbsp;&nbsp;&nbsp;1505414 |
| Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317 | &nbsp;&nbsp;&nbsp;2643307 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;185700 | &nbsp;&nbsp;&nbsp;4109578 |
| NTT Data Corp. | &nbsp;&nbsp;&nbsp;350700 | &nbsp;&nbsp;&nbsp;5079486 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;351300 | &nbsp;&nbsp;&nbsp;2254877 |
| Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;5807435 |
| Odakyu Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;160400 | &nbsp;&nbsp;&nbsp;1906827 |
| Oji Holdings Corp. | &nbsp;&nbsp;&nbsp;443200 | &nbsp;&nbsp;&nbsp;1536452 |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;679300 | 14322694 |
| Omron Corp. | &nbsp;&nbsp;&nbsp;101600 | &nbsp;&nbsp;&nbsp;4738456 |
| Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;200400 | &nbsp;&nbsp;&nbsp;4716123 |
| Open House Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45300 | &nbsp;&nbsp;&nbsp;1611294 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;1113374 |
| Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;109900 | 14718647 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;655800 | &nbsp;&nbsp;&nbsp;9632188 |

---

<sub>149</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;206800 | &nbsp;&nbsp;&nbsp;3062232 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63200 | &nbsp;&nbsp;&nbsp;1990303 |
| Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;214100 | &nbsp;&nbsp;&nbsp;6862867 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;209400 | &nbsp;&nbsp;&nbsp;3436405 |
| Panasonic Holdings Corp. | 1212612 | &nbsp;&nbsp;&nbsp;8636963 |
| Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;96600 | &nbsp;&nbsp;&nbsp;1934158 |
| Rakuten Group, Inc. | &nbsp;&nbsp;&nbsp;481420 | &nbsp;&nbsp;&nbsp;2149235 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;792700 | 24392303 |
| Renesas Electronics Corp. \* | &nbsp;&nbsp;&nbsp;647300 | &nbsp;&nbsp;&nbsp;5415148 |
| Resona Holdings, Inc. | 1187585 | &nbsp;&nbsp;&nbsp;4475950 |
| Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;2300925 |
| Rohm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;3428912 |
| SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;136390 | &nbsp;&nbsp;&nbsp;2463757 |
| SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85200 | &nbsp;&nbsp;&nbsp;1256995 |
| Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;115600 | &nbsp;&nbsp;&nbsp;6585787 |
| Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;152100 | &nbsp;&nbsp;&nbsp;2064933 |
| Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;204600 | &nbsp;&nbsp;&nbsp;2555050 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;341369 | &nbsp;&nbsp;&nbsp;5667681 |
| Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;414503 | 15472715 |
| SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;159028 | &nbsp;&nbsp;&nbsp;2107295 |
| Sharp Corp. | &nbsp;&nbsp;&nbsp;134100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804343 |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;130600 | &nbsp;&nbsp;&nbsp;3440378 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;6236150 |
| Shimizu Corp. | &nbsp;&nbsp;&nbsp;301200 | &nbsp;&nbsp;&nbsp;1502985 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;206260 | 21436589 |
| Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;145200 | &nbsp;&nbsp;&nbsp;6742688 |
| Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;221600 | &nbsp;&nbsp;&nbsp;7653444 |
| Shizuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;1534501 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31500 | 12644164 |
| Softbank Corp. | 1581600 | 15601517 |
| SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;663400 | 28477244 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;172100 | &nbsp;&nbsp;&nbsp;7175242 |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;693800 | 46786149 |
| Square Enix Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47100 | &nbsp;&nbsp;&nbsp;2101698 |
| Subaru Corp. | &nbsp;&nbsp;&nbsp;340300 | &nbsp;&nbsp;&nbsp;5319168 |
| SUMCO Corp. | &nbsp;&nbsp;&nbsp;191200 | &nbsp;&nbsp;&nbsp;2423427 |
| Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;812900 | &nbsp;&nbsp;&nbsp;2737244 |
| Sumitomo Corp. | &nbsp;&nbsp;&nbsp;618100 | &nbsp;&nbsp;&nbsp;7858378 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;393400 | &nbsp;&nbsp;&nbsp;4111155 |
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;137100 | &nbsp;&nbsp;&nbsp;3843027 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;719746 | 20211589 |
| Sumitomo Mitsui Trust Holdings, Inc. | &nbsp;&nbsp;&nbsp;186100 | &nbsp;&nbsp;&nbsp;5353913 |
| Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;171100 | &nbsp;&nbsp;&nbsp;3923992 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77700 | &nbsp;&nbsp;&nbsp;2599584 |
| Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;203800 | &nbsp;&nbsp;&nbsp;6890439 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;4951795 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;2917609 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98100 | &nbsp;&nbsp;&nbsp;2672305 |
| Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;826990 | 21839978 |
| TDK Corp. | &nbsp;&nbsp;&nbsp;213700 | &nbsp;&nbsp;&nbsp;6675636 |
| Terumo Corp. | &nbsp;&nbsp;&nbsp;355100 | 10776929 |
| The Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;291200 | &nbsp;&nbsp;&nbsp;1595520 |
| The Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;387800 | &nbsp;&nbsp;&nbsp;2937687 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;122700 | &nbsp;&nbsp;&nbsp;3308204 |
| Tobu Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;104900 | &nbsp;&nbsp;&nbsp;2426597 |
| Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61008 | &nbsp;&nbsp;&nbsp;2169350 |
| Tokio Marine Holdings, Inc. | 1010097 | 18287965 |
| Tokyo Electric Power Co. Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;853490 | &nbsp;&nbsp;&nbsp;2780299 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82100 | 21600217 |
| Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;221840 | &nbsp;&nbsp;&nbsp;3964611 |
| Tokyu Corp. | &nbsp;&nbsp;&nbsp;290900 | &nbsp;&nbsp;&nbsp;3354222 |
| Toppan, Inc. | &nbsp;&nbsp;&nbsp;145100 | &nbsp;&nbsp;&nbsp;2164046 |
| Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;772400 | &nbsp;&nbsp;&nbsp;3751816 |
| Toshiba Corp. | &nbsp;&nbsp;&nbsp;215217 | &nbsp;&nbsp;&nbsp;7468360 |
| Tosoh Corp. | &nbsp;&nbsp;&nbsp;145100 | &nbsp;&nbsp;&nbsp;1578612 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| TOTO Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181984 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198489 |
| Toyota Motor Corp. | 5837015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80986244 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;116569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912742 |
| Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731338 |
| Unicharm Corp. | &nbsp;&nbsp;&nbsp;220600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6704347 |
| USS Co., Ltd. | &nbsp;&nbsp;&nbsp;122200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843844 |
| Welcia Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068061 |
| West Japan Railway Co. | &nbsp;&nbsp;&nbsp;120432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774716 |
| Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;69800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866846 |
| Yamaha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891976 |
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;161700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337901 |
| Yamato Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;157100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326537 |
| Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;130800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621759 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;128500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148662 |
| Z Holdings Corp. | 1453100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750099 |
| ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470421 |
|  |  | **1563056068** |
| &nbsp;&nbsp;**Netherlands 4.1%** | &nbsp;&nbsp;**Netherlands 4.1%** | &nbsp;&nbsp;**Netherlands 4.1%** |
| ABN AMRO Bank N.V., GDR | &nbsp;&nbsp;&nbsp;231852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279252 |
| Adyen N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;11920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17016978 |
| Aegon N.V. | &nbsp;&nbsp;&nbsp;997771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618839 |
| AerCap Holdings N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;73700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936317 |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;99348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6133292 |
| ASM International N.V. | &nbsp;&nbsp;&nbsp;&nbsp;25733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5692646 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;223690 | &nbsp;&nbsp;&nbsp;&nbsp;104929981 |
| Coca-Cola Europacific Partners plc | &nbsp;&nbsp;&nbsp;113364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333776 |
| EXOR N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;60335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054571 |
| Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;55408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780719 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;142297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11886665 |
| IMCD N.V. | &nbsp;&nbsp;&nbsp;&nbsp;31356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066697 |
| ING Groep N.V. | 2149896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21154085 |
| JDE Peet's N.V. | &nbsp;&nbsp;&nbsp;&nbsp;57138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635581 |
| Just Eat Takeaway.com N.V \* | &nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784649 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;575973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16062888 |
| Koninklijke DSM N.V. | &nbsp;&nbsp;&nbsp;&nbsp;95895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11280160 |
| Koninklijke KPN N.V. | 1809815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062243 |
| Koninklijke Philips N.V. | &nbsp;&nbsp;&nbsp;485601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6159789 |
| NN Group N.V. | &nbsp;&nbsp;&nbsp;153559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502062 |
| OCI N.V. | &nbsp;&nbsp;&nbsp;&nbsp;58728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246222 |
| Prosus N.V. \* | &nbsp;&nbsp;&nbsp;456051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19720405 |
| Randstad N.V. | &nbsp;&nbsp;&nbsp;&nbsp;66185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298607 |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;405782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967711 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;144583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15363175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**291967310** |
| &nbsp;&nbsp;**New Zealand 0.2%** | &nbsp;&nbsp;**New Zealand 0.2%** | &nbsp;&nbsp;**New Zealand 0.2%** |
| Auckland International Airport Ltd. \* | &nbsp;&nbsp;&nbsp;699496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127040 |
| Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;319547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631657 |
| Mercury NZ Ltd. | &nbsp;&nbsp;&nbsp;363519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229164 |
| Meridian Energy Ltd. | &nbsp;&nbsp;&nbsp;721206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044328 |
| Spark New Zealand Ltd. | 1036536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13117710** |
| &nbsp;&nbsp;**Norway 0.8%** | &nbsp;&nbsp;**Norway 0.8%** | &nbsp;&nbsp;**Norway 0.8%** |
| Adevinta A.S.A. \* | &nbsp;&nbsp;&nbsp;153144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048327 |
| Aker BP A.S.A. | &nbsp;&nbsp;&nbsp;173064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5497611 |
| DNB Bank A.S.A. | &nbsp;&nbsp;&nbsp;510766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033856 |
| Equinor A.S.A. | &nbsp;&nbsp;&nbsp;538538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620942 |
| Gjensidige Forsikring A.S.A. | &nbsp;&nbsp;&nbsp;108119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976278 |
| Kongsberg Gruppen A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;50290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803420 |
| Mowi A.S.A. | &nbsp;&nbsp;&nbsp;225251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362046 |
| Norsk Hydro A.S.A. | &nbsp;&nbsp;&nbsp;739772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694830 |
| Orkla A.S.A. | &nbsp;&nbsp;&nbsp;417527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816285 |

---

<sub>150</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Salmar A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;31949 | &nbsp;&nbsp;&nbsp;&nbsp;1083123 |
| Telenor A.S.A. | &nbsp;&nbsp;&nbsp;382793 | &nbsp;&nbsp;&nbsp;&nbsp;3478772 |
| Yara International A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;91110 | &nbsp;&nbsp;&nbsp;&nbsp;4066368 |
|  |  | &nbsp;&nbsp;&nbsp;**58481858** |
| &nbsp;&nbsp;**Portugal 0.2%** | &nbsp;&nbsp;**Portugal 0.2%** | &nbsp;&nbsp;**Portugal 0.2%** |
| EDP - Energias de Portugal S.A. | 1522544 | &nbsp;&nbsp;&nbsp;&nbsp;6652473 |
| EDP Renovaveis S.A. | &nbsp;&nbsp;&nbsp;157272 | &nbsp;&nbsp;&nbsp;&nbsp;3309393 |
| Galp Energia, SGPS, S.A. | &nbsp;&nbsp;&nbsp;272607 | &nbsp;&nbsp;&nbsp;&nbsp;2767805 |
| Jeronimo Martins, SGPS, S.A. | &nbsp;&nbsp;&nbsp;157975 | &nbsp;&nbsp;&nbsp;&nbsp;3268978 |
|  |  | &nbsp;&nbsp;&nbsp;**15998649** |
| &nbsp;&nbsp;**Singapore 1.5%** | &nbsp;&nbsp;**Singapore 1.5%** | &nbsp;&nbsp;**Singapore 1.5%** |
| CapitaLand Ascendas REIT | 1863995 | &nbsp;&nbsp;&nbsp;&nbsp;3448746 |
| CapitaLand Integrated Commercial Trust | 2894010 | &nbsp;&nbsp;&nbsp;&nbsp;3840797 |
| Capitaland Investment Ltd. | 1423049 | &nbsp;&nbsp;&nbsp;&nbsp;3026319 |
| City Developments Ltd. | &nbsp;&nbsp;&nbsp;235200 | &nbsp;&nbsp;&nbsp;&nbsp;1268107 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;997793 | &nbsp;&nbsp;&nbsp;&nbsp;24122946 |
| Genting Singapore Ltd. | 3274000 | &nbsp;&nbsp;&nbsp;&nbsp;1861832 |
| Grab Holdings Ltd., Class A \* | &nbsp;&nbsp;&nbsp;723345 | &nbsp;&nbsp;&nbsp;&nbsp;1880697 |
| Keppel Corp., Ltd. | &nbsp;&nbsp;&nbsp;812700 | &nbsp;&nbsp;&nbsp;&nbsp;4000124 |
| Mapletree Logistics Trust | 1829628 | &nbsp;&nbsp;&nbsp;&nbsp;1963684 |
| Mapletree Pan Asia Commercial Trust | 1281700 | &nbsp;&nbsp;&nbsp;&nbsp;1438335 |
| Oversea-Chinese Banking Corp., Ltd. | 1866801 | &nbsp;&nbsp;&nbsp;&nbsp;16024774 |
| Sea Ltd., ADR \* | &nbsp;&nbsp;&nbsp;198587 | &nbsp;&nbsp;&nbsp;&nbsp;9865802 |
| Singapore Airlines Ltd. \* | &nbsp;&nbsp;&nbsp;741050 | &nbsp;&nbsp;&nbsp;&nbsp;2748781 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;467400 | &nbsp;&nbsp;&nbsp;&nbsp;2779454 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;845949 | &nbsp;&nbsp;&nbsp;&nbsp;1972190 |
| Singapore Telecommunications Ltd. | 4569637 | &nbsp;&nbsp;&nbsp;&nbsp;8045963 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;647833 | &nbsp;&nbsp;&nbsp;&nbsp;12709697 |
| UOL Group Ltd. | &nbsp;&nbsp;&nbsp;235272 | &nbsp;&nbsp;&nbsp;&nbsp;1027618 |
| Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;149300 | &nbsp;&nbsp;&nbsp;&nbsp;1680125 |
| Wilmar International Ltd. | 1068234 | &nbsp;&nbsp;&nbsp;&nbsp;2926483 |
|  |  | **106632474** |
| &nbsp;&nbsp;**Spain 2.4%** | &nbsp;&nbsp;**Spain 2.4%** | &nbsp;&nbsp;**Spain 2.4%** |
| Acciona S.A. | &nbsp;&nbsp;&nbsp;&nbsp;13784 | &nbsp;&nbsp;&nbsp;&nbsp;2481969 |
| ACS, Actividades de Construccion y Servicios S.A. | &nbsp;&nbsp;&nbsp;126653 | &nbsp;&nbsp;&nbsp;&nbsp;3250076 |
| Aena SME S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;41796 | &nbsp;&nbsp;&nbsp;&nbsp;4912343 |
| Amadeus IT Group S.A. \* | &nbsp;&nbsp;&nbsp;247731 | &nbsp;&nbsp;&nbsp;&nbsp;12920475 |
| Banco Bilbao Vizcaya Argentaria S.A. | 3668857 | &nbsp;&nbsp;&nbsp;&nbsp;18926855 |
| Banco Santander S.A. *(a)* | 9395900 | &nbsp;&nbsp;&nbsp;&nbsp;24368037 |
| CaixaBank S.A. | 2454781 | &nbsp;&nbsp;&nbsp;&nbsp;8140160 |
| Cellnex Telecom S.A. | &nbsp;&nbsp;&nbsp;297598 | &nbsp;&nbsp;&nbsp;&nbsp;9740452 |
| Enagas S.A. | &nbsp;&nbsp;&nbsp;138842 | &nbsp;&nbsp;&nbsp;&nbsp;2253947 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;177299 | &nbsp;&nbsp;&nbsp;&nbsp;2962318 |
| Ferrovial S.A. | &nbsp;&nbsp;&nbsp;264533 | &nbsp;&nbsp;&nbsp;&nbsp;6464752 |
| Grifols S.A. \* | &nbsp;&nbsp;&nbsp;161242 | &nbsp;&nbsp;&nbsp;&nbsp;1371778 |
| Iberdrola S.A. | 3276319 | &nbsp;&nbsp;&nbsp;&nbsp;33317783 |
| Industria de Diseno Textil S.A. | &nbsp;&nbsp;&nbsp;599808 | &nbsp;&nbsp;&nbsp;&nbsp;13614560 |
| Naturgy Energy Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;79706 | &nbsp;&nbsp;&nbsp;&nbsp;2045458 |
| Red Electrica Corp. S.A. | &nbsp;&nbsp;&nbsp;225900 | &nbsp;&nbsp;&nbsp;&nbsp;3654092 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;797723 | &nbsp;&nbsp;&nbsp;&nbsp;10852595 |
| Siemens Gamesa Renewable Energy S.A. \* | &nbsp;&nbsp;&nbsp;133201 | &nbsp;&nbsp;&nbsp;&nbsp;2361475 |
| Telefonica S.A. | 2879407 | &nbsp;&nbsp;&nbsp;&nbsp;9925875 |
|  |  | **173565000** |
| &nbsp;&nbsp;**Sweden 3.4%** | &nbsp;&nbsp;**Sweden 3.4%** | &nbsp;&nbsp;**Sweden 3.4%** |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;161276 | &nbsp;&nbsp;&nbsp;&nbsp;3969857 |
| Assa Abloy AB, B Shares | &nbsp;&nbsp;&nbsp;550981 | &nbsp;&nbsp;&nbsp;&nbsp;11125448 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Atlas Copco AB, A Shares | 1466522 | &nbsp;&nbsp;&nbsp;&nbsp;15652554 |
| Atlas Copco AB, B Shares | &nbsp;&nbsp;&nbsp;869354 | &nbsp;&nbsp;&nbsp;&nbsp;8407660 |
| Boliden AB | &nbsp;&nbsp;&nbsp;149086 | &nbsp;&nbsp;&nbsp;&nbsp;4335555 |
| Electrolux AB, B Shares | &nbsp;&nbsp;&nbsp;125068 | &nbsp;&nbsp;&nbsp;&nbsp;1542986 |
| Embracer Group AB *\*(a)* | &nbsp;&nbsp;&nbsp;378349 | &nbsp;&nbsp;&nbsp;&nbsp;1820143 |
| Epiroc AB, A Shares | &nbsp;&nbsp;&nbsp;365915 | &nbsp;&nbsp;&nbsp;&nbsp;5601590 |
| Epiroc AB, B Shares | &nbsp;&nbsp;&nbsp;209296 | &nbsp;&nbsp;&nbsp;&nbsp;2810253 |
| EQT AB | &nbsp;&nbsp;&nbsp;166042 | &nbsp;&nbsp;&nbsp;&nbsp;3267696 |
| Essity AB, B Shares | &nbsp;&nbsp;&nbsp;333439 | &nbsp;&nbsp;&nbsp;&nbsp;7045017 |
| Evolution AB | &nbsp;&nbsp;&nbsp;101184 | &nbsp;&nbsp;&nbsp;&nbsp;9438714 |
| Fastighets AB Balder, B Shares \* | &nbsp;&nbsp;&nbsp;351616 | &nbsp;&nbsp;&nbsp;&nbsp;1319840 |
| Getinge AB, B Shares | &nbsp;&nbsp;&nbsp;128392 | &nbsp;&nbsp;&nbsp;&nbsp;2605457 |
| H & M Hennes & Mauritz AB, B Shares *(a)* | &nbsp;&nbsp;&nbsp;406919 | &nbsp;&nbsp;&nbsp;&nbsp;4098551 |
| Hexagon AB, B Shares | 1068831 | &nbsp;&nbsp;&nbsp;&nbsp;10566343 |
| Holmen AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;51070 | &nbsp;&nbsp;&nbsp;&nbsp;1853352 |
| Husqvarna AB, B Shares | &nbsp;&nbsp;&nbsp;233228 | &nbsp;&nbsp;&nbsp;&nbsp;1384709 |
| Industrivarden AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;70734 | &nbsp;&nbsp;&nbsp;&nbsp;1601976 |
| Industrivarden AB, C Shares | &nbsp;&nbsp;&nbsp;&nbsp;84874 | &nbsp;&nbsp;&nbsp;&nbsp;1905881 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;148335 | &nbsp;&nbsp;&nbsp;&nbsp;2597042 |
| Investment AB Latour, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;80494 | &nbsp;&nbsp;&nbsp;&nbsp;1359727 |
| Investor AB, A Shares | &nbsp;&nbsp;&nbsp;279205 | &nbsp;&nbsp;&nbsp;&nbsp;4747812 |
| Investor AB, B Shares | &nbsp;&nbsp;&nbsp;995581 | &nbsp;&nbsp;&nbsp;&nbsp;16248489 |
| Kinnevik AB, B Shares \* | &nbsp;&nbsp;&nbsp;132359 | &nbsp;&nbsp;&nbsp;&nbsp;1635089 |
| L E Lundbergfortagen AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;40960 | &nbsp;&nbsp;&nbsp;&nbsp;1616594 |
| Lifco AB, B Shares | &nbsp;&nbsp;&nbsp;126273 | &nbsp;&nbsp;&nbsp;&nbsp;1824623 |
| Nibe Industrier AB, B Shares | &nbsp;&nbsp;&nbsp;840749 | &nbsp;&nbsp;&nbsp;&nbsp;6706463 |
| Nordea Bank Abp | 1877372 | &nbsp;&nbsp;&nbsp;&nbsp;17933628 |
| Sagax AB, Class B | &nbsp;&nbsp;&nbsp;103512 | &nbsp;&nbsp;&nbsp;&nbsp;1907451 |
| Sandvik AB | &nbsp;&nbsp;&nbsp;588410 | &nbsp;&nbsp;&nbsp;&nbsp;9194934 |
| Securitas AB, B Shares *(a)* | &nbsp;&nbsp;&nbsp;275103 | &nbsp;&nbsp;&nbsp;&nbsp;2247813 |
| Skandinaviska Enskilda Banken AB, A Shares | &nbsp;&nbsp;&nbsp;893103 | &nbsp;&nbsp;&nbsp;&nbsp;9416334 |
| Skanska AB, B Shares | &nbsp;&nbsp;&nbsp;188369 | &nbsp;&nbsp;&nbsp;&nbsp;2929391 |
| SKF AB, B Shares | &nbsp;&nbsp;&nbsp;214108 | &nbsp;&nbsp;&nbsp;&nbsp;3099344 |
| Svenska Cellulosa AB, S.C.A., B Shares | &nbsp;&nbsp;&nbsp;332472 | &nbsp;&nbsp;&nbsp;&nbsp;3922433 |
| Svenska Handelsbanken AB, A Shares | &nbsp;&nbsp;&nbsp;797762 | &nbsp;&nbsp;&nbsp;&nbsp;7412029 |
| Swedbank AB, A Shares | &nbsp;&nbsp;&nbsp;498032 | &nbsp;&nbsp;&nbsp;&nbsp;7424685 |
| Swedish Match AB | &nbsp;&nbsp;&nbsp;840059 | &nbsp;&nbsp;&nbsp;&nbsp;8639913 |
| Swedish Orphan Biovitrum AB \* | &nbsp;&nbsp;&nbsp;&nbsp;93463 | &nbsp;&nbsp;&nbsp;&nbsp;1721533 |
| Tele2 AB, B Shares | &nbsp;&nbsp;&nbsp;315686 | &nbsp;&nbsp;&nbsp;&nbsp;2587367 |
| Telefonaktiebolaget LM Ericsson, B Shares | 1605032 | &nbsp;&nbsp;&nbsp;&nbsp;8922924 |
| Telia Co. AB | 1476497 | &nbsp;&nbsp;&nbsp;&nbsp;3912370 |
| Volvo AB, A Shares | &nbsp;&nbsp;&nbsp;113553 | &nbsp;&nbsp;&nbsp;&nbsp;1939670 |
| Volvo AB, B Shares | &nbsp;&nbsp;&nbsp;826078 | &nbsp;&nbsp;&nbsp;&nbsp;13520358 |
| Volvo Car AB, Class B *\*(a)* | &nbsp;&nbsp;&nbsp;326620 | &nbsp;&nbsp;&nbsp;&nbsp;1386202 |
|  |  | **245207800** |
| &nbsp;&nbsp;**Switzerland 10.5%** | &nbsp;&nbsp;**Switzerland 10.5%** | &nbsp;&nbsp;**Switzerland 10.5%** |
| ABB Ltd. | &nbsp;&nbsp;&nbsp;904225 | &nbsp;&nbsp;&nbsp;&nbsp;25110599 |
| Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;88144 | &nbsp;&nbsp;&nbsp;&nbsp;2758551 |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;274999 | &nbsp;&nbsp;&nbsp;&nbsp;16743410 |
| Bachem Holding AG, Class B | &nbsp;&nbsp;&nbsp;&nbsp;18776 | &nbsp;&nbsp;&nbsp;&nbsp;1346353 |
| Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;25430 | &nbsp;&nbsp;&nbsp;&nbsp;3474301 |
| Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp;3683552 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;5831330 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;5623864 |
| Cie Financiere Richemont S.A., Class A | &nbsp;&nbsp;&nbsp;287269 | &nbsp;&nbsp;&nbsp;&nbsp;28075813 |
| Clariant AG \* | &nbsp;&nbsp;&nbsp;117758 | &nbsp;&nbsp;&nbsp;&nbsp;1892466 |
| Credit Suisse Group AG *(a)* | 1461532 | &nbsp;&nbsp;&nbsp;&nbsp;6054337 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 | &nbsp;&nbsp;&nbsp;&nbsp;2393178 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;19723 | &nbsp;&nbsp;&nbsp;&nbsp;8767610 |

---

<sub>151</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Givaudan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080 | &nbsp;&nbsp;&nbsp;&nbsp;15173652 |
| Holcim AG \* | &nbsp;&nbsp;&nbsp;&nbsp;305322 | &nbsp;&nbsp;&nbsp;&nbsp;13871484 |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120928 | &nbsp;&nbsp;&nbsp;&nbsp;5801988 |
| Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30179 | &nbsp;&nbsp;&nbsp;&nbsp;6424088 |
| Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96326 | &nbsp;&nbsp;&nbsp;&nbsp;4790476 |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40973 | &nbsp;&nbsp;&nbsp;&nbsp;21092241 |
| Nestle S.A. | &nbsp;&nbsp;1549496 | &nbsp;&nbsp;168676278 |
| Novartis AG | &nbsp;&nbsp;1190965 | &nbsp;&nbsp;&nbsp;&nbsp;96338003 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12545 | &nbsp;&nbsp;&nbsp;&nbsp;11260178 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;386766 | &nbsp;&nbsp;128328232 |
| Roche Holding AG, Bearer Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14603 | &nbsp;&nbsp;&nbsp;&nbsp;5927213 |
| Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12585 | &nbsp;&nbsp;&nbsp;&nbsp;1981132 |
| Schindler Holding AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22468 | &nbsp;&nbsp;&nbsp;&nbsp;3663766 |
| SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513 | &nbsp;&nbsp;&nbsp;&nbsp;7744446 |
| SIG Group AG \* | &nbsp;&nbsp;&nbsp;&nbsp;168930 | &nbsp;&nbsp;&nbsp;&nbsp;3247354 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80312 | &nbsp;&nbsp;&nbsp;&nbsp;18108407 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29680 | &nbsp;&nbsp;&nbsp;&nbsp;7015273 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60944 | &nbsp;&nbsp;&nbsp;&nbsp;5800120 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17436 | &nbsp;&nbsp;&nbsp;&nbsp;8442896 |
| Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42670 | &nbsp;&nbsp;&nbsp;&nbsp;3443167 |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;165484 | &nbsp;&nbsp;&nbsp;&nbsp;12292939 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14248 | &nbsp;&nbsp;&nbsp;&nbsp;7035507 |
| Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34062 | &nbsp;&nbsp;&nbsp;&nbsp;2028691 |
| The Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29050 | &nbsp;&nbsp;&nbsp;&nbsp;1213671 |
| The Swatch Group AG, Bearer Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15718 | &nbsp;&nbsp;&nbsp;&nbsp;3531982 |
| UBS Group AG | &nbsp;&nbsp;1934796 | &nbsp;&nbsp;&nbsp;&nbsp;30674550 |
| VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14944 | &nbsp;&nbsp;&nbsp;&nbsp;3411733 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82820 | &nbsp;&nbsp;&nbsp;&nbsp;35295720 |
|  |  | **744370551** |
| &nbsp;&nbsp;**United Kingdom 15.5%** | &nbsp;&nbsp;**United Kingdom 15.5%** | &nbsp;&nbsp;**United Kingdom 15.5%** |
| 3i Group plc | &nbsp;&nbsp;&nbsp;&nbsp;533444 | &nbsp;&nbsp;&nbsp;&nbsp;7104601 |
| abrdn plc | &nbsp;&nbsp;1195523 | &nbsp;&nbsp;&nbsp;&nbsp;2178458 |
| Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99260 | &nbsp;&nbsp;&nbsp;&nbsp;2295450 |
| Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;699358 | &nbsp;&nbsp;&nbsp;&nbsp;20948710 |
| Antofagasta plc | &nbsp;&nbsp;&nbsp;&nbsp;212165 | &nbsp;&nbsp;&nbsp;&nbsp;2859010 |
| Ashtead Group plc | &nbsp;&nbsp;&nbsp;&nbsp;243672 | &nbsp;&nbsp;&nbsp;&nbsp;12693610 |
| Associated British Foods plc | &nbsp;&nbsp;&nbsp;&nbsp;195190 | &nbsp;&nbsp;&nbsp;&nbsp;3025303 |
| AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;852700 | &nbsp;&nbsp;100049097 |
| Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;527134 | &nbsp;&nbsp;&nbsp;&nbsp;3155304 |
| AVEVA Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65927 | &nbsp;&nbsp;&nbsp;&nbsp;2359408 |
| Aviva plc | &nbsp;&nbsp;1553528 | &nbsp;&nbsp;&nbsp;&nbsp;7451690 |
| BAE Systems plc | &nbsp;&nbsp;1735567 | &nbsp;&nbsp;&nbsp;&nbsp;16233735 |
| Barclays plc | &nbsp;&nbsp;9213838 | &nbsp;&nbsp;&nbsp;&nbsp;15656631 |
| Barratt Developments plc | &nbsp;&nbsp;&nbsp;&nbsp;572423 | &nbsp;&nbsp;&nbsp;&nbsp;2468909 |
| Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62263 | &nbsp;&nbsp;&nbsp;&nbsp;2477279 |
| BP plc | 10634631 | &nbsp;&nbsp;&nbsp;&nbsp;58837172 |
| British American Tobacco plc | &nbsp;&nbsp;1185986 | &nbsp;&nbsp;&nbsp;&nbsp;46838675 |
| BT Group plc | &nbsp;&nbsp;3852923 | &nbsp;&nbsp;&nbsp;&nbsp;5741743 |
| Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;184817 | &nbsp;&nbsp;&nbsp;&nbsp;6022353 |
| Burberry Group plc | &nbsp;&nbsp;&nbsp;&nbsp;216185 | &nbsp;&nbsp;&nbsp;&nbsp;4504668 |
| Coca-Cola HBC AG \* | &nbsp;&nbsp;&nbsp;&nbsp;113331 | &nbsp;&nbsp;&nbsp;&nbsp;2475523 |
| Compass Group plc | &nbsp;&nbsp;&nbsp;&nbsp;981314 | &nbsp;&nbsp;&nbsp;&nbsp;20668254 |
| Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76978 | &nbsp;&nbsp;&nbsp;&nbsp;5963450 |
| DCC plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54559 | &nbsp;&nbsp;&nbsp;&nbsp;3028069 |
| Diageo plc | &nbsp;&nbsp;1259184 | &nbsp;&nbsp;&nbsp;&nbsp;51818521 |
| Entain plc | &nbsp;&nbsp;&nbsp;&nbsp;327150 | &nbsp;&nbsp;&nbsp;&nbsp;4732737 |
| Experian plc | &nbsp;&nbsp;&nbsp;&nbsp;506659 | &nbsp;&nbsp;&nbsp;&nbsp;16154954 |
| Ferguson plc | &nbsp;&nbsp;&nbsp;&nbsp;117963 | &nbsp;&nbsp;&nbsp;&nbsp;12864888 |
| Glencore plc | &nbsp;&nbsp;5427375 | &nbsp;&nbsp;&nbsp;&nbsp;31115513 |
| GSK plc | &nbsp;&nbsp;2238189 | &nbsp;&nbsp;&nbsp;&nbsp;36663955 |
| Haleon plc \* | &nbsp;&nbsp;2785322 | &nbsp;&nbsp;&nbsp;&nbsp;8541054 |
| Halma plc | &nbsp;&nbsp;&nbsp;&nbsp;208522 | &nbsp;&nbsp;&nbsp;&nbsp;5056508 |
| Hargreaves Lansdown plc | &nbsp;&nbsp;&nbsp;&nbsp;198924 | &nbsp;&nbsp;&nbsp;&nbsp;1738517 |
| Hikma Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90297 | &nbsp;&nbsp;&nbsp;&nbsp;1296234 |
| HSBC Holdings plc | 11063365 | &nbsp;&nbsp;&nbsp;&nbsp;56777735 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Imperial Brands plc | &nbsp;&nbsp;&nbsp;&nbsp;497008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12106652 |
| Informa plc | &nbsp;&nbsp;&nbsp;&nbsp;809296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156767 |
| InterContinental Hotels Group plc | &nbsp;&nbsp;&nbsp;&nbsp;100694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410359 |
| Intertek Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737270 |
| J Sainsbury plc | &nbsp;&nbsp;&nbsp;&nbsp;967970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157695 |
| J.D. Sports Fashion plc | &nbsp;&nbsp;1410707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576366 |
| Johnson Matthey plc | &nbsp;&nbsp;&nbsp;&nbsp;100739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236163 |
| Kingfisher plc | &nbsp;&nbsp;1109571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787722 |
| Land Securities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;396394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591975 |
| Legal & General Group plc | &nbsp;&nbsp;3289889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801307 |
| Lloyds Banking Group plc | 38316715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18402255 |
| London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;181302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15715619 |
| M&G plc | &nbsp;&nbsp;1427352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868441 |
| Melrose Industries plc | &nbsp;&nbsp;2419993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246137 |
| Mondi plc | &nbsp;&nbsp;&nbsp;&nbsp;266149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465572 |
| National Grid plc | &nbsp;&nbsp;2008750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21885564 |
| NatWest Group plc | &nbsp;&nbsp;2928845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7888261 |
| Next plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077942 |
| NMC Health plc *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Ocado Group plc \* | &nbsp;&nbsp;&nbsp;&nbsp;317898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723419 |
| Pearson plc | &nbsp;&nbsp;&nbsp;&nbsp;365136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035890 |
| Persimmon plc | &nbsp;&nbsp;&nbsp;&nbsp;172665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583735 |
| Phoenix Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;408360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541621 |
| Prudential plc | &nbsp;&nbsp;1511015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14036814 |
| Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;393665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26125167 |
| RELX plc | &nbsp;&nbsp;1060517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28485998 |
| Rentokil Initial plc | &nbsp;&nbsp;1377187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8593790 |
| Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;618844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32341790 |
| Rolls-Royce Holdings plc \* | &nbsp;&nbsp;4629426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151959 |
| Schroders plc | &nbsp;&nbsp;&nbsp;&nbsp;397888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786519 |
| Segro plc | &nbsp;&nbsp;&nbsp;&nbsp;660095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940854 |
| Severn Trent plc | &nbsp;&nbsp;&nbsp;&nbsp;137775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954103 |
| Shell plc | &nbsp;&nbsp;4094637 | &nbsp;&nbsp;&nbsp;&nbsp;113427933 |
| Smith & Nephew plc | &nbsp;&nbsp;&nbsp;&nbsp;478229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651185 |
| Smiths Group plc | &nbsp;&nbsp;&nbsp;&nbsp;206872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705603 |
| Spirax-Sarco Engineering plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962366 |
| SSE plc | &nbsp;&nbsp;&nbsp;&nbsp;587068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10491420 |
| St. James's Place plc | &nbsp;&nbsp;&nbsp;&nbsp;302176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690036 |
| Standard Chartered plc | &nbsp;&nbsp;1389145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8299775 |
| Taylor Wimpey plc | &nbsp;&nbsp;1928750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073653 |
| Tesco plc | &nbsp;&nbsp;4151455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10253598 |
| The British Land Co., plc | &nbsp;&nbsp;&nbsp;&nbsp;473989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988331 |
| The Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;555623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630968 |
| Unilever plc | &nbsp;&nbsp;1404611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63845665 |
| United Utilities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;380637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101817 |
| Vodafone Group plc | 14697880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17158331 |
| Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;112989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325502 |
| WPP plc | &nbsp;&nbsp;&nbsp;&nbsp;607436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345526 |
|  |  | **1106163153** |
| **Total Common Stocks<br> (Cost $6,679,807,016)** | **Total Common Stocks<br> (Cost $6,679,807,016)** | **7046907666** |
| **PREFERRED STOCKS 0.5% OF NET ASSETS** | **PREFERRED STOCKS 0.5% OF NET ASSETS** | **PREFERRED STOCKS 0.5% OF NET ASSETS** |
| &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356190 |
| Dr Ing hc F Porsche AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6364612 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168692 |
| Porsche Automobil Holding SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680193 |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740223 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;101615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13006856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37316766** |
| **Total Preferred Stocks<br> (Cost $40,517,509)** | **Total Preferred Stocks<br> (Cost $40,517,509)** | &nbsp;&nbsp;&nbsp;&nbsp;**37316766** |

---

<sub>152</sub>

Schwab Equity Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBEROF SHARES | VALUE ($) |
| **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.5%** | &nbsp;&nbsp;**Money Market Funds 0.5%** | &nbsp;&nbsp;**Money Market Funds 0.5%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | 37595691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37595691** |
| **Total Short-Term Investments<br> (Cost $37,595,691)** | **Total Short-Term Investments<br> (Cost $37,595,691)** | &nbsp;&nbsp;&nbsp;&nbsp;**37595691** |
| **Total Investments in Securities<br> (Cost $6,757,920,216)** | **Total Investments in Securities<br> (Cost $6,757,920,216)** | **7121820123** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44512065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**483501** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $34,793,118.

*(b)* Fair-valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CVA — | Dutch Certificate |
| GDR — | Global Depositary Receipt |
| REIT — | Real Estate Investment Trust |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4735572264 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4735572264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;5642212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560717035 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566359247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;1113317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177815847 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178929164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;19984532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41299522 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61284054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;13324664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278642646 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291967310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;11746499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94885975 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106632474 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1106163153 | &nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;1106163153 |
| Preferred Stocks<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;6364612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30952154 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37316766 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;37595691 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37595691 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483501 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483501 |
| **Total** | **$96255028** | &nbsp;&nbsp;&nbsp;**$7026048596** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$7122303624** |

---

\* Level 3 amount shown includes securities determined to have no value at October 31, 2022.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

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Schwab International Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $6,757,920,216) including securities on loan of $34,793,118 |  | &nbsp;&nbsp;$7121820123 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83678 |
| Foreign currency, at value (cost $4,045,112) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011241 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763613 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18492420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17358669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10564659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17983 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**7176867930** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37595691 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11496403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333729 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49799549** |
| **Net assets** |  | **$7127068381** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$7234981022 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;(107912641) |
| **Net assets** |  | **$7127068381** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $7127068381 |  | 392283690 |  | $18.17 |

---

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Schwab International Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $25,454,968) |  | &nbsp;&nbsp;&nbsp;&nbsp;$257443454 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319517 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**257762971** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860768 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374802 |
| Professional fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17455 <sup>2</sup> |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5253025** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17455 <sup>2</sup> |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5235570** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**252527401** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170907944) |
| Net realized losses on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17316756) |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4093297) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(192317997)** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(2182547937) |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62489) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2392845) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(2185003271)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(2377321268)** |
| **Decrease in net assets resulting from operations** |  | **($2124793867)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sup>2</sup> Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund. (see financial notes 2(d) and 4 for additional information).

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Schwab International Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$252527401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$220308471 |
| Net realized losses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192317997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12480045) |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(2185003271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870184169 |
| **Increase (decrease) in net assets resulting from operations** |  | **($2124793867)** | &nbsp;&nbsp;&nbsp;**$2078012595** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($287643160)** | &nbsp;&nbsp;&nbsp;&nbsp;**($134266147)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;98990068 | &nbsp;&nbsp;&nbsp;&nbsp;$2090708813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84577903 | &nbsp;&nbsp;&nbsp;&nbsp;$1955546476 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;8669015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198780492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90364312 |
| Shares redeemed | + | &nbsp;&nbsp;(74590851) | &nbsp;&nbsp;&nbsp;&nbsp;(1531205969) | &nbsp;&nbsp;&nbsp;&nbsp;(49400102) | &nbsp;&nbsp;&nbsp;&nbsp;(1145927182) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**33068232** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$758283336** | &nbsp;&nbsp;&nbsp;&nbsp;**39317257** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$899983606** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;359215458 | &nbsp;&nbsp;&nbsp;&nbsp;$8781222072 | &nbsp;&nbsp;&nbsp;&nbsp;319898201 | &nbsp;&nbsp;&nbsp;&nbsp;$5937492018 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;33068232 | &nbsp;&nbsp;&nbsp;&nbsp;(1654153691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39317257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843730054 |
| **End of period** |  | **392283690** | &nbsp;&nbsp;&nbsp;**$7127068381** | &nbsp;&nbsp;&nbsp;**359215458** | &nbsp;&nbsp;&nbsp;**$8781222072** |

---

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Schwab Equity Index Funds

## Financial Notes

------

1. Business Structure of the Funds:

Each of the funds in this report is a series of Schwab Capital Trust, except Schwab 1000 Index Fund, which is a series of Schwab Investments. Both Schwab Capital Trust and Schwab Investments (the trusts) are no-load, open-end management investment companies. Each 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 trusts as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** | **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** |
| **Schwab S&P 500 Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Fund |
| **Schwab Small-Cap Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Fund |
| **Schwab Total Stock Market Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Fund |
| **Schwab U.S. Large-Cap Growth Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Fund |
| **Schwab U.S. Large-Cap Value Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Fund |
| **Schwab U.S. Mid-Cap Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Large Company Index Fund |
| **Schwab International Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Small Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Large Company Index Fund |
| Schwab MarketTrack Growth Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Small Company Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Large Company Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Global Real Estate Index Fund |
| Schwab International Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund – Income Payout |
| **SCHWAB INVESTMENTS (ORGANIZED OCTOBER 26, 1990)** | **SCHWAB INVESTMENTS (ORGANIZED OCTOBER 26, 1990)** |
| **Schwab 1000 Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Tax-Free Bond Fund |
| Schwab Treasury Inflation Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab California Tax-Free Bond Fund |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Opportunistic Municipal Bond Fund |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Global Real Estate Fund |

---

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

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

------

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).

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

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Schwab Equity Index Funds

## Financial Notes (continued)

------

2. Significant Accounting Policies (continued):

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities 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 funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;• **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the NAV of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash management sweep time deposits:** Balances held in cash management sweep time deposits were accounted for on a cost basis, which approximates fair value.

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

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

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Schwab Equity Index Funds

------

2. Significant Accounting Policies (continued):

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

&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, ETFs and futures contracts. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

&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. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&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 funds' results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2022 are disclosed in the Portfolio Holdings.

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

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

**Passive Foreign Investment Companies: Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).**

**Securities Lending: Under the trusts' Securities Lending Program, a fund (lender), may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid**

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2. Significant Accounting Policies (continued):

by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of October 31, 2022, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund and Schwab International Index Fund had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of October 31, 2022, if any, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Cash Management Transactions: Effective May 23, 2022, Brown Brothers Harriman & Co. (BBH) was replaced by Citibank N.A. as custodian of the funds, except for Schwab 1000 Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund and Schwab U.S. Mid-Cap Index Fund. The funds no longer subscribe to the BBH Cash Management Service Sweep (CMS Sweep). The BBH CMS Sweep was an investment product that automatically swept the funds' cash balances into overnight offshore time deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allowed the funds to earn interest on cash balances. Excess cash invested with deposit institutions domiciled outside of the U.S., as with any offshore deposit, was subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. The funds assumed the risk associated with the repayment of principal and payment of interest on such instruments by the institution with which the deposit is ultimately placed. The funds terminated the CMS Sweep program and cash was returned to the funds prior to terminating services with BBH.**

**Cash Investments: The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds, except for Schwab 1000 Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund and Schwab U.S. Mid-Cap Index Fund.**

**Central Securities Depositories Regulation: Effective February 1, 2022, the Central Securities Depositories Regulation (CSDR) introduced new measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The Schwab International Index Fund may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities in the fund's Statement of Operations, if any.**

(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.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in the Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

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2. Significant Accounting Policies (continued):

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

(d) Investment Income:

Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab International Index Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. For additional details see Affiliates and Affiliated Transactions in financial note 4, Other Affiliated Transactions.

(e) Expenses:

Pursuant to an Amended and Restated Investment Advisory and Administration Agreement (Advisory Agreement) between the investment adviser and each trust, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds.

(f) Distributions to Shareholders:

The funds make distributions from net investment income and 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) Foreign Taxes:

The funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in the Statement of Operations. Foreign taxes accrued as of October 31, 2022, if any, are reflected in each fund's Statement of Assets and Liabilities.

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2. Significant Accounting Policies (continued):

(j) Indemnification:

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

(k) Regulatory Update:

In October 2022, 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 funds' streamlined shareholder reports 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 will be effective on January 24, 2023 and the compliance date will be 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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3. Risk Factors:

Investing in the funds may involve certain risks, as discussed in the funds' prospectuses, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

**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. 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.**

**Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.**

**Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its respective index during upturns as well as downturns. Because of its indexing strategy, a fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of a fund's expenses, a fund's performance may be below that of the index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in an index's rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.**

**Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called "tracking error." Tracking error can be caused by many factors and it may be significant.**

**Sampling Index Tracking Risk. To the extent a fund uses sampling techniques, a fund will not fully replicate its index and may hold securities not included in the index. As a result, a fund will be subject to the risk that the investment adviser's investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. If a fund utilizes a sampling approach, it may not track the return of the index as well as it would if the fund purchased all of the securities in the index.**

**Concentration Risk. To the extent that a fund's or its respective index's portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector, country or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.**

**Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, the fund's performance could be impacted.**

**Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.**

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3. Risk Factors (continued):

**Mid-Cap Company Risk. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.**

**Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.**

**Growth Investing Risk. Growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer's future earnings and revenues. If a company's earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.**

**Value Investing Risk. Certain funds emphasize a "value" style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on "value" securities may not move in tandem with the returns on other styles of investing or the stock market in general.**

**Foreign Investment Risk. A fund's investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); 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 a fund's investments, and could impair the fund's ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar. Foreign securities also include American Depositary Receipts, Global Depositary Receipts (GDRs) and European Depositary Receipts, which may be less liquid than the underlying shares in their primary trading market, and GDRs, in particular, many of which are issued by companies in emerging markets, may be more volatile. To the extent a fund's investments in a single country or a limited number of countries represent a large percentage of the fund's assets, the fund's performance may be adversely affected by the economic, political, regulatory and social conditions in those countries, and the fund's price may be more volatile than the price of a fund that is geographically diversified.**

**Derivatives Risk. A fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are futures and options on futures. An option is the right to buy or sell an instrument at a specific price before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. The use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause a fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.**

A fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk and market risk, are discussed elsewhere in this section. A fund's use of derivatives is also subject to lack of availability risk, credit risk, leverage risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Credit risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately large impact on a fund. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund's use of derivatives could reduce the fund's performance, increase its volatility, and could cause the fund to lose more than the initial amount invested.

**Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.**

**Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.**

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

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**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 Advisory Agreement between the investment adviser and each trust.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB <br> S&P 500<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> 1000<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> SMALL-CAP<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> TOTAL STOCK<br> MARKET<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> U.S. LARGE-CAP<br> VALUE<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> U.S. MID-CAP<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> INTERNATIONAL<br> INDEX FUND |
| 0.02% | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.035% | &nbsp;&nbsp;0.035% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.06% |

---

#### 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 percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of October 31, 2022, as applicable:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB <br> S&P 500<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> SMALL-CAP<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> U.S. MID-CAP<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> INTERNATIONAL<br> INDEX FUND |
| Schwab MarketTrack All Equity Portfolio | 0.4% | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;1.3% |
| Schwab MarketTrack Balanced Portfolio | 0.2% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.5% |
| Schwab MarketTrack Conservative Portfolio | 0.1% | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.2% |
| Schwab MarketTrack Growth Portfolio | 0.4% | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;1.1% |
| Schwab Target 2010 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2015 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2020 Fund | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2025 Fund | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2030 Fund | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2035 Fund | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2040 Fund | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2045 Fund | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2050 Fund | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2055 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2060 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2065 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% |

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\* Less than 0.05%

#### Other Affiliated Transactions
The professional fees related to foreign withholding tax claims discussed in financial note 2(d) were non-routine expenses. The investment adviser agreed to pay these professional fees on behalf of the Schwab International Index Fund, subject to reimbursement to the extent the fund is able to successfully recover taxes withheld in the future.

For the period ended October 31, 2022, the professional fees incurred by the Schwab International Index Fund and paid by the investment adviser were $17,455, as shown as Professional fees in the Statement of Operations.

For the period ended October 31, 2022, the Schwab International Index Fund did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

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## Financial Notes (continued)

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4. Affiliates and Affiliated Transactions (continued):

As of October 31, 2022, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the Schwab International Index Fund to the investment adviser was $17,455.

No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

#### Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the 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.

#### Interfund Transactions
The funds may engage in direct 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 October 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 | &nbsp;&nbsp;SALE PROCEEDS | &nbsp;&nbsp;REALIZED GAINS (LOSSES) |
| Schwab S&P 500 Index Fund | $318195998 | &nbsp;&nbsp;$148096558 | &nbsp;&nbsp;($58405895) |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;108915902 | &nbsp;&nbsp;&nbsp;&nbsp;72503471 | &nbsp;&nbsp;&nbsp;&nbsp;(52980385) |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;75675878 | &nbsp;&nbsp;&nbsp;&nbsp;71460921 | &nbsp;&nbsp;&nbsp;&nbsp;(9946925) |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;126719035 | &nbsp;&nbsp;&nbsp;&nbsp;70305521 | &nbsp;&nbsp;&nbsp;&nbsp;(35740278) |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;60900179 | &nbsp;&nbsp;&nbsp;&nbsp;54811170 | &nbsp;&nbsp;&nbsp;&nbsp;(15209691) |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;73511996 | &nbsp;&nbsp;&nbsp;&nbsp;50433173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447208) |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;33418330 | &nbsp;&nbsp;&nbsp;&nbsp;18146299 | &nbsp;&nbsp;&nbsp;&nbsp;(10277066) |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26797 | &nbsp;&nbsp;&nbsp;&nbsp;14543462 | &nbsp;&nbsp;&nbsp;&nbsp;(5047751) |

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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 trusts were in compliance with these limitations throughout the report period. The funds do not pay any interested or non-interested (independent trustees) trustees. The independent trustees are paid by the investment adviser. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

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6. 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 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 investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the 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 investment adviser pays interest on the amount a fund borrows. There were no borrowings from either line of credit during the period.

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Schwab Equity Index Funds

## Financial Notes (continued)

------

6. Borrowing from Banks (continued):

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

------

7. Derivatives:

The funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at October 31, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations, if any. Refer to financial note 2(b) for the funds' accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended October 31, 2022, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS | &nbsp;&nbsp;NUMBER OF CONTRACTS |
| Schwab S&P 500 Index Fund | $308479043 | &nbsp;&nbsp;1443 |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;53543576 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;26446943 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;83747872 | &nbsp;&nbsp;&nbsp;&nbsp;462 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;55419275 | &nbsp;&nbsp;&nbsp;&nbsp;548 |

---

------

8. Purchases and Sales of Investment Securities:

For the period ended October 31, 2022, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br> OF SECURITIES | &nbsp;&nbsp;SALES <br> OF SECURITIES |
| Schwab S&P 500 Index Fund | $6338239393 | &nbsp;&nbsp;$1128726146 |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;741161276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297120612 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;1479558224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896110327 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;1847143733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384654106 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;459123750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156043596 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;249347602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93887278 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;329236287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94784814 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;1152675780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429495435 |

---

During the period ended October 31, 2022, the following funds had transactions in connection with in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES<br> OF SECURITIES | &nbsp;&nbsp;IN-KIND SALES<br> OF SECURITIES |
| Schwab 1000 Index Fund | $— | &nbsp;&nbsp;$130625736 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;154617030 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22015146 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20979937 |

---

For the period ended October 31, 2022, where applicable, the funds realized net capital gains or losses resulting from in-kind redemptions. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended October 31, 2022, are disclosed in the funds' Statements of Operations, if any.

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Schwab Equity Index Funds

------

**9. Federal Income Taxes:** 

As of October 31, 2022, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | &nbsp;&nbsp;GROSS UNREALIZED<br> APPRECIATION | &nbsp;&nbsp;GROSS UNREALIZED<br> DEPRECIATION | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) |
| Schwab S&P 500 Index Fund | $30532850603 | &nbsp;&nbsp;$32045615799 | &nbsp;&nbsp;($1732330726) | &nbsp;&nbsp;$30313285073 |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;3350432752 | &nbsp;&nbsp;&nbsp;&nbsp;8814241837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264167926) | &nbsp;&nbsp;&nbsp;&nbsp;8550073911 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;4653768199 | &nbsp;&nbsp;&nbsp;&nbsp;1811947195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981734216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830212979 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;9606021717 | &nbsp;&nbsp;&nbsp;&nbsp;7300977616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883253146) | &nbsp;&nbsp;&nbsp;&nbsp;6417724470 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824431051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164130707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62117705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102013002 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592792293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119095255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64644301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54450954 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855264291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160284467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114116756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46167711 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;7070935445 | &nbsp;&nbsp;&nbsp;&nbsp;1192326347 | &nbsp;&nbsp;&nbsp;(1140958168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51368179 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br> ORDINARY<br> INCOME | &nbsp;&nbsp;UNDISTRIBUTED <br> LONG-TERM<br> CAPITAL GAINS | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ON INVESTMENTS | &nbsp;&nbsp;NET OTHER UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | &nbsp;&nbsp;CAPITAL LOSS<br> CARRYFORWARDS<br> AND OTHER LOSSES | &nbsp;&nbsp;TOTAL |
| Schwab S&P 500 Index Fund | $784280824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$30313285073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($91515940) | &nbsp;&nbsp;$31006049957 |
| Schwab 1000 Index Fund | &nbsp;&nbsp;146361782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8550073911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(90324047) | &nbsp;&nbsp;&nbsp;&nbsp;8606111646 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;45118253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830212979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(53188008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822143224 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;196900319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6417724470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(24579663) | &nbsp;&nbsp;&nbsp;&nbsp;6590045126 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;6352716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102013002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(28197584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80168134 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;10224928 | &nbsp;&nbsp;794933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54450954 | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65470815 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;9919928 | &nbsp;&nbsp;782797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46167711 | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56870436 |
| Schwab International Index Fund | &nbsp;&nbsp;187757865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51368179 | &nbsp;&nbsp;(2415662) | &nbsp;&nbsp;(344623023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107912641) |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. 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.

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

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $91515940 |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;90324047 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;53188008 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;24579663 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;28197584 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab International Index Fund | 344623023 |

---

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9. Federal Income Taxes (continued):

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 | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS | &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS |
| Schwab S&P 500 Index Fund | $827352159 | &nbsp;&nbsp;$65457539 | &nbsp;&nbsp;$913293066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Schwab 1000 Index Fund | &nbsp;&nbsp;170064667 | &nbsp;&nbsp;&nbsp;79902182 | &nbsp;&nbsp;&nbsp;189179998 | &nbsp;&nbsp;117107001 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;131927919 | &nbsp;&nbsp;399701902 | &nbsp;&nbsp;&nbsp;&nbsp;57108519 | &nbsp;&nbsp;&nbsp;72781270 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;225603990 | &nbsp;&nbsp;&nbsp;45585913 | &nbsp;&nbsp;&nbsp;218157695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;6371109 | &nbsp;&nbsp;&nbsp;&nbsp;9905946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;17495710 | &nbsp;&nbsp;&nbsp;10244421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;11729695 | &nbsp;&nbsp;&nbsp;14728113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab International Index Fund | &nbsp;&nbsp;287643160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;134266147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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 October 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 October 31, 2022, the funds did not incur any interest or penalties.

------

10. Subsequent Events:

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

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Schwab Equity Index Funds

## Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Investments and Schwab Capital Trust and Shareholders of Schwab 1000 Index Fund, Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund, and Schwab International Index Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab 1000 Index Fund, one of the funds constituting Schwab Investments, and Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund, and Schwab International Index Fund (the "Funds"), seven of the funds constituting Schwab Capital Trust, as of October 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 October 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 October 31, 2019 were audited by other auditors, whose report, dated December 16, 2019, 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 October 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> December 16, 2022
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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Schwab Equity Index Funds

## Other Federal Tax Information (unaudited)

------

Schwab International Index Fund may elect to pass on the benefits of the foreign tax credit of $20,771,811 to its shareholders for the fiscal year ended October 31, 2022. The respective foreign source income on the fund is $282,907,639.

For corporate shareholders, the following percentage of the funds' dividend distributions paid during the fiscal year ended October 31, 2022, qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | 95.38% |
| Schwab 1000 Index Fund | 96.23% |
| Schwab Small-Cap Index Fund | 46.88% |
| Schwab Total Stock Market Index Fund | 91.04% |
| Schwab U.S. Large-Cap Growth Index Fund | 82.99% |
| Schwab U.S. Large-Cap Value Index Fund | 58.00% |
| Schwab U.S. Mid-Cap Index Fund | 71.49% |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $827352159 |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;169571883 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;93271782 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;211471310 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391873 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;10503674 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673831 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;247613149 |

---

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 October 31, 2022:

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $65457539 |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;79902182 |
| Schwab Small-Cap Index Fund | 399701902 |
| Schwab Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;45585913 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;9905946 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;10244421 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;14728113 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Schwab 1000 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;492784 |
| Schwab Small-Cap Index Fund | 10960111 |
| Schwab Total Stock Market Index Fund | 10371753 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;181594 |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;424790 |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;1143524 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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Schwab Equity Index Funds

## Shareholder Vote Results (unaudited)

------

Separate Special Meetings of Shareholders of Schwab Capital Trust and Schwab Investments (the "Trusts") were held on June 1, 2022, for the purpose of seeking shareholder approval to elect the following individuals as trustees of the Trusts: Walter W. Bettinger II, Richard A. Wurster, Michael J. Beer, Robert W. Burns, Nancy F. Heller, David L. Mahoney, Jane P. Moncreiff, Kiran M. Patel, Kimberly S. Patmore, and J. Derek Penn. The number of votes necessary to conduct the Special Meetings and approve the proposal was obtained. The results of the shareholder vote are listed below:

#### Schwab Capital Trust

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095577106.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838980.968 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117598789.555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93817297.918 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116890447.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94525639.968 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117915860.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500227.363 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119878732.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91537355.339 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069125022.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142291065.039 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120187927.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228159.635 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116689111.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726975.902 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119941056.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91475031.414 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117666014.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93750073.352 |

---

#### Schwab Investments

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423830446.945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41037210.315 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449247822.632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15619834.628 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449188616.594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15679040.666 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449093044.919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15774612.341 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450193833.945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14673823.315 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419552571.056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45315086.204 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450325483.733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14542173.527 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448721580.221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16146077.039 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449526424.435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15341232.825 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449384537.556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15483119.704 |

---

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## Liquidity Risk Management Program (unaudited)

------

The funds have adopted and implemented a liquidity risk management program (the "program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The funds' Board of Trustees (the "Board") has designated the funds' investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. The program is reasonably designed to assess and manage a fund's liquidity risk, taking into consideration the fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser's process of determining the degree of liquidity of each fund's investments is supported by third-party liquidity assessment vendors.

The funds' Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity risk metrics. No significant liquidity events impacting any of the funds were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each fund's liquidity risk.

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## Investment Advisory Agreement Approval

------

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

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the amended and restated investment advisory and administration agreements (the Agreements) between Schwab Capital Trust and Schwab Investments (collectively, the Trusts) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trusts, including Schwab S&P 500 Index Fund, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab International Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, and Schwab U.S. Mid-Cap Index Fund (each, a Fund and collectively, the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of

trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreements with respect to the Funds at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreements with respect to the Funds for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval.

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

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

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

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

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

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

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

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oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds and their shareholders. The Trustees considered Schwab's overall financial condition and its reputation as a full service brokerage firm, as well as the wide range of products, services, and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreements with respect to the Funds.

**Fund Performance. The Board considered each Fund's performance in determining whether to renew the Agreements with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and market trends, as well as in consideration of each Fund's investment style and strategy attributes and disclosures. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund's demonstrated performance in tracking its benchmark index. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreements with respect to such Fund.**

**Fund Expenses. With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreements, and each Fund's operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to ETFs, other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to**

the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, as well as differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreements with respect to such Fund.

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

**Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has shared any economies of scale with the Funds by investing in the investment adviser's infrastructure,**

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as discussed above, over time and that the investment adviser's internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

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

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

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## Trustees and Officers

------

The tables below give information about the trustees and officers of Schwab Capital Trust and Schwab Investments, 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.

---

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

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Kiran M. Patel<br> 1948<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)** | Retired. | 105 | Director (2008 – present), KLA-Tencor Corporation |
| **Kimberly S. Patmore<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)** | Consultant (2008 – present), Patmore Management Consulting (management consulting). | 105 |  |
| **<br> J. Derek Penn<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 105 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Walter W. Bettinger II<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)** | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 105 | Director (2008 – present), The Charles Schwab Corporation |

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested 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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Richard A. Wurster<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)** | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 105 |  |

---

---

| | |
|:---|:---|
| **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>) | 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 Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)** | Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
| **Mark Fischer<br> 1970<br> Treasurer, Chief Financial Officer and Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)** | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc. |
| **Omar Aguilar<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **Brett Wander<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **William P. McMahon, Jr.<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |

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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>) | Principal Occupations During the Past Five Years |
| **Catherine MacGregor<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)** | Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |

---

<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.

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## Glossary

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#### asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage.

#### asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
**Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.**

**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 fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund's net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.**

#### cap, capitalization See "market cap."
**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 capital gain or loss is considered unrealized appreciation or depreciation.**

**Dow Jones U.S. Total Stock Market Index An index which includes all U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace.**

**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.**

**International Spliced Index An internally calculated index comprised of the Schwab International Index from inception of the Schwab International Index Fund until the close of business on December 20, 2011, the MSCI EAFE Index from December 21, 2011 until the close of business on February 28, 2013, and the MSCI EAFE Index (Net) from March 1, 2013 forward.**

#### market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
**MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**net asset value (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.**

#### outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
**price-to-book ratio (P/B) The market price of a company's stock compared with its "book value." A mutual fund's P/B is the weighted average of the P/B of all stocks in the fund's portfolio.**

**price-to-earnings ratio (P/E) The market price of a company's stock compared with earnings over the past year. A mutual fund's P/E is the weighted average of the P/E of all stocks in the fund's portfolio.**

**restricted and illiquid securities Restricted securities are securities that are subject to legal restrictions on their sale. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933 (the 1933 Act), or in a registered public offering. Certain restricted securities, such as Section 4(a)(2) commercial paper and Rule 144A securities under the 1933 Act, may be considered to be liquid if they meet the criteria for liquidity established by the Board. Illiquid securities generally are any securities that cannot be disposed of promptly and in the ordinary course of business at approximately the amount at which a fund has valued the instruments. The liquidity of a fund's investments is monitored under the supervision and direction of the Board. Investments currently not considered liquid include repurchase agreements not maturing within seven days and certain restricted securities.**

#### return on equity (ROE) The average yearly rate of return for each dollar of investors' money, measured over the past five years.

#### Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
**Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell 1000 Value Index An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.**

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Schwab Equity Index Funds

**Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell Midcap Index An index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.**

#### S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.
**Schwab 1000 Index A float-adjusted market capitalization weighted index developed by Charles Schwab & Co., Inc. that represents the performance of the largest 1,000 publicly traded companies in the United States. As a result of corporate actions, the index may be comprised of more or less than 1,000 securities.**

#### stock A share of ownership, or equity, in the issuing company.

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

#### weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund's portfolio.

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

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[**Table of Contents**](#job_schwa_b3344e03-3332-4116-9e35-d79e24bcf89f_toc)

Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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Schwab Equity Index Funds

## 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>

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### 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© 2022 Charles Schwab & Co., Inc. All rights reserved.<br> Member SIPC<sup>®</sup><br> Printed on recycled paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| 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)](g20940img8782707c1.jpg)

MFR13810-25<br> 00280551

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g22839imgd58947de1.jpg)

#### Annual Report \| October 31, 2022

## Schwab Fundamental Index\* Funds

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Schwab Fundamental<br> US Large Company Index Fund

Schwab Fundamental<br> US Small Company Index Fund

Schwab Fundamental International<br> Large Company Index Fund

Schwab Fundamental International<br> Small Company Index Fund

Schwab Fundamental Emerging Markets<br> Large Company Index Fund

\* SCHWAB is a registered trademark of Charles Schwab & Co., Inc.<br> FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

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Schwab Fundamental Index Funds

In This Report

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_832acbe6-88d9-440b-bdca-759091a8269b_1) | 2 |
| [From the President](#xx_fd7578c5-9eaf-48de-b034-4fd8152c2ce0_1) | 3 |
| [The Investment Environment](#xx_41eeb7c7-ee33-4831-8d11-98a9f86fd527_1) | 4 |
| [Fund Management](#xx_fc1cf217-6c6c-482e-a31c-c30f08ee0218_1) | 6 |
| [Performance and Fund Facts](#xx_3e27cb80-950c-448a-93a9-dbab92ab5261_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental US Large Company Index Fund](#xx_3e27cb80-950c-448a-93a9-dbab92ab5261_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental US Small Company Index Fund](#xx_b93231f5-161d-412c-aaeb-6edf63329f84_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental International Large Company Index Fund](#xx_1f7db62c-133e-4cd6-8d99-f3efb94da6f5_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental International Small Company Index Fund](#xx_e3f2705b-a1fd-4c61-ad56-f3b42279a8c9_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental Emerging Markets Large Company Index Fund](#xx_968a1474-594d-445c-9d4a-12528b5d2948_1) | 19 |
| [Fund Expenses](#xx_c68d3bc1-8650-42dd-a11c-e11b3031c351_1) | 22 |
| [Financial Statements and Portfolio Holdings](#xx_7cf0980f-cd4f-40cc-9322-ea2abf3bfea4_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental US Large Company Index Fund](#xx_7cf0980f-cd4f-40cc-9322-ea2abf3bfea4_1) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental US Small Company Index Fund](#xx_aa4b7c03-e5d6-41df-8291-0f51de6c1ea3_1) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental International Large Company Index Fund](#xx_1c715eed-f577-4cda-850f-c376ba8113c7_1) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental International Small Company Index Fund](#xx_701da5f0-113e-4845-8297-37da0fdf2e00_1) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Fundamental Emerging Markets Large Company Index Fund](#xx_759d4f9b-f1e9-4ce7-b666-c34f105bf0cc_1) | 83 |
| [Financial Notes](#xx_b915602c-aa2b-4f4a-845c-d48461e19889_1) | 92 |
| [Report of Independent Registered Public Accounting Firm](#xx_b4b6863e-49ce-454f-a4cb-e18c13af2715_1) | 105 |
| [Other Federal Tax Information](#xx_f69f3202-c68f-43c0-b343-a936d8534554_1) | 106 |
| [Shareholder Vote Results](#xx_1ab931a8-083f-41da-afca-6abbcdcc9021_1) | 107 |
| [Liquidity Risk Management Program](#xx_22139aab-d2ac-45f5-9c94-d02c376414f4_1) | 108 |
| [Investment Advisory Agreement Approval](#xx_ac5e1e88-6551-43cf-87aa-5e9c3e85a11c_1) | 109 |
| [Trustees and Officers](#xx_a3c1d9db-d275-49a7-859e-c6836932ba9e_1) | 112 |
| [Glossary](#xx_490f88c5-6a17-4be0-8e0f-25f4f6a24be6_1) | 116 |

---

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

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

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

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Schwab Fundamental Index Funds

## Performance at a Glance

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab Fundamental US Large Company Index Fund<br> (Ticker Symbol: SFLNX)** | &nbsp;&nbsp;&nbsp;-4.18% |
| Russell RAFI<sup>TM</sup> US Large Company Index | &nbsp;&nbsp;&nbsp;-3.88% |
| Russell 1000<sup>®</sup> Index | -16.38% |
| Fund Category: Morningstar Large Value<sup>1</sup> | &nbsp;&nbsp;&nbsp;-4.53% |
| *Performance Details* | *pages 7-9* |
| **Schwab Fundamental US Small Company Index Fund<br> (Ticker Symbol: SFSNX)** | -11.37% |
| Russell RAFI<sup>TM</sup> US Small Company Index | -11.18% |
| Russell 2000<sup>®</sup> Index | -18.54% |
| Fund Category: Morningstar Small Blend<sup>1</sup> | -13.55% |
| *Performance Details* | *pages 10-12* |
| **Schwab Fundamental International Large Company Index Fund<sup>2</sup><br> (Ticker Symbol: SFNNX)** | -17.25% |
| Russell RAFI<sup>TM</sup> Developed ex US Large Company Index (Net)<sup>3</sup> | -16.82% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>3</sup> | -23.00% |
| Fund Category: Morningstar Foreign Large Value<sup>1</sup> | -18.49% |
| *Performance Details* | *pages 13-15* |

---

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab Fundamental International Small Company Index Fund<sup>2</sup><br> (Ticker Symbol: SFILX)** | -26.61% |
| Russell RAFI<sup>TM</sup> Developed ex US Small Company Index (Net)<sup>3</sup> | -26.14% |
| S&P Developed ex-U.S. Small Cap Index (Net)<sup>3</sup> | -30.95% |
| Fund Category: Morningstar Foreign Small/Mid Value<sup>1</sup> | -21.18% |
| *Performance Details* | *pages 16-18* |
| **Schwab Fundamental Emerging Markets Large Company Index Fund<sup>2</sup><br> (Ticker Symbol: SFENX)** | -24.86% |
| Russell RAFI<sup>TM</sup> Emerging Markets Large Company Index (Net)<sup>3</sup> | -25.58% |
| MSCI Emerging Markets Index (Net)<sup>3</sup> | -31.03% |
| Fund Category: Morningstar Diversified Emerging Markets<sup>1</sup> | -30.38% |
| *Performance Details* | *pages 19-21* |

---

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

The first index listed for each fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

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

Index ownership — The funds are not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI<sup>TM</sup> Index Series (the Indices) or otherwise. The Indices are compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Indices and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. "Russell<sup>®</sup>" is a trademark of Russell. The trade names "Research Affiliates<sup>®</sup>", "Fundamental Index<sup>®</sup>" and "RAFI<sup>®</sup>" are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Indices. For full disclaimer please see the funds' statement of additional information.

<sup>1</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>2</sup> The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information.

<sup>3</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Fundamental Index Funds

## From the President<br>

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![](g22839img8b3795622.jpg)

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

Geopolitical, economic, and market challenges abounded during the 12-month reporting period ended October 31, 2022. Although the period started off strong, with markets reaching new highs in the final months of 2021, the subsequent 10 months were beset by rapidly rising inflation, sharply climbing interest rates, steeply declining stock prices, and the onset of a war in Europe as Russia invaded Ukraine. Economic growth in the United States and most of the world slowed. By the end of the period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, lost nearly 20% of its value from its early-January 2022 peak and returned -14.6% for the reporting period. The MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, declined by more than 25% between early-January 2022 highs and the end of the reporting period and returned -23.0% for the reporting period.

At Schwab Asset Management, we recognize that today's turbulent investment environment may be unsettling for many investors. Market declines and volatility can rattle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, even in the face of market turmoil and volatility, most investors are best served by maintaining a diversified portfolio that reflects their risk tolerance and long-term goals.

The Schwab Fundamental Index Funds play a role in our goal to provide investors with a diverse variety of investment choices. The funds weight their holdings based on objective financial measures of company size—adjusted sales, retained operating cash flow, and dividends plus buybacks—which can result in a different risk profile than market-cap index funds that use market capitalization to weight the same set of stocks. As such, the Schwab Fundamental Index Funds can complement traditional market-cap index and actively managed strategies, helping to create the potential for more attractive risk-adjusted portfolios.

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 Fundamental Index 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,

![](g22839img6c9ff9403.jpg)

" *The Schwab Fundamental Index Funds play a role in our goal to provide investors with a diverse variety of investment choices.*"

Past performance is no guarantee of future results.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

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.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Fundamental Index Funds

## The Investment Environment

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For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -14.61%. U.S. small-cap stocks underperformed U.S. large-cap stocks, with the Russell 2000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Index returning -18.54% and -16.38%, respectively. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks, with the Russell 1000<sup>®</sup> Growth Index and Russell 1000<sup>®</sup> Value Index returning -24.60% and -7.00%, respectively. Among U.S. industry sectors, only energy generated strong positive returns, driven by soaring oil and gas prices. Traditionally defensive sectors, such as consumer staples, utilities, and health care, tended to outperform the market average, while cyclically sensitive sectors, such as consumer discretionary, real estate, and information technology, lagged. Outside the United States, the MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, returned -23.00% and the MSCI Emerging Markets Index (Net)\* returned -31.03%.

After a recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, U.S. gross domestic product (GDP) increased at an annualized rate of 6.9% for the fourth quarter. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% and -0.6% for the first and second quarters of 2022, respectively. GDP growth was positive for the third quarter of 2022, increasing at an annualized rate of 2.9%, driven primarily by energy exports. Consumer spending also grew but at a slower pace than in the second quarter. Inflation remained stubbornly

#### Asset Class Performance Comparison % returns during the 12 months ended October 31, 2022

#### <br>
![](g22839img431d1d894.jpg)

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

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

Management views may have changed since the report date.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Fundamental Index Funds

## The Investment Environment (continued)<br>

------

high, hitting a 40-year high in June due to imbalances in the labor market, supply having bottlenecks, and soaring energy costs, before falling slightly by the end of the reporting period. The unemployment rate remained low, ending the reporting period near pre-pandemic lows.

Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, high energy costs, rising inflation, and the war in Ukraine. After spiking in early March 2022 as sanctions were imposed on Russian imports—and again in June on supply-and-demand imbalances—oil prices generally fell through the rest of the reporting period, ending at just over $86 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for the fourth quarter of 2021 and first and second quarters of 2022, as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The United Kingdom also posted small gains in GDP growth for the fourth quarter of 2021 and first and second quarters of 2022. Among emerging markets, China's GDP growth rate remained positive but slowed notably as China dealt with numerous headwinds including the political landscape, an emphasis on domestic consumption over globalization, lockdowns and quarantines, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing mortgage payments on incomplete builds. India's GDP growth also remained positive over the reporting period, particularly in the second quarter of 2022, on rising consumer demand and a rapid decline in COVID-19 cases.

Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the U.S. Federal Reserve (Fed) shifted its stance. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate five times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—in its ongoing efforts to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 3.00% to 3.25%. In June, the Fed also began to reduce the $9 trillion in assets it held on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. Outside the United States, central banks were similarly responsive. After holding its policy rate unchanged since March 2015, at 0.00%, the European Central Bank raised its interest rate three times over the reporting period in an effort to dampen demand and control inflation, which in October 2022 rose into double-digits. The Bank of England raised its key official bank rate seven times during the reporting period, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but raised its inflation forecast at its October 2022 meeting. Monetary policies in emerging markets were mixed. Central banks in India, Indonesia, Brazil, Mexico, and Pakistan raised their rates multiple times over the reporting period to counteract the impacts of inflation. In contrast, China cut its interest rate three times over the reporting period, in part as a result of a resurgence of COVID-19 cases and a lingering property downturn. Russia raised its benchmark policy rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia's invasion of Ukraine, but subsequently reduced it several times.

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Schwab Fundamental Index Funds

## Fund Management

------

---

| | |
|:---|:---|
| ![](g22839imgdc6476845.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process and portfolio management of investment strategies for passive equity Schwab Funds and Schwab ETFs. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a managing director and the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan.** |

---

---

| | |
|:---|:---|
| ![](g22839imgcde0650a6.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Jeremy Brown, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to joining Schwab in 2017, Mr. Brown spent six years with ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio management and research team where he performed portfolio management, trading, and analytics/research functions for ALPS ETFs and passive funds. Additionally, Mr. Brown led a number of investment research, commentary, industry trend analysis, and sales and marketing support initiatives.** |

---

---

| | |
|:---|:---|
| ![](g22839img5f6d5bda7.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the oversight and day-to-day co-management of the Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab Fundamental Emerging Markets Large Company Index Fund. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc.** |

---

---

| | |
|:---|:---|
| ![](g22839img96727f928.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to joining Schwab in 2010, Mr. Juwono worked at BlackRock (formerly Barclays Global Investors) where he spent more than three years as a portfolio manager, managing equity index funds for institutional clients, and two years as a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California.** |

---

---

| | |
|:---|:---|
| ![](g22839img5a1a56769.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**David Rios, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab Fundamental Emerging Markets Large Company Index Fund. Prior to this role, Mr. Rios was an associate portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street Corporation).** |

---

---

| | |
|:---|:---|
| ![](g22839img8ad5798e10.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to joining Schwab in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America's Columbia Management subsidiary as a portfolio manager for three years. Mr. Sinha also spent time as a software consultant at DPM Mellon, LLC and an equity trader at Jane Street Capital.** |

---

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## Schwab Fundamental US Large Company Index Fund as of October 31, 2022

------

**The Schwab Fundamental US Large Company Index Fund (the fund) seeks investment results that correspond generally (before fees and expenses) to the total return of the Russell RAFI<sup>TM</sup> US Large Company Index (the index). The index measures the performance of the large company size segment by fundamental overall company scores, which are created using as the universe the U.S. companies in the FTSE Global Total Cap Index. To pursue its investment objective, the fund uses a replication investment approach and generally gives the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -4.18% for the 12-month reporting period ended October 31, 2022, while the index returned -3.88%. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. The communication services sector detracted the most from the total return of the fund. Communication services stocks represented an average weight of approximately 8% of the fund's investments and returned approximately -31% for the reporting period. One example from this sector is Meta Platforms, Inc., a social technology company. The fund's Class A holdings of Meta Platforms, Inc. represented an average weight of less than 1% of the fund's investments and returned approximately -71% for the reporting period.**

The information technology sector also detracted from the total return of the fund, representing an average weight of approximately 16% of the fund's investments and returning approximately -14% for the reporting period.

The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 10% of the fund's investments and returned approximately 67% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. The fund's holdings of Exxon Mobile Corp. represented an average weight of approximately 3% of the fund's investments and returned approximately 80% for the reporting period.

The health care sector also contributed to the total return of the fund, representing an average weight of approximately 13% of the fund's investments and returning approximately 13% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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Schwab Fundamental US Large Company Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g22839lg_2mb1.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Fundamental US Large Company Index Fund (4/2/07) | &nbsp;&nbsp;&nbsp;-4.18% | &nbsp;&nbsp;&nbsp;&nbsp;10.84% | &nbsp;&nbsp;&nbsp;&nbsp;12.40% |
| Russell RAFI<sup>TM</sup> US Large Company Index | &nbsp;&nbsp;&nbsp;-3.88% | &nbsp;&nbsp;&nbsp;&nbsp;11.10% | &nbsp;&nbsp;&nbsp;&nbsp;12.74% |
| Russell 1000<sup>®</sup> Index | -16.38% | &nbsp;&nbsp;&nbsp;&nbsp;10.19% | &nbsp;&nbsp;&nbsp;&nbsp;12.66% |
| Fund Category: Morningstar Large Value<sup>2</sup> | &nbsp;&nbsp;&nbsp;-4.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.67% | &nbsp;&nbsp;&nbsp;&nbsp;10.21% |
| *Fund Expense Ratio<sup>3</sup>: 0.25%* | *Fund Expense Ratio<sup>3</sup>: 0.25%* | *Fund Expense Ratio<sup>3</sup>: 0.25%* | *Fund Expense Ratio<sup>3</sup>: 0.25%* |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

Index ownership – The Schwab Fundamental US Large Company Index Fund is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI<sup>TM</sup> US Large Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. "Russell<sup>®</sup>" is a trademark of Russell. The trade names "Research Affiliates<sup>®</sup>", "Fundamental Index<sup>®</sup>" and "RAFI<sup>®</sup>" are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund's statement of additional information.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

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Schwab Fundamental US Large Company Index Fund

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

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Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
| Weighted Average Market Cap (millions) | $286619 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% <sup>2</sup> |

---

Sector Weightings % of Investments<sup>3</sup>

![](g22839img41c630f011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>4</sup>

![](g22839img860624d712.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>4</sup> This list is not a recommendation of any security by the investment adviser.

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## Schwab Fundamental US Small Company Index Fund as of October 31, 2022

------

**The Schwab Fundamental US Small Company Index Fund (the fund) seeks investment results that correspond generally (before fees and expenses) to the total return of the Russell RAFI<sup>TM</sup> US Small Company Index (the index). The index measures the performance of the small company size segment by fundamental overall company scores, which are created using as the universe the U.S. companies in the FTSE Global Total Cap Index. To pursue its investment objective, the fund uses a replication investment approach and generally gives the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -11.37% for the 12-month reporting period ended October 31, 2022, while the index returned -11.18%. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. The consumer discretionary sector detracted the most from the total return of the fund. Consumer discretionary stocks represented an average weight of approximately 14% of the fund's investments and returned approximately -21% for the reporting period. One example from this sector is Six Flags Entertainment Corp., which operates regional theme parks across North America. The fund's holdings of Six Flags Entertainment Corp. represented an average weight of less than 1% of the fund's investments and returned approximately -48% for the reporting period.**

The information technology sector also detracted from the total return of the fund, representing an average weight of approximately 11% of the fund's investments and returning approximately -18% for the reporting period.

The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 6% of the fund's investments and returned approximately 44% for the reporting period. One example from this sector is Arch Resources, Inc., which owns and operates coal mines. The fund's Class A holdings of Arch Resources, Inc. represented an average weight of less than 1% of the fund's investments and returned approximately 83% for the reporting period.

The utilities sector also contributed to the total return of the fund, representing an average weight of approximately 4% of the fund's investments and returning approximately 6% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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Schwab Fundamental US Small Company Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g22839lg_2mb2.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Fundamental US Small Company Index Fund (4/2/07) | -11.37% | &nbsp;&nbsp;&nbsp;&nbsp;7.05% | &nbsp;&nbsp;&nbsp;&nbsp;10.88% |
| Russell RAFI<sup>TM</sup> US Small Company Index | -11.18% | &nbsp;&nbsp;&nbsp;&nbsp;7.24% | &nbsp;&nbsp;&nbsp;&nbsp;11.14% |
| Russell 2000<sup>®</sup> Index | -18.54% | &nbsp;&nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93% |
| Fund Category: Morningstar Small Blend<sup>2</sup> | -13.55% | &nbsp;&nbsp;&nbsp;&nbsp;5.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% |
| *Fund Expense Ratio<sup>3</sup>: 0.25%* | *Fund Expense Ratio<sup>3</sup>: 0.25%* | *Fund Expense Ratio<sup>3</sup>: 0.25%* | *Fund Expense Ratio<sup>3</sup>: 0.25%* |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

Index ownership – The Schwab Fundamental US Small Company Index Fund is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI<sup>TM</sup> US Small Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. "Russell<sup>®</sup>" is a trademark of Russell. The trade names "Research Affiliates<sup>®</sup>", "Fundamental Index<sup>®</sup>" and "RAFI<sup>®</sup>" are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund's statement of additional information.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus.

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Schwab Fundamental US Small Company Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;975 |
| Weighted Average Market Cap (millions) | $4736 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;12.8 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;35% <sup>2</sup> |

---

Sector Weightings % of Investments<sup>3</sup>

![](g22839imgacf31e0c13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>4</sup>

![](g22839img1727d56a14.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S& P and MSCI.

Small-company stocks are subject to greater volatility than many other asset classes.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

<sup>4</sup> This list is not a recommendation of any security by the investment adviser.

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## Schwab Fundamental International Large Company Index Fund as of October 31, 2022

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**The Schwab Fundamental International Large Company Index Fund (the fund) seeks investment results that correspond generally (before fees and expenses) to the total return of the Russell RAFI<sup>TM</sup> Developed ex US Large Company Index (the index). The index measures the performance of the large company size segment by fundamental overall company scores, which are created using as the universe the developed ex U.S. companies in the FTSE Global Total Cap Index. To pursue its investment objective, the fund uses a replication investment approach and generally gives the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -17.25% for the 12-month reporting period ended October 31, 2022, while the index returned -16.82%<sup>1</sup>. Timing differences in foreign exchange calculations detracted slightly from the fund's relative performance and fair valuation of the fund's holdings contributed slightly to the fund's relative performance.<sup>2</sup> Differences between the return of the fund and the return of the index may also be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. Stocks from Japan detracted the most from the total return of the fund. Japanese stocks represented an average weight of approximately 25% of the fund's investments and returned approximately -19% in U.S. dollar term for the reporting period. One example from this market is Toyota Motor Corp., which manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The fund's holdings of Toyota Motor Corp. represented an average weight of approximately 2% of the fund's investments and returned approximately -19% in U.S. dollar terms for the reporting period.**

Stocks from South Korea also detracted from the total return of the fund, representing an average weight of approximately 6% of the fund's investments and returning approximately -30% for the reporting period.

Stocks from Singapore contributed the most, though slightly, to the total return of the fund. Stocks from Singapore represented an average weight of less than 1% of the fund's investments and returned approximately 3% in U.S. dollar terms for the reporting period. One example from this market is DBS Group Holdings Ltd., which provides a variety of financial services. The fund's holdings of DBS Group Holdings Ltd. represented an average weight of less than 1% of the fund's investments and returned approximately 8% in U.S. dollar terms for the reporting period.

Stocks from Israel also contributed slightly to the total return of the fund, representing an average weight of less than 1% of the fund's investments and returning approximately 6% in U.S. dollar terms for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>2</sup> Typically, the securities in the index are valued using foreign exchange rates obtained at the close of the London foreign currency exchange (11:00 AM EST). Securities in the fund, however, are valued using foreign exchange rates obtained at the close of the New York foreign currency exchange (4:00 PM EST). This difference in closing times can result in different foreign currency exchange rates between the two exchanges, and thus different foreign currency exchange rates used in the valuation of the index's and fund's securities.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2,3</sup>

![](g22839lg_2mb3.jpg)

#### <br>
Average Annual Total Returns<sup>1,3</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Fundamental International Large Company Index Fund (4/2/07) | -17.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;4.85% |
| Russell RAFI<sup>TM</sup> Developed ex US Large Company Index (Net)<sup>2</sup> | -16.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;5.05% |
| MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup> | -23.00% | &nbsp;&nbsp;&nbsp;&nbsp;-0.09% | &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| Fund Category: Morningstar Foreign Large Value<sup>4</sup> | -18.49% | &nbsp;&nbsp;&nbsp;&nbsp;-1.08% | &nbsp;&nbsp;&nbsp;&nbsp;3.04% |
| *Fund Expense Ratio<sup>5</sup>: 0.25%* | *Fund Expense Ratio<sup>5</sup>: 0.25%* | *Fund Expense Ratio<sup>5</sup>: 0.25%* | *Fund Expense Ratio<sup>5</sup>: 0.25%* |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

Index ownership – The Schwab Fundamental International Large Company Index Fund is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI<sup>TM</sup> Developed ex US Large Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. "Russell<sup>®</sup>" is a trademark of Russell. The trade names "Research Affiliates<sup>®</sup>", "Fundamental Index<sup>®</sup>" and "RAFI<sup>®</sup>" are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund's statement of additional information.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>3</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>4</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>5</sup> As stated in the prospectus.

<sub>14</sub>

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
| Weighted Average Market Cap (millions) | $58156 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g22839img7d6bafa515.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g22839imgc25dd06c16.jpg)

Top Country Weightings % of Investments<sup>3</sup>

![](g22839img90d7ca3c17.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

## Schwab Fundamental International Small Company Index Fund as of October 31, 2022

------

**The Schwab Fundamental International Small Company Index Fund (the fund) seeks investment results that correspond generally (before fees and expenses) to the total return of the Russell RAFI<sup>TM</sup> Developed ex US Small Company Index (the index). The index measures the performance of the small company size segment by fundamental overall company scores, which are created using as the universe the developed ex U.S. companies in the FTSE Global Total Cap Index. To pursue its investment objective, the fund uses a replication investment approach and generally gives the same weight to a given stock as the index does. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -26.61% for the 12-month reporting period ended October 31, 2022, while the index returned -26.14%<sup>1</sup>. Timing differences in foreign exchange calculations and fair valuation of the fund's holdings detracted from the fund's relative performance.<sup>2</sup> Differences between the return of the fund and the return of the index may also be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.**

**Contributors and Detractors. Stocks from Japan detracted the most from the total return of the fund. Japanese stocks represented an average weight of approximately 33% of the fund's investments and returned approximately -22% in U.S. dollar terms for the reporting period. One example from this market is Nomura Research Institute Ltd., which provides information technology, research, consulting, and analyzing for business strategy decision-making. The fund's holdings of Nomura Research Institute Ltd. represented an average weight of less than 1% of the fund's investments and returned approximately -44% in U.S. dollar terms for the reporting period.**

Stocks from the United Kingdom also detracted from the total return of the fund, representing an average weight of approximately 10% of the fund's investments and returning approximately -36% in U.S. dollar terms for the reporting period.

Stocks from Israel contributed the most to the total return of the fund. Israeli stocks represented an average weight of approximately 2% of the fund's investments and returned approximately 12% in U.S. dollar terms for the reporting period. One example from this market is Bezeq The Israel Telecommunication Corp., Ltd., which offers local, long-distance, and international telecommunications services in Israel. The fund's holdings of Bezeq The Israel Telecommunication Corp., Ltd. represented an average weight of less than 1% of the fund's investments and returned approximately 47% in U.S. dollar terms for the reporting period.

While no additional markets contributed to the total return of the fund, the stock from Chile was the smallest detractor from the total return of the fund, representing an average weight of less than 1% of the fund's investments and returning approximately -16% in U.S. dollar terms for the reporting period. Aclara Resources, Inc. was held for a limited time in December 2021 and early January 2022 after the Chilean mining company was spun off from Hochschild Mining plc, a mining company based in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>2</sup> Typically, the securities in the index are valued using foreign exchange rates obtained at the close of the London foreign currency exchange (11:00 AM EST). Securities in the fund, however, are valued using foreign exchange rates obtained at the close of the New York foreign currency exchange (4:00 PM EST). This difference in closing times can result in different foreign currency exchange rates between the two exchanges, and thus different foreign currency exchange rates used in the valuation of the index's and fund's securities.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2,3</sup>

![](g22839lg_2mc6.jpg)

#### <br>
Average Annual Total Returns<sup>1,3</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Fundamental International Small Company Index Fund (1/31/08) | -26.61% | &nbsp;&nbsp;&nbsp;&nbsp;-2.19% | &nbsp;&nbsp;&nbsp;&nbsp;4.96% |
| Russell RAFI<sup>TM</sup> Developed ex US Small Company Index (Net)<sup>2</sup> | -26.14% | &nbsp;&nbsp;&nbsp;&nbsp;-1.86% | &nbsp;&nbsp;&nbsp;&nbsp;5.37% |
| S&P Developed ex-U.S. Small Cap Index (Net)<sup>2</sup> | -30.95% | &nbsp;&nbsp;&nbsp;&nbsp;-1.55% | &nbsp;&nbsp;&nbsp;&nbsp;4.85% |
| Fund Category: Morningstar Foreign Small/Mid Value<sup>4</sup> | -21.18% | &nbsp;&nbsp;&nbsp;&nbsp;-1.47% | &nbsp;&nbsp;&nbsp;&nbsp;4.17% |
| *Fund Expense Ratio<sup>5</sup>: 0.39%* | *Fund Expense Ratio<sup>5</sup>: 0.39%* | *Fund Expense Ratio<sup>5</sup>: 0.39%* | *Fund Expense Ratio<sup>5</sup>: 0.39%* |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

Index ownership – The Schwab Fundamental International Small Company Index Fund is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI<sup>TM</sup> Developed ex US Small Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. "Russell<sup>®</sup>" is a trademark of Russell. The trade names "Research Affiliates<sup>®</sup>", "Fundamental Index<sup>®</sup>" and "RAFI<sup>®</sup>" are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund's statement of additional information.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>3</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>4</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>5</sup> As stated in the prospectus.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;1787 |
| Weighted Average Market Cap (millions) | $2958 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g22839img4f3f09ab18.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g22839img0919226819.jpg)

Top Country Weightings % of Investments<sup>3</sup>

![](g22839img6d51bce120.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

Small-company stocks are subject to greater volatility than many other asset classes.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

## Schwab Fundamental Emerging Markets Large Company Index Fund as of October 31, 2022

------

**The Schwab Fundamental Emerging Markets Large Company Index Fund (the fund) seeks investment results that correspond generally (before fees and expenses) to the total return of the Russell RAFI<sup>TM</sup> Emerging Markets Large Company Index (the index). The index measures the performance of the large company size segment by fundamental overall company scores, which are created using as the universe the emerging markets companies in the FTSE Global Total Cap Index. To pursue its investment objective, the fund invests in a representative sample of securities included in the index which, when taken together, are expected to perform similarly to the index as a whole. Due to the use of sampling techniques, the fund may not hold all of the securities in the index. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. The fund generally tracked the index for the reporting period. The fund returned -24.86% for the 12-month reporting period ended October 31, 2022, while the index returned -25.58%<sup>1</sup>. Timing differences in foreign exchange calculations and fair valuation of the fund's holdings contributed to the fund's relative performance.<sup>2</sup>**

**Contributors and Detractors. Stocks from Brazil contributed the most to the total return of the fund. Brazilian stocks represented an average weight of approximately 11% of the fund's investments and returned approximately 37% in U.S. dollar terms for the reporting period. One example from this market is Petroleo Brasileiro S.A., which explores for and produces oil and natural gas. The fund's holdings of Petroleo Brasileiro S.A. represented an average weight of approximately 2% of the fund's investments and returned approximately 94% in U.S. dollar terms for the reporting period.**

Stocks form Turkey also contributed to the total return of the fund, representing an average weight of approximately 2% of the fund's investments and returning approximately 48% in U.S. dollar terms for the reporting period.

Stocks from China detracted the most from the total return of the fund. Chinese stocks represented an average weight of approximately 29% of the fund's investments and returned approximately -30% in U.S. dollar terms for the reporting period. One example from this market is Alibaba Group Holding Ltd., which provides online sales services. The fund's holdings of Alibaba Group Holding Ltd. represented an average weight of approximately 1% of the fund's investments and returned approximately -63% in U.S. dollar terms for the reporting period.

Stocks from Russia also detracted from the total return of the fund, representing an average weight of approximately 4% of the fund's investments and returning approximately -96% in U.S. dollar terms for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>2</sup> Typically, the securities in the index are valued using foreign exchange rates obtained at the close of the London foreign currency exchange (11:00 AM EST). Securities in the fund, however, are valued using foreign exchange rates obtained at the close of the New York foreign currency exchange (4:00 PM EST). This difference in closing times can result in different foreign currency exchange rates between the two exchanges, and thus different foreign currency exchange rates used in the valuation of the index's and fund's securities.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1,2,3</sup>

![](g22839lg_2mc5.jpg)

#### <br>
Average Annual Total Returns<sup>1,3</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Fundamental Emerging Markets Large Company Index Fund (1/31/08) | -24.86% | &nbsp;&nbsp;&nbsp;&nbsp;-1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Russell RAFI<sup>TM</sup> Emerging Markets Large Company Index (Net)<sup>2</sup> | -25.58% | &nbsp;&nbsp;&nbsp;&nbsp;-1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| MSCI Emerging Markets Index (Net)<sup>2</sup> | -31.03% | &nbsp;&nbsp;&nbsp;&nbsp;-3.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Fund Category: Morningstar Diversified Emerging Markets<sup>4</sup> | -30.38% | &nbsp;&nbsp;&nbsp;&nbsp;-2.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| *Fund Expense Ratio<sup>5</sup>: 0.39%* | *Fund Expense Ratio<sup>5</sup>: 0.39%* | *Fund Expense Ratio<sup>5</sup>: 0.39%* | *Fund Expense Ratio<sup>5</sup>: 0.39%* |

---

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

The first index listed for the fund is the fund's primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.

For index definitions, please see the Glossary.

Index ownership – The Schwab Fundamental Emerging Markets Large Company Index Fund is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell RAFI<sup>TM</sup> Emerging Markets Large Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. "Russell<sup>®</sup>" is a trademark of Russell. The trade names "Research Affiliates<sup>®</sup>", "Fundamental Index<sup>®</sup>" and "RAFI<sup>®</sup>" are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund's statement of additional information.

<sup>1</sup> Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sup>3</sup> The fund's performance relative to the index may be affected by fair-value pricing. See financial note 2 for more information.

<sup>4</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>5</sup> As stated in the prospectus.

<sub>20</sub>

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

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

------

Statistics<sup>1</sup>

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| Weighted Average Market Cap (millions) | $61096 |
| Price/Earnings Ratio (P/E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Price/Book Ratio (P/B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

Sector Weightings % of Investments<sup>1</sup>

![](g22839img5d894f9e21.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Equity Holdings % of Net Assets<sup>2</sup>

![](g22839img24983dfc22.jpg)

Top Country Weightings % of Investments<sup>3</sup>

![](g22839imgf714f08323.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Source of Sector Classification: S&P and MSCI.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.

<sup>1</sup> Excludes derivatives.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Index 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.

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 May 1, 2022 and held through October 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 a 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 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;<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;EXPENSE RATIO<br> (ANNUALIZED) <sup>1</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22 | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22 <sup>2</sup> |
| **Schwab Fundamental US Large Company Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$976.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1023.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.28 |
| **Schwab Fundamental US Small Company Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$970.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1023.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.28 |
| **Schwab Fundamental International Large Company Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$887.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1023.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.28 |
| **Schwab Fundamental International Small Company Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$847.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1023.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.99 |
| **Schwab Fundamental Emerging Markets Large Company Index Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$850.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1023.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.99 |

---

<sup>1</sup> Based on the most recent six-month expense ratio. <br> <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 the 184 days of the period, and divided by the 365 days of the fiscal year.

<sub>22</sub>

Schwab Fundamental Index Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;$23.19 | &nbsp;&nbsp;$16.28 | &nbsp;&nbsp;$17.56 | &nbsp;&nbsp;$17.47 | &nbsp;&nbsp;$16.89 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) |
| Net asset value at end of period | &nbsp;&nbsp;$21.19 | &nbsp;&nbsp;$23.19 | &nbsp;&nbsp;$16.28 | &nbsp;&nbsp;$17.56 | &nbsp;&nbsp;$17.47 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;(4.18%) | &nbsp;&nbsp;&nbsp;&nbsp;51.33% | &nbsp;&nbsp;&nbsp;&nbsp;(2.33%) | &nbsp;&nbsp;&nbsp;&nbsp;10.56% | &nbsp;&nbsp;&nbsp;&nbsp;6.83% |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$6460 | &nbsp;&nbsp;$6821 | &nbsp;&nbsp;$4547 | &nbsp;&nbsp;$5237 | &nbsp;&nbsp;$4887 |

---

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

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

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

<sub>23</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.8% OF NET ASSETS** | **COMMON STOCKS 99.8% OF NET ASSETS** | **COMMON STOCKS 99.8% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 1.6%** | &nbsp;&nbsp;**Automobiles & Components 1.6%** | &nbsp;&nbsp;**Automobiles & Components 1.6%** |
| Adient plc \* | &nbsp;&nbsp;&nbsp;&nbsp;47815 | &nbsp;&nbsp;&nbsp;&nbsp;1672569 |
| Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;49512 | &nbsp;&nbsp;&nbsp;&nbsp;4509058 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32256 | &nbsp;&nbsp;&nbsp;&nbsp;2591770 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;119967 | &nbsp;&nbsp;&nbsp;&nbsp;4502361 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;106620 | &nbsp;&nbsp;&nbsp;&nbsp;1701655 |
| Ford Motor Co. | 1892124 | &nbsp;&nbsp;&nbsp;&nbsp;25297698 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;951387 | &nbsp;&nbsp;&nbsp;&nbsp;37341940 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80244 | &nbsp;&nbsp;&nbsp;&nbsp;2125663 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60472 | &nbsp;&nbsp;&nbsp;&nbsp;2600296 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40818 | &nbsp;&nbsp;&nbsp;&nbsp;5661865 |
| Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13957 | &nbsp;&nbsp;&nbsp;&nbsp;3175776 |
| The Goodyear Tire & Rubber Co. \* | &nbsp;&nbsp;&nbsp;325130 | &nbsp;&nbsp;&nbsp;&nbsp;4129151 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26425 | &nbsp;&nbsp;&nbsp;&nbsp;2152845 |
| Visteon Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;19367 | &nbsp;&nbsp;&nbsp;&nbsp;2526812 |
|  |  | &nbsp;&nbsp;&nbsp;**99989459** |
| &nbsp;&nbsp;**Banks 6.9%** | &nbsp;&nbsp;**Banks 6.9%** | &nbsp;&nbsp;**Banks 6.9%** |
| Bank of America Corp. | 2012879 | &nbsp;&nbsp;&nbsp;&nbsp;72544159 |
| Citigroup, Inc. | 1434204 | &nbsp;&nbsp;&nbsp;&nbsp;65772596 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;169170 | &nbsp;&nbsp;&nbsp;&nbsp;6919053 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47291 | &nbsp;&nbsp;&nbsp;&nbsp;3334016 |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24133 | &nbsp;&nbsp;&nbsp;&nbsp;3532106 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20441 | &nbsp;&nbsp;&nbsp;&nbsp;1462962 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;190721 | &nbsp;&nbsp;&nbsp;&nbsp;6806833 |
| First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70586 | &nbsp;&nbsp;&nbsp;&nbsp;1730063 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;11170 | &nbsp;&nbsp;&nbsp;&nbsp;1341517 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;290601 | &nbsp;&nbsp;&nbsp;&nbsp;4411323 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;916505 | &nbsp;&nbsp;115369649 |
| KeyCorp | &nbsp;&nbsp;&nbsp;237875 | &nbsp;&nbsp;&nbsp;&nbsp;4250826 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52233 | &nbsp;&nbsp;&nbsp;&nbsp;8794470 |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95786 | &nbsp;&nbsp;&nbsp;&nbsp;1307479 |
| New York Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;156261 | &nbsp;&nbsp;&nbsp;&nbsp;1454790 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22153 | &nbsp;&nbsp;&nbsp;&nbsp;1566660 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59640 | &nbsp;&nbsp;&nbsp;&nbsp;1244687 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;217001 | &nbsp;&nbsp;&nbsp;&nbsp;4763172 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844172 |
| SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842773 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30726 | &nbsp;&nbsp;&nbsp;&nbsp;1224431 |
| The PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;108315 | &nbsp;&nbsp;&nbsp;&nbsp;17528617 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;216709 | &nbsp;&nbsp;&nbsp;&nbsp;9706396 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;434392 | &nbsp;&nbsp;&nbsp;&nbsp;18439940 |
| Wells Fargo & Co. | 1866309 | &nbsp;&nbsp;&nbsp;&nbsp;85831551 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;49003 | &nbsp;&nbsp;&nbsp;&nbsp;2545216 |
|  |  | **443569457** |
| &nbsp;&nbsp;**Capital Goods 7.5%** | &nbsp;&nbsp;**Capital Goods 7.5%** | &nbsp;&nbsp;**Capital Goods 7.5%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;172420 | &nbsp;&nbsp;&nbsp;&nbsp;21688712 |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28229 | &nbsp;&nbsp;&nbsp;&nbsp;1546385 |
| Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12073 | &nbsp;&nbsp;&nbsp;&nbsp;2216241 |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;44529 | &nbsp;&nbsp;&nbsp;&nbsp;3352143 |
| AerCap Holdings N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;46187 | &nbsp;&nbsp;&nbsp;&nbsp;2466848 |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20732 | &nbsp;&nbsp;&nbsp;&nbsp;2574293 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Air Lease Corp. | &nbsp;&nbsp;33412 | &nbsp;&nbsp;&nbsp;1179109 |
| Allegion plc | &nbsp;&nbsp;13652 | &nbsp;&nbsp;&nbsp;1430320 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;68567 | &nbsp;&nbsp;&nbsp;2896956 |
| AMETEK, Inc. | &nbsp;&nbsp;26567 | &nbsp;&nbsp;&nbsp;3444677 |
| Boise Cascade Co. | &nbsp;&nbsp;18904 | &nbsp;&nbsp;&nbsp;1262220 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;10895 | &nbsp;&nbsp;&nbsp;2601726 |
| Carrier Global Corp. | 213771 | &nbsp;&nbsp;&nbsp;8499535 |
| Caterpillar, Inc. | 120863 | 26162005 |
| Cummins, Inc. | &nbsp;&nbsp;54471 | 13318704 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;10292 | &nbsp;&nbsp;&nbsp;1727306 |
| Deere & Co. | &nbsp;&nbsp;37892 | 14998411 |
| Donaldson Co., Inc. | &nbsp;&nbsp;28541 | &nbsp;&nbsp;&nbsp;1639680 |
| Dover Corp. | &nbsp;&nbsp;25841 | &nbsp;&nbsp;&nbsp;3377160 |
| Eaton Corp. plc | &nbsp;&nbsp;98304 | 14752481 |
| EMCOR Group, Inc. | &nbsp;&nbsp;21885 | &nbsp;&nbsp;&nbsp;3087973 |
| Emerson Electric Co. | 143760 | 12449616 |
| Fastenal Co. | &nbsp;&nbsp;81751 | &nbsp;&nbsp;&nbsp;3951026 |
| Flowserve Corp. | &nbsp;&nbsp;47448 | &nbsp;&nbsp;&nbsp;1360809 |
| Fluor Corp. \* | &nbsp;&nbsp;93592 | &nbsp;&nbsp;&nbsp;2832094 |
| Fortive Corp. | &nbsp;&nbsp;34795 | &nbsp;&nbsp;&nbsp;2223400 |
| Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;39993 | &nbsp;&nbsp;&nbsp;2412378 |
| GATX Corp. | &nbsp;&nbsp;13566 | &nbsp;&nbsp;&nbsp;1420496 |
| General Dynamics Corp. | &nbsp;&nbsp;71097 | 17760031 |
| General Electric Co. | 431156 | 33548248 |
| Graco, Inc. | &nbsp;&nbsp;20253 | &nbsp;&nbsp;&nbsp;1409204 |
| Hexcel Corp. | &nbsp;&nbsp;27683 | &nbsp;&nbsp;&nbsp;1541943 |
| Honeywell International, Inc. | 141918 | 28954110 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;99413 | &nbsp;&nbsp;&nbsp;3534132 |
| Hubbell, Inc. | &nbsp;&nbsp;11864 | &nbsp;&nbsp;&nbsp;2817463 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;16838 | &nbsp;&nbsp;&nbsp;4328545 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9567 | &nbsp;&nbsp;&nbsp;2126840 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;57834 | 12349294 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;23698 | &nbsp;&nbsp;&nbsp;1196749 |
| ITT, Inc. | &nbsp;&nbsp;18168 | &nbsp;&nbsp;&nbsp;1387854 |
| Johnson Controls International plc | 167241 | &nbsp;&nbsp;&nbsp;9673219 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;34011 | &nbsp;&nbsp;&nbsp;8382691 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6219 | &nbsp;&nbsp;&nbsp;1452572 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;12388 | &nbsp;&nbsp;&nbsp;1759096 |
| Lockheed Martin Corp. | &nbsp;&nbsp;51928 | 25272319 |
| Masco Corp. | &nbsp;&nbsp;58742 | &nbsp;&nbsp;&nbsp;2717992 |
| MasTec, Inc. \* | &nbsp;&nbsp;19437 | &nbsp;&nbsp;&nbsp;1498204 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;76462 | &nbsp;&nbsp;&nbsp;2177638 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;19606 | &nbsp;&nbsp;&nbsp;1626906 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6306 | &nbsp;&nbsp;&nbsp;1418850 |
| Northrop Grumman Corp. | &nbsp;&nbsp;30749 | 16881508 |
| nVent Electric plc | &nbsp;&nbsp;41697 | &nbsp;&nbsp;&nbsp;1521941 |
| Oshkosh Corp. | &nbsp;&nbsp;29191 | &nbsp;&nbsp;&nbsp;2568808 |
| Otis Worldwide Corp. | &nbsp;&nbsp;43741 | &nbsp;&nbsp;&nbsp;3089864 |
| Owens Corning | &nbsp;&nbsp;38042 | &nbsp;&nbsp;&nbsp;3256776 |
| PACCAR, Inc. | 107105 | 10370977 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;23738 | &nbsp;&nbsp;&nbsp;6898738 |
| Pentair plc | &nbsp;&nbsp;40150 | &nbsp;&nbsp;&nbsp;1724443 |
| Quanta Services, Inc. | &nbsp;&nbsp;31010 | &nbsp;&nbsp;&nbsp;4404660 |
| Raytheon Technologies Corp. | 206635 | 19593131 |
| Regal Rexnord Corp. | &nbsp;&nbsp;12625 | &nbsp;&nbsp;&nbsp;1597568 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;18453 | &nbsp;&nbsp;&nbsp;4711051 |
| Sensata Technologies Holding plc | &nbsp;&nbsp;37140 | &nbsp;&nbsp;&nbsp;1493399 |
| Snap-on, Inc. | &nbsp;&nbsp;15579 | &nbsp;&nbsp;&nbsp;3459317 |

---

<sub>24</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Spirit AeroSystems Holdings, Inc., Class A | &nbsp;&nbsp;71708 | &nbsp;&nbsp;&nbsp;&nbsp;1660757 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;47483 | &nbsp;&nbsp;&nbsp;&nbsp;3726941 |
| Textron, Inc. | &nbsp;&nbsp;71385 | &nbsp;&nbsp;&nbsp;&nbsp;4885589 |
| The Boeing Co. \* | 167224 | &nbsp;&nbsp;&nbsp;&nbsp;23831092 |
| The Middleby Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;8175 | &nbsp;&nbsp;&nbsp;&nbsp;1143356 |
| The Timken Co. | &nbsp;&nbsp;20660 | &nbsp;&nbsp;&nbsp;&nbsp;1472851 |
| The Toro Co. | &nbsp;&nbsp;16654 | &nbsp;&nbsp;&nbsp;&nbsp;1755831 |
| Trane Technologies plc | &nbsp;&nbsp;36333 | &nbsp;&nbsp;&nbsp;&nbsp;5799837 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7918 | &nbsp;&nbsp;&nbsp;&nbsp;4558868 |
| UFP Industries, Inc. | &nbsp;&nbsp;21227 | &nbsp;&nbsp;&nbsp;&nbsp;1511999 |
| United Rentals, Inc. \* | &nbsp;&nbsp;20965 | &nbsp;&nbsp;&nbsp;&nbsp;6618860 |
| Univar Solutions, Inc. \* | &nbsp;&nbsp;64429 | &nbsp;&nbsp;&nbsp;&nbsp;1641651 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;10092 | &nbsp;&nbsp;&nbsp;&nbsp;5897260 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7202 | &nbsp;&nbsp;&nbsp;&nbsp;1951454 |
| WESCO International, Inc. \* | &nbsp;&nbsp;16023 | &nbsp;&nbsp;&nbsp;&nbsp;2207489 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;27851 | &nbsp;&nbsp;&nbsp;&nbsp;2597941 |
| Xylem, Inc. | &nbsp;&nbsp;23513 | &nbsp;&nbsp;&nbsp;&nbsp;2408437 |
|  |  | **483048998** |
| &nbsp;&nbsp;**Commercial & Professional Services 0.8%** | &nbsp;&nbsp;**Commercial & Professional Services 0.8%** | &nbsp;&nbsp;**Commercial & Professional Services 0.8%** |
| ABM Industries, Inc. | &nbsp;&nbsp;36217 | &nbsp;&nbsp;&nbsp;&nbsp;1612019 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;26140 | &nbsp;&nbsp;&nbsp;&nbsp;2845339 |
| CACI International, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6199 | &nbsp;&nbsp;&nbsp;&nbsp;1884682 |
| Cintas Corp. | &nbsp;&nbsp;10173 | &nbsp;&nbsp;&nbsp;&nbsp;4349466 |
| Copart, Inc. \* | &nbsp;&nbsp;12852 | &nbsp;&nbsp;&nbsp;&nbsp;1478237 |
| CoreCivic, Inc. \* | 124793 | &nbsp;&nbsp;&nbsp;&nbsp;1306583 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp;&nbsp;&nbsp;1623345 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;31677 | &nbsp;&nbsp;&nbsp;&nbsp;3649824 |
| KBR, Inc. | &nbsp;&nbsp;29596 | &nbsp;&nbsp;&nbsp;&nbsp;1472993 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;46082 | &nbsp;&nbsp;&nbsp;&nbsp;4681470 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;55747 | &nbsp;&nbsp;&nbsp;&nbsp;4367220 |
| Republic Services, Inc. | &nbsp;&nbsp;33757 | &nbsp;&nbsp;&nbsp;&nbsp;4476853 |
| Robert Half International, Inc. | &nbsp;&nbsp;31095 | &nbsp;&nbsp;&nbsp;&nbsp;2377524 |
| Science Applications International Corp. | &nbsp;&nbsp;20309 | &nbsp;&nbsp;&nbsp;&nbsp;2200277 |
| TransUnion | &nbsp;&nbsp;16277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964738 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;12848 | &nbsp;&nbsp;&nbsp;&nbsp;2349000 |
| Waste Management, Inc. | &nbsp;&nbsp;66594 | &nbsp;&nbsp;&nbsp;&nbsp;10546492 |
|  |  | &nbsp;&nbsp;&nbsp;**52186062** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 1.2%** | &nbsp;&nbsp;**Consumer Durables & Apparel 1.2%** | &nbsp;&nbsp;**Consumer Durables & Apparel 1.2%** |
| Brunswick Corp. | &nbsp;&nbsp;24596 | &nbsp;&nbsp;&nbsp;&nbsp;1738199 |
| Capri Holdings Ltd. \* | &nbsp;&nbsp;45265 | &nbsp;&nbsp;&nbsp;&nbsp;2067705 |
| Carter's, Inc. | &nbsp;&nbsp;19858 | &nbsp;&nbsp;&nbsp;&nbsp;1347762 |
| D.R. Horton, Inc. | 100840 | &nbsp;&nbsp;&nbsp;&nbsp;7752579 |
| Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp;&nbsp;1585183 |
| Hanesbrands, Inc. | 195015 | &nbsp;&nbsp;&nbsp;&nbsp;1330002 |
| Hasbro, Inc. | &nbsp;&nbsp;26862 | &nbsp;&nbsp;&nbsp;&nbsp;1752746 |
| KB Home | &nbsp;&nbsp;38651 | &nbsp;&nbsp;&nbsp;&nbsp;1113922 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;53408 | &nbsp;&nbsp;&nbsp;&nbsp;1802520 |
| Lennar Corp., Class A | &nbsp;&nbsp;91158 | &nbsp;&nbsp;&nbsp;&nbsp;7356451 |
| Lululemon Athletica, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7106 | &nbsp;&nbsp;&nbsp;&nbsp;2338158 |
| Meritage Homes Corp. \* | &nbsp;&nbsp;17377 | &nbsp;&nbsp;&nbsp;&nbsp;1323432 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp;29178 | &nbsp;&nbsp;&nbsp;&nbsp;2764615 |
| Newell Brands, Inc. | 127926 | &nbsp;&nbsp;&nbsp;&nbsp;1766658 |
| NIKE, Inc., Class B | 136200 | &nbsp;&nbsp;&nbsp;&nbsp;12623016 |
| NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;3568185 |
| Polaris, Inc. | &nbsp;&nbsp;18141 | &nbsp;&nbsp;&nbsp;&nbsp;1843126 |
| PulteGroup, Inc. | 124134 | &nbsp;&nbsp;&nbsp;&nbsp;4964119 |
| PVH Corp. | &nbsp;&nbsp;43297 | &nbsp;&nbsp;&nbsp;&nbsp;2222002 |
| Ralph Lauren Corp. | &nbsp;&nbsp;18438 | &nbsp;&nbsp;&nbsp;&nbsp;1709018 |
| Skechers U.S.A., Inc., Class A \* | &nbsp;&nbsp;35174 | &nbsp;&nbsp;&nbsp;&nbsp;1211041 |
| Tapestry, Inc. | &nbsp;&nbsp;82686 | &nbsp;&nbsp;&nbsp;&nbsp;2619492 |
| Taylor Morrison Home Corp. \* | &nbsp;&nbsp;58875 | &nbsp;&nbsp;&nbsp;&nbsp;1550768 |
| Toll Brothers, Inc. | &nbsp;&nbsp;51042 | &nbsp;&nbsp;&nbsp;&nbsp;2198889 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Tri Pointe Homes, Inc. \* | &nbsp;&nbsp;75286 | &nbsp;&nbsp;&nbsp;&nbsp;1261041 |
| VF Corp. | &nbsp;&nbsp;98535 | &nbsp;&nbsp;&nbsp;&nbsp;2783614 |
| Whirlpool Corp. | &nbsp;&nbsp;32332 | &nbsp;&nbsp;&nbsp;&nbsp;4469576 |
|  |  | &nbsp;&nbsp;&nbsp;**79063819** |
| &nbsp;&nbsp;**Consumer Services 1.9%** | &nbsp;&nbsp;**Consumer Services 1.9%** | &nbsp;&nbsp;**Consumer Services 1.9%** |
| Aramark | &nbsp;&nbsp;89414 | &nbsp;&nbsp;&nbsp;&nbsp;3263611 |
| Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7138 | &nbsp;&nbsp;&nbsp;&nbsp;13344348 |
| Carnival Corp. \* | 575276 | &nbsp;&nbsp;&nbsp;&nbsp;5212001 |
| Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp;2266973 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;23163 | &nbsp;&nbsp;&nbsp;&nbsp;3315552 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6030 | &nbsp;&nbsp;&nbsp;&nbsp;2003407 |
| Expedia Group, Inc. \* | &nbsp;&nbsp;20165 | &nbsp;&nbsp;&nbsp;&nbsp;1884823 |
| H&R Block, Inc. | &nbsp;&nbsp;51300 | &nbsp;&nbsp;&nbsp;&nbsp;2110995 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;29641 | &nbsp;&nbsp;&nbsp;&nbsp;4009242 |
| Las Vegas Sands Corp. \* | 134593 | &nbsp;&nbsp;&nbsp;&nbsp;5115880 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;30375 | &nbsp;&nbsp;&nbsp;&nbsp;4863341 |
| McDonald's Corp. | 116876 | &nbsp;&nbsp;&nbsp;&nbsp;31867410 |
| MGM Resorts International | 119366 | &nbsp;&nbsp;&nbsp;&nbsp;4245849 |
| Norwegian Cruise Line Holdings Ltd. \* | 116689 | &nbsp;&nbsp;&nbsp;&nbsp;1970877 |
| Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;74072 | &nbsp;&nbsp;&nbsp;&nbsp;3953963 |
| Service Corp. International | &nbsp;&nbsp;24831 | &nbsp;&nbsp;&nbsp;&nbsp;1505007 |
| Starbucks Corp. | 256515 | &nbsp;&nbsp;&nbsp;&nbsp;22211634 |
| Travel & Leisure Co. | &nbsp;&nbsp;32042 | &nbsp;&nbsp;&nbsp;&nbsp;1216955 |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;1296373 |
| Wynn Resorts Ltd. \* | &nbsp;&nbsp;26683 | &nbsp;&nbsp;&nbsp;&nbsp;1705044 |
| Yum! Brands, Inc. | &nbsp;&nbsp;59380 | &nbsp;&nbsp;&nbsp;&nbsp;7021685 |
|  |  | **124384970** |
| &nbsp;&nbsp;**Diversified Financials 6.0%** | &nbsp;&nbsp;**Diversified Financials 6.0%** | &nbsp;&nbsp;**Diversified Financials 6.0%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;14884 | &nbsp;&nbsp;&nbsp;&nbsp;1847997 |
| AGNC Investment Corp. | 130140 | &nbsp;&nbsp;&nbsp;&nbsp;1069751 |
| Ally Financial, Inc. | 199889 | &nbsp;&nbsp;&nbsp;&nbsp;5508941 |
| American Express Co. | 140156 | &nbsp;&nbsp;&nbsp;&nbsp;20806158 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;29791 | &nbsp;&nbsp;&nbsp;&nbsp;9208994 |
| Annaly Capital Management, Inc. | &nbsp;&nbsp;72697 | &nbsp;&nbsp;&nbsp;&nbsp;1348529 |
| Berkshire Hathaway, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;36939150 |
| Berkshire Hathaway, Inc., Class B \* | 301588 | &nbsp;&nbsp;&nbsp;&nbsp;88995603 |
| BlackRock, Inc. | &nbsp;&nbsp;20889 | &nbsp;&nbsp;&nbsp;&nbsp;13492414 |
| Blackstone, Inc. | &nbsp;&nbsp;32389 | &nbsp;&nbsp;&nbsp;&nbsp;2951933 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;60726 | &nbsp;&nbsp;&nbsp;&nbsp;2192816 |
| Capital One Financial Corp. | 196840 | &nbsp;&nbsp;&nbsp;&nbsp;20868977 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;13530 | &nbsp;&nbsp;&nbsp;&nbsp;1684485 |
| Chimera Investment Corp. | 118432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799416 |
| CME Group, Inc. | &nbsp;&nbsp;30352 | &nbsp;&nbsp;&nbsp;&nbsp;5260002 |
| Discover Financial Services | 124992 | &nbsp;&nbsp;&nbsp;&nbsp;13056664 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;79941 | &nbsp;&nbsp;&nbsp;&nbsp;2447793 |
| Evercore, Inc., Class A | &nbsp;&nbsp;14082 | &nbsp;&nbsp;&nbsp;&nbsp;1480018 |
| Franklin Resources, Inc. | 172648 | &nbsp;&nbsp;&nbsp;&nbsp;4048596 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;57542 | &nbsp;&nbsp;&nbsp;&nbsp;5499289 |
| Invesco Ltd. | 157848 | &nbsp;&nbsp;&nbsp;&nbsp;2418231 |
| Janus Henderson Group plc | &nbsp;&nbsp;55293 | &nbsp;&nbsp;&nbsp;&nbsp;1259022 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;68526 | &nbsp;&nbsp;&nbsp;&nbsp;2357980 |
| KKR & Co., Inc. | &nbsp;&nbsp;61558 | &nbsp;&nbsp;&nbsp;&nbsp;2993566 |
| Lazard Ltd., Class A | &nbsp;&nbsp;43445 | &nbsp;&nbsp;&nbsp;&nbsp;1638311 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;11789 | &nbsp;&nbsp;&nbsp;&nbsp;3013858 |
| Moody's Corp. | &nbsp;&nbsp;12418 | &nbsp;&nbsp;&nbsp;&nbsp;3289156 |
| Morgan Stanley | 229718 | &nbsp;&nbsp;&nbsp;&nbsp;18875928 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3747 | &nbsp;&nbsp;&nbsp;&nbsp;1756818 |
| Nasdaq, Inc. | &nbsp;&nbsp;33523 | &nbsp;&nbsp;&nbsp;&nbsp;2086472 |
| Navient Corp. | 177211 | &nbsp;&nbsp;&nbsp;&nbsp;2682975 |
| Northern Trust Corp. | &nbsp;&nbsp;43927 | &nbsp;&nbsp;&nbsp;&nbsp;3705242 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;60327 | &nbsp;&nbsp;&nbsp;&nbsp;2326209 |
| PROG Holdings, Inc. \* | &nbsp;&nbsp;45542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752354 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;27145 | &nbsp;&nbsp;&nbsp;&nbsp;3206910 |
| Rithm Capital Corp. | 191896 | &nbsp;&nbsp;&nbsp;&nbsp;1617683 |

---

<sub>25</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30889 | &nbsp;&nbsp;&nbsp;&nbsp;9923091 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;29249 | &nbsp;&nbsp;&nbsp;&nbsp;1588221 |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88045 | &nbsp;&nbsp;&nbsp;&nbsp;1460667 |
| Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67626 | &nbsp;&nbsp;&nbsp;&nbsp;1397153 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92014 | &nbsp;&nbsp;&nbsp;&nbsp;6809036 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;440364 | &nbsp;&nbsp;&nbsp;&nbsp;15659344 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60038 | &nbsp;&nbsp;&nbsp;&nbsp;6373634 |
| The Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;301258 | &nbsp;&nbsp;&nbsp;&nbsp;12685974 |
| The Charles Schwab Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;82185 | &nbsp;&nbsp;&nbsp;&nbsp;6547679 |
| The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92793 | &nbsp;&nbsp;&nbsp;&nbsp;31968116 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25520 | &nbsp;&nbsp;&nbsp;&nbsp;1744547 |
|  |  | **389645703** |
| &nbsp;&nbsp;**Energy 9.8%** | &nbsp;&nbsp;**Energy 9.8%** | &nbsp;&nbsp;**Energy 9.8%** |
| Antero Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;55374 | &nbsp;&nbsp;&nbsp;&nbsp;2030011 |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73658 | &nbsp;&nbsp;&nbsp;&nbsp;3348493 |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;337096 | &nbsp;&nbsp;&nbsp;&nbsp;9324075 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20601 | &nbsp;&nbsp;&nbsp;&nbsp;3634222 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;643872 | &nbsp;&nbsp;116476445 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;295266 | &nbsp;&nbsp;&nbsp;&nbsp;37230090 |
| Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71374 | &nbsp;&nbsp;&nbsp;&nbsp;2116953 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55706 | &nbsp;&nbsp;&nbsp;&nbsp;4308859 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;103727 | &nbsp;&nbsp;&nbsp;&nbsp;14160810 |
| Equitrans Midstream Corp. | &nbsp;&nbsp;&nbsp;153756 | &nbsp;&nbsp;&nbsp;&nbsp;1294625 |
| Exxon Mobil Corp. | 1711212 | &nbsp;&nbsp;189619402 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;186705 | &nbsp;&nbsp;&nbsp;&nbsp;6799796 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60580 | &nbsp;&nbsp;&nbsp;&nbsp;2999316 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22152 | &nbsp;&nbsp;&nbsp;&nbsp;3125204 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;143604 | &nbsp;&nbsp;&nbsp;&nbsp;8784257 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;751534 | &nbsp;&nbsp;&nbsp;&nbsp;13617796 |
| Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;217899 | &nbsp;&nbsp;&nbsp;&nbsp;6635025 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;314705 | &nbsp;&nbsp;&nbsp;&nbsp;35756782 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56658 | &nbsp;&nbsp;&nbsp;&nbsp;2748480 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;227252 | &nbsp;&nbsp;&nbsp;&nbsp;5090445 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;235512 | &nbsp;&nbsp;&nbsp;&nbsp;17098171 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;108873 | &nbsp;&nbsp;&nbsp;&nbsp;6458346 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47199 | &nbsp;&nbsp;&nbsp;&nbsp;2390629 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;161864 | &nbsp;&nbsp;&nbsp;&nbsp;7162482 |
| Peabody Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;85915 | &nbsp;&nbsp;&nbsp;&nbsp;2053368 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;359119 | &nbsp;&nbsp;&nbsp;&nbsp;37452520 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;20302 | &nbsp;&nbsp;&nbsp;&nbsp;5205636 |
| Schlumberger N.V. | &nbsp;&nbsp;&nbsp;427319 | &nbsp;&nbsp;&nbsp;&nbsp;22233408 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53955 | &nbsp;&nbsp;&nbsp;&nbsp;3688903 |
| TechnipFMC plc \* | &nbsp;&nbsp;&nbsp;273384 | &nbsp;&nbsp;&nbsp;&nbsp;2895137 |
| The Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;274263 | &nbsp;&nbsp;&nbsp;&nbsp;8976628 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;340192 | &nbsp;&nbsp;&nbsp;&nbsp;42711106 |
| World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;244179 | &nbsp;&nbsp;&nbsp;&nbsp;6224123 |
|  |  | **633651543** |
| &nbsp;&nbsp;**Food & Staples Retailing 3.2%** | &nbsp;&nbsp;**Food & Staples Retailing 3.2%** | &nbsp;&nbsp;**Food & Staples Retailing 3.2%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14581 | &nbsp;&nbsp;&nbsp;&nbsp;3393145 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73563 | &nbsp;&nbsp;&nbsp;&nbsp;36891844 |
| Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;80060 | &nbsp;&nbsp;&nbsp;&nbsp;4166322 |
| Rite Aid Corp. \* | &nbsp;&nbsp;&nbsp;172650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901233 |
| SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;56139 | &nbsp;&nbsp;&nbsp;&nbsp;2004724 |
| Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;57836 | &nbsp;&nbsp;&nbsp;&nbsp;1706162 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;132851 | &nbsp;&nbsp;&nbsp;&nbsp;11499583 |
| The Kroger Co. | &nbsp;&nbsp;&nbsp;504701 | &nbsp;&nbsp;&nbsp;&nbsp;23867310 |
| U.S. Foods Holding Corp. \* | &nbsp;&nbsp;&nbsp;153894 | &nbsp;&nbsp;&nbsp;&nbsp;4579885 |
| United Natural Foods, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;42434 | &nbsp;&nbsp;&nbsp;&nbsp;1799626 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;782650 | &nbsp;&nbsp;&nbsp;&nbsp;28566725 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;603102 | &nbsp;&nbsp;&nbsp;&nbsp;85839508 |
|  |  | **205216067** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 4.3%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 4.3%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 4.3%** |
| Altria Group, Inc. | 594393 | &nbsp;&nbsp;&nbsp;&nbsp;27502564 |
| Archer-Daniels-Midland Co. | 266061 | &nbsp;&nbsp;&nbsp;&nbsp;25802596 |
| Bunge Ltd. | &nbsp;&nbsp;79149 | &nbsp;&nbsp;&nbsp;&nbsp;7812006 |
| Campbell Soup Co. | &nbsp;&nbsp;53368 | &nbsp;&nbsp;&nbsp;&nbsp;2823701 |
| Coca-Cola Europacific Partners plc | &nbsp;&nbsp;75534 | &nbsp;&nbsp;&nbsp;&nbsp;3553875 |
| Conagra Brands, Inc. | 137815 | &nbsp;&nbsp;&nbsp;&nbsp;5057811 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;25002 | &nbsp;&nbsp;&nbsp;&nbsp;6177494 |
| Darling Ingredients, Inc. \* | &nbsp;&nbsp;22673 | &nbsp;&nbsp;&nbsp;&nbsp;1779377 |
| Flowers Foods, Inc. | &nbsp;&nbsp;57036 | &nbsp;&nbsp;&nbsp;&nbsp;1637504 |
| General Mills, Inc. | 142163 | &nbsp;&nbsp;&nbsp;&nbsp;11597658 |
| Hormel Foods Corp. | &nbsp;&nbsp;69559 | &nbsp;&nbsp;&nbsp;&nbsp;3231016 |
| Ingredion, Inc. | &nbsp;&nbsp;35408 | &nbsp;&nbsp;&nbsp;&nbsp;3155561 |
| Kellogg Co. | &nbsp;&nbsp;65339 | &nbsp;&nbsp;&nbsp;&nbsp;5019342 |
| Keurig Dr Pepper, Inc. | 108249 | &nbsp;&nbsp;&nbsp;&nbsp;4204391 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;20247 | &nbsp;&nbsp;&nbsp;&nbsp;1745696 |
| McCormick & Co., Inc. - Non Voting Shares | &nbsp;&nbsp;28392 | &nbsp;&nbsp;&nbsp;&nbsp;2232747 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;94880 | &nbsp;&nbsp;&nbsp;&nbsp;4784798 |
| Mondelez International, Inc., Class A | 300355 | &nbsp;&nbsp;&nbsp;&nbsp;18465825 |
| Monster Beverage Corp. \* | &nbsp;&nbsp;45324 | &nbsp;&nbsp;&nbsp;&nbsp;4247765 |
| PepsiCo, Inc. | 229579 | &nbsp;&nbsp;&nbsp;&nbsp;41686955 |
| Philip Morris International, Inc. | 324958 | &nbsp;&nbsp;&nbsp;&nbsp;29847392 |
| Post Holdings, Inc. \* | &nbsp;&nbsp;21954 | &nbsp;&nbsp;&nbsp;&nbsp;1985081 |
| The Coca-Cola Co. | 533111 | &nbsp;&nbsp;&nbsp;&nbsp;31906693 |
| The Hershey Co. | &nbsp;&nbsp;15890 | &nbsp;&nbsp;&nbsp;&nbsp;3794055 |
| The JM Smucker Co. | &nbsp;&nbsp;40294 | &nbsp;&nbsp;&nbsp;&nbsp;6070694 |
| The Kraft Heinz Co. | 246842 | &nbsp;&nbsp;&nbsp;&nbsp;9496012 |
| Tyson Foods, Inc., Class A | 156067 | &nbsp;&nbsp;&nbsp;&nbsp;10667179 |
|  |  | **276285788** |
| &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** | &nbsp;&nbsp;**Health Care Equipment & Services 6.6%** |
| Abbott Laboratories | 173748 | &nbsp;&nbsp;&nbsp;&nbsp;17190627 |
| Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842291 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;30733 | &nbsp;&nbsp;&nbsp;&nbsp;4831842 |
| Baxter International, Inc. | 106875 | &nbsp;&nbsp;&nbsp;&nbsp;5808656 |
| Becton, Dickinson & Co. | &nbsp;&nbsp;33503 | &nbsp;&nbsp;&nbsp;&nbsp;7905703 |
| Boston Scientific Corp. \* | 115363 | &nbsp;&nbsp;&nbsp;&nbsp;4973299 |
| Cardinal Health, Inc. | 211564 | &nbsp;&nbsp;&nbsp;&nbsp;16057708 |
| Centene Corp. \* | 167648 | &nbsp;&nbsp;&nbsp;&nbsp;14271874 |
| Cigna Corp. | &nbsp;&nbsp;93784 | &nbsp;&nbsp;&nbsp;&nbsp;30297859 |
| CVS Health Corp. | 566436 | &nbsp;&nbsp;&nbsp;&nbsp;53641489 |
| DaVita, Inc. \* | &nbsp;&nbsp;46595 | &nbsp;&nbsp;&nbsp;&nbsp;3401901 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;58376 | &nbsp;&nbsp;&nbsp;&nbsp;1799148 |
| Edwards Lifesciences Corp. \* | &nbsp;&nbsp;24791 | &nbsp;&nbsp;&nbsp;&nbsp;1795612 |
| Elevance Health, Inc. | &nbsp;&nbsp;73716 | &nbsp;&nbsp;&nbsp;&nbsp;40305697 |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202804 |
| Encompass Health Corp. | &nbsp;&nbsp;29164 | &nbsp;&nbsp;&nbsp;&nbsp;1587688 |
| Enhabit, Inc. \* | &nbsp;&nbsp;14880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184810 |
| Envista Holdings Corp. \* | &nbsp;&nbsp;33640 | &nbsp;&nbsp;&nbsp;&nbsp;1110457 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;57581 | &nbsp;&nbsp;&nbsp;&nbsp;12522140 |
| Henry Schein, Inc. \* | &nbsp;&nbsp;45320 | &nbsp;&nbsp;&nbsp;&nbsp;3102607 |
| Hologic, Inc. \* | &nbsp;&nbsp;32790 | &nbsp;&nbsp;&nbsp;&nbsp;2223162 |
| Humana, Inc. | &nbsp;&nbsp;48232 | &nbsp;&nbsp;&nbsp;&nbsp;26917315 |
| IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3254 | &nbsp;&nbsp;&nbsp;&nbsp;1170399 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp;14573 | &nbsp;&nbsp;&nbsp;&nbsp;3591807 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;21252 | &nbsp;&nbsp;&nbsp;&nbsp;4714969 |
| McKesson Corp. | &nbsp;&nbsp;48409 | &nbsp;&nbsp;&nbsp;&nbsp;18849012 |
| Medtronic plc | 291422 | &nbsp;&nbsp;&nbsp;&nbsp;25452798 |
| Molina Healthcare, Inc. \* | &nbsp;&nbsp;11327 | &nbsp;&nbsp;&nbsp;&nbsp;4064807 |
| Patterson Cos., Inc. | &nbsp;&nbsp;44685 | &nbsp;&nbsp;&nbsp;&nbsp;1160470 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;38997 | &nbsp;&nbsp;&nbsp;&nbsp;5601919 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8744 | &nbsp;&nbsp;&nbsp;&nbsp;1955945 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;8715 | &nbsp;&nbsp;&nbsp;&nbsp;1504035 |
| Stryker Corp. | &nbsp;&nbsp;35341 | &nbsp;&nbsp;&nbsp;&nbsp;8101571 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5001 | &nbsp;&nbsp;&nbsp;&nbsp;1073015 |

---

<sub>26</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Tenet Healthcare Corp. \* | &nbsp;&nbsp;39973 | &nbsp;&nbsp;&nbsp;&nbsp;1773202 |
| The Cooper Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4523 | &nbsp;&nbsp;&nbsp;&nbsp;1236543 |
| UnitedHealth Group, Inc. | 159949 | &nbsp;&nbsp;&nbsp;&nbsp;88795687 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;43859 | &nbsp;&nbsp;&nbsp;&nbsp;5081942 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;37497 | &nbsp;&nbsp;&nbsp;&nbsp;4250285 |
| Zimvie, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54172 |
|  |  | **429407267** |
| &nbsp;&nbsp;**Household & Personal Products 1.3%** | &nbsp;&nbsp;**Household & Personal Products 1.3%** | &nbsp;&nbsp;**Household & Personal Products 1.3%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;34508 | &nbsp;&nbsp;&nbsp;&nbsp;2558078 |
| Colgate-Palmolive Co. | 140028 | &nbsp;&nbsp;&nbsp;&nbsp;10339668 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;68438 | &nbsp;&nbsp;&nbsp;&nbsp;8517793 |
| Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;30271 | &nbsp;&nbsp;&nbsp;&nbsp;1156050 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;17543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809434 |
| The Clorox Co. | &nbsp;&nbsp;24457 | &nbsp;&nbsp;&nbsp;&nbsp;3571700 |
| The Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;17588 | &nbsp;&nbsp;&nbsp;&nbsp;3526218 |
| The Procter & Gamble Co. | 392173 | &nbsp;&nbsp;&nbsp;&nbsp;52813938 |
|  |  | &nbsp;&nbsp;&nbsp;**83292879** |
| &nbsp;&nbsp;**Insurance 3.9%** | &nbsp;&nbsp;**Insurance 3.9%** | &nbsp;&nbsp;**Insurance 3.9%** |
| Aflac, Inc. | 219623 | &nbsp;&nbsp;&nbsp;&nbsp;14299653 |
| American Financial Group, Inc. | &nbsp;&nbsp;15922 | &nbsp;&nbsp;&nbsp;&nbsp;2310441 |
| American International Group, Inc. | 430832 | &nbsp;&nbsp;&nbsp;&nbsp;24557424 |
| Aon plc, Class A | &nbsp;&nbsp;31513 | &nbsp;&nbsp;&nbsp;&nbsp;8870594 |
| Arch Capital Group Ltd. \* | &nbsp;&nbsp;56800 | &nbsp;&nbsp;&nbsp;&nbsp;3266000 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;18437 | &nbsp;&nbsp;&nbsp;&nbsp;3449194 |
| Assurant, Inc. | &nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;1440116 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;38300 | &nbsp;&nbsp;&nbsp;&nbsp;2266977 |
| Brown & Brown, Inc. | &nbsp;&nbsp;22296 | &nbsp;&nbsp;&nbsp;&nbsp;1310782 |
| Chubb Ltd. | &nbsp;&nbsp;81072 | &nbsp;&nbsp;&nbsp;&nbsp;17421562 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;31738 | &nbsp;&nbsp;&nbsp;&nbsp;3279170 |
| CNO Financial Group, Inc. | 109145 | &nbsp;&nbsp;&nbsp;&nbsp;2407739 |
| Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9548 | &nbsp;&nbsp;&nbsp;&nbsp;3080758 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;80078 | &nbsp;&nbsp;&nbsp;&nbsp;3153472 |
| First American Financial Corp. | &nbsp;&nbsp;41365 | &nbsp;&nbsp;&nbsp;&nbsp;2084796 |
| Genworth Financial, Inc., Class A \* | 503914 | &nbsp;&nbsp;&nbsp;&nbsp;2353278 |
| Globe Life, Inc. | &nbsp;&nbsp;29561 | &nbsp;&nbsp;&nbsp;&nbsp;3414887 |
| Kemper Corp. | &nbsp;&nbsp;26186 | &nbsp;&nbsp;&nbsp;&nbsp;1248287 |
| Lincoln National Corp. | &nbsp;&nbsp;80692 | &nbsp;&nbsp;&nbsp;&nbsp;4346878 |
| Loews Corp. | &nbsp;&nbsp;70197 | &nbsp;&nbsp;&nbsp;&nbsp;4002633 |
| Markel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp;2606382 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;57679 | &nbsp;&nbsp;&nbsp;&nbsp;9314582 |
| MetLife, Inc. | 260302 | &nbsp;&nbsp;&nbsp;&nbsp;19056709 |
| Old Republic International Corp. | 110627 | &nbsp;&nbsp;&nbsp;&nbsp;2567653 |
| Primerica, Inc. | &nbsp;&nbsp;11623 | &nbsp;&nbsp;&nbsp;&nbsp;1681848 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;76088 | &nbsp;&nbsp;&nbsp;&nbsp;6705635 |
| Prudential Financial, Inc. | 163559 | &nbsp;&nbsp;&nbsp;&nbsp;17204771 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;26409 | &nbsp;&nbsp;&nbsp;&nbsp;3886612 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8692 | &nbsp;&nbsp;&nbsp;&nbsp;1344479 |
| The Allstate Corp. | 132235 | &nbsp;&nbsp;&nbsp;&nbsp;16694669 |
| The Hanover Insurance Group, Inc. | &nbsp;&nbsp;12436 | &nbsp;&nbsp;&nbsp;&nbsp;1821750 |
| The Hartford Financial Services Group, Inc. | 117591 | &nbsp;&nbsp;&nbsp;&nbsp;8514764 |
| The Progressive Corp. | 112119 | &nbsp;&nbsp;&nbsp;&nbsp;14396080 |
| The Travelers Cos., Inc. | 124841 | &nbsp;&nbsp;&nbsp;&nbsp;23028171 |
| Unum Group | 132283 | &nbsp;&nbsp;&nbsp;&nbsp;6030782 |
| W.R. Berkley Corp. | &nbsp;&nbsp;39504 | &nbsp;&nbsp;&nbsp;&nbsp;2938307 |
| Willis Towers Watson plc | &nbsp;&nbsp;18714 | &nbsp;&nbsp;&nbsp;&nbsp;4083582 |
|  |  | **250441417** |
| &nbsp;&nbsp;**Materials 3.1%** | &nbsp;&nbsp;**Materials 3.1%** | &nbsp;&nbsp;**Materials 3.1%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;31678 | &nbsp;&nbsp;&nbsp;&nbsp;7932171 |
| Albemarle Corp. | &nbsp;&nbsp;10242 | &nbsp;&nbsp;&nbsp;&nbsp;2866429 |
| Alcoa Corp. | &nbsp;&nbsp;59177 | &nbsp;&nbsp;&nbsp;&nbsp;2309678 |
| AptarGroup, Inc. | &nbsp;&nbsp;13055 | &nbsp;&nbsp;&nbsp;&nbsp;1294403 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Arconic Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;73347 | &nbsp;&nbsp;&nbsp;&nbsp;1522684 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14846 | &nbsp;&nbsp;&nbsp;&nbsp;2517139 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;50916 | &nbsp;&nbsp;&nbsp;&nbsp;1187361 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41708 | &nbsp;&nbsp;&nbsp;&nbsp;2059958 |
| Berry Global Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38647 | &nbsp;&nbsp;&nbsp;&nbsp;1828776 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34856 | &nbsp;&nbsp;&nbsp;&nbsp;3350359 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40838 | &nbsp;&nbsp;&nbsp;&nbsp;4339446 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;45898 | &nbsp;&nbsp;&nbsp;&nbsp;2088359 |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94916 | &nbsp;&nbsp;&nbsp;&nbsp;6201811 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23133 | &nbsp;&nbsp;&nbsp;&nbsp;1586692 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;196345 | &nbsp;&nbsp;&nbsp;&nbsp;9177165 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;212003 | &nbsp;&nbsp;&nbsp;&nbsp;12126572 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;53187 | &nbsp;&nbsp;&nbsp;&nbsp;4085293 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40082 | &nbsp;&nbsp;&nbsp;&nbsp;6295680 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15244 | &nbsp;&nbsp;&nbsp;&nbsp;1812512 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;170527 | &nbsp;&nbsp;&nbsp;&nbsp;5404001 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;99582 | &nbsp;&nbsp;&nbsp;&nbsp;2286403 |
| Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81566 | &nbsp;&nbsp;&nbsp;&nbsp;2182706 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20304 | &nbsp;&nbsp;&nbsp;&nbsp;1981873 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;192303 | &nbsp;&nbsp;&nbsp;&nbsp;6463304 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;67996 | &nbsp;&nbsp;&nbsp;&nbsp;20218611 |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22554 | &nbsp;&nbsp;&nbsp;&nbsp;1277684 |
| LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;128778 | &nbsp;&nbsp;&nbsp;&nbsp;9845078 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804 | &nbsp;&nbsp;&nbsp;&nbsp;2957968 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;134295 | &nbsp;&nbsp;&nbsp;&nbsp;5683364 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89178 | &nbsp;&nbsp;&nbsp;&nbsp;11716206 |
| O-I Glass, Inc. \* | &nbsp;&nbsp;&nbsp;137099 | &nbsp;&nbsp;&nbsp;&nbsp;2236085 |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33080 | &nbsp;&nbsp;&nbsp;&nbsp;1751586 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;26955 | &nbsp;&nbsp;&nbsp;&nbsp;3240261 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61019 | &nbsp;&nbsp;&nbsp;&nbsp;6967149 |
| Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;30158 | &nbsp;&nbsp;&nbsp;&nbsp;6076234 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24046 | &nbsp;&nbsp;&nbsp;&nbsp;2274030 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38476 | &nbsp;&nbsp;&nbsp;&nbsp;1832227 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;36667 | &nbsp;&nbsp;&nbsp;&nbsp;2276287 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69902 | &nbsp;&nbsp;&nbsp;&nbsp;6574283 |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34645 | &nbsp;&nbsp;&nbsp;&nbsp;1668850 |
| The Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;60488 | &nbsp;&nbsp;&nbsp;&nbsp;1731771 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;84666 | &nbsp;&nbsp;&nbsp;&nbsp;4550798 |
| The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;20179 | &nbsp;&nbsp;&nbsp;&nbsp;4540880 |
| United States Steel Corp. | &nbsp;&nbsp;&nbsp;123577 | &nbsp;&nbsp;&nbsp;&nbsp;2516028 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;17445 | &nbsp;&nbsp;&nbsp;&nbsp;2855747 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47012 | &nbsp;&nbsp;&nbsp;&nbsp;1746026 |
| WestRock Co. | &nbsp;&nbsp;&nbsp;161435 | &nbsp;&nbsp;&nbsp;&nbsp;5498476 |
|  |  | **202936404** |
| &nbsp;&nbsp;**Media & Entertainment 4.2%** | &nbsp;&nbsp;**Media & Entertainment 4.2%** | &nbsp;&nbsp;**Media & Entertainment 4.2%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86411 | &nbsp;&nbsp;&nbsp;&nbsp;6290721 |
| Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;476098 | &nbsp;&nbsp;&nbsp;&nbsp;44996022 |
| Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;446947 | &nbsp;&nbsp;&nbsp;&nbsp;42308003 |
| Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;43832 | &nbsp;&nbsp;&nbsp;&nbsp;16113520 |
| Comcast Corp., Class A | 1421028 | &nbsp;&nbsp;&nbsp;&nbsp;45103429 |
| DISH Network Corp., Class A \* | &nbsp;&nbsp;&nbsp;127191 | &nbsp;&nbsp;&nbsp;&nbsp;1896418 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44543 | &nbsp;&nbsp;&nbsp;&nbsp;5610636 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;97294 | &nbsp;&nbsp;&nbsp;&nbsp;2808878 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;45907 | &nbsp;&nbsp;&nbsp;&nbsp;1248670 |
| Liberty Media Corp. - Liberty SiriusXM, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;45340 | &nbsp;&nbsp;&nbsp;&nbsp;1924230 |
| Liberty Media Corp. - Liberty SiriusXM, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;80762 | &nbsp;&nbsp;&nbsp;&nbsp;3407349 |
| Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;298977 | &nbsp;&nbsp;&nbsp;&nbsp;27852697 |
| Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15999 | &nbsp;&nbsp;&nbsp;&nbsp;4669788 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;115532 | &nbsp;&nbsp;&nbsp;&nbsp;1949025 |
| News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;34440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589957 |
| Nexstar Media Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9474 | &nbsp;&nbsp;&nbsp;&nbsp;1622896 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69567 | &nbsp;&nbsp;&nbsp;&nbsp;5060999 |
| Paramount Global, Class B | &nbsp;&nbsp;&nbsp;282919 | &nbsp;&nbsp;&nbsp;&nbsp;5183076 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14329 | &nbsp;&nbsp;&nbsp;&nbsp;1697700 |

---

<sub>27</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66098 | &nbsp;&nbsp;&nbsp;&nbsp;1380126 |
| The Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94212 | &nbsp;&nbsp;&nbsp;&nbsp;2806576 |
| The Walt Disney Co. \* | &nbsp;&nbsp;&nbsp;317835 | &nbsp;&nbsp;&nbsp;&nbsp;33862141 |
| Warner Bros Discovery, Inc. \* | &nbsp;&nbsp;&nbsp;871783 | &nbsp;&nbsp;&nbsp;&nbsp;11333179 |
|  |  | **269716036** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.8%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.8%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 6.8%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;236011 | &nbsp;&nbsp;&nbsp;&nbsp;34552010 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29511 | &nbsp;&nbsp;&nbsp;&nbsp;4082847 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;151440 | &nbsp;&nbsp;&nbsp;&nbsp;40941804 |
| Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;54455 | &nbsp;&nbsp;&nbsp;&nbsp;15434725 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;333561 | &nbsp;&nbsp;&nbsp;&nbsp;25840971 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36068 | &nbsp;&nbsp;&nbsp;&nbsp;9077234 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;44375 | &nbsp;&nbsp;&nbsp;&nbsp;16067744 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;554238 | &nbsp;&nbsp;&nbsp;&nbsp;43485513 |
| ICON plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7382 | &nbsp;&nbsp;&nbsp;&nbsp;1460455 |
| Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10059 | &nbsp;&nbsp;&nbsp;&nbsp;2301700 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27707 | &nbsp;&nbsp;&nbsp;&nbsp;5809327 |
| Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp;14049 | &nbsp;&nbsp;&nbsp;&nbsp;2020106 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;479943 | &nbsp;&nbsp;&nbsp;&nbsp;83495684 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;505468 | &nbsp;&nbsp;&nbsp;&nbsp;51153362 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp;2235131 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9625 | &nbsp;&nbsp;&nbsp;&nbsp;1285708 |
| Perrigo Co., plc | &nbsp;&nbsp;&nbsp;&nbsp;59762 | &nbsp;&nbsp;&nbsp;&nbsp;2407213 |
| Pfizer, Inc. | 1288454 | &nbsp;&nbsp;&nbsp;&nbsp;59977534 |
| Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;7363956 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28889 | &nbsp;&nbsp;&nbsp;&nbsp;14848079 |
| United Therapeutics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;&nbsp;&nbsp;2007916 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912 | &nbsp;&nbsp;&nbsp;&nbsp;3092544 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;504101 | &nbsp;&nbsp;&nbsp;&nbsp;5106543 |
| Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8408 | &nbsp;&nbsp;&nbsp;&nbsp;2515421 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28301 | &nbsp;&nbsp;&nbsp;&nbsp;4267225 |
|  |  | **440830752** |
| &nbsp;&nbsp;**Real Estate 1.8%** | &nbsp;&nbsp;**Real Estate 1.8%** | &nbsp;&nbsp;**Real Estate 1.8%** |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11680 | &nbsp;&nbsp;&nbsp;&nbsp;1697104 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33813 | &nbsp;&nbsp;&nbsp;&nbsp;7005715 |
| Anywhere Real Estate, Inc. \* | &nbsp;&nbsp;&nbsp;140800 | &nbsp;&nbsp;&nbsp;&nbsp;1046144 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16744 | &nbsp;&nbsp;&nbsp;&nbsp;2932209 |
| Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32587 | &nbsp;&nbsp;&nbsp;&nbsp;2369075 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75128 | &nbsp;&nbsp;&nbsp;&nbsp;1600978 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;10202 | &nbsp;&nbsp;&nbsp;&nbsp;1178841 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;68890 | &nbsp;&nbsp;&nbsp;&nbsp;4887057 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42148 | &nbsp;&nbsp;&nbsp;&nbsp;5616643 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29611 | &nbsp;&nbsp;&nbsp;&nbsp;2968503 |
| DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989274 |
| Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;626582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852152 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7661 | &nbsp;&nbsp;&nbsp;&nbsp;4339497 |
| Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;52101 | &nbsp;&nbsp;&nbsp;&nbsp;3283405 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7388 | &nbsp;&nbsp;&nbsp;&nbsp;1641909 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9111 | &nbsp;&nbsp;&nbsp;&nbsp;1616656 |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;11591 | &nbsp;&nbsp;&nbsp;&nbsp;1147277 |
| Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30978 | &nbsp;&nbsp;&nbsp;&nbsp;1552617 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88596 | &nbsp;&nbsp;&nbsp;&nbsp;2102383 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;263699 | &nbsp;&nbsp;&nbsp;&nbsp;4978637 |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47091 | &nbsp;&nbsp;&nbsp;&nbsp;1492314 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70304 | &nbsp;&nbsp;&nbsp;&nbsp;3520121 |
| Jones Lang LaSalle, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18676 | &nbsp;&nbsp;&nbsp;&nbsp;2971165 |
| Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83124 | &nbsp;&nbsp;&nbsp;&nbsp;1777191 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15241 | &nbsp;&nbsp;&nbsp;&nbsp;1405677 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784359 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12134 | &nbsp;&nbsp;&nbsp;&nbsp;1910498 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48232 | &nbsp;&nbsp;&nbsp;&nbsp;1532813 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;126501 | &nbsp;&nbsp;&nbsp;&nbsp;1654633 |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50711 | &nbsp;&nbsp;&nbsp;&nbsp;5616243 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;11161 | &nbsp;&nbsp;&nbsp;&nbsp;3457120 |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38418 | &nbsp;&nbsp;&nbsp;&nbsp;2392289 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24258 | &nbsp;&nbsp;&nbsp;&nbsp;1467852 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071 | &nbsp;&nbsp;&nbsp;&nbsp;1098763 |
| Service Properties Trust | &nbsp;&nbsp;&nbsp;251730 | &nbsp;&nbsp;&nbsp;&nbsp;2041530 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61165 | &nbsp;&nbsp;&nbsp;&nbsp;6665762 |
| SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30887 | &nbsp;&nbsp;&nbsp;&nbsp;1225596 |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573 | &nbsp;&nbsp;&nbsp;&nbsp;1156069 |
| The Macerich Co. | &nbsp;&nbsp;&nbsp;107511 | &nbsp;&nbsp;&nbsp;&nbsp;1196597 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32233 | &nbsp;&nbsp;&nbsp;&nbsp;1281584 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;112758 | &nbsp;&nbsp;&nbsp;&nbsp;4412221 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43565 | &nbsp;&nbsp;&nbsp;&nbsp;1394951 |
| Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;64933 | &nbsp;&nbsp;&nbsp;&nbsp;1531769 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81576 | &nbsp;&nbsp;&nbsp;&nbsp;4979399 |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;189867 | &nbsp;&nbsp;&nbsp;&nbsp;5872586 |
| WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20335 | &nbsp;&nbsp;&nbsp;&nbsp;1551561 |
|  |  | **118196739** |
| &nbsp;&nbsp;**Retailing 4.4%** | &nbsp;&nbsp;**Retailing 4.4%** | &nbsp;&nbsp;**Retailing 4.4%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16632 | &nbsp;&nbsp;&nbsp;&nbsp;3158749 |
| Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;435485 | &nbsp;&nbsp;&nbsp;&nbsp;44611083 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970030 |
| Asbury Automotive Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441 | &nbsp;&nbsp;&nbsp;&nbsp;1331568 |
| AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26763 | &nbsp;&nbsp;&nbsp;&nbsp;2845175 |
| AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;4270436 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63658 | &nbsp;&nbsp;&nbsp;&nbsp;2124904 |
| Bed Bath & Beyond, Inc. *\*(b)* | &nbsp;&nbsp;&nbsp;243759 | &nbsp;&nbsp;&nbsp;&nbsp;1113979 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;136397 | &nbsp;&nbsp;&nbsp;&nbsp;9330919 |
| Big Lots, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59804 | &nbsp;&nbsp;&nbsp;&nbsp;1128501 |
| Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8115 | &nbsp;&nbsp;&nbsp;&nbsp;1160120 |
| CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;45725 | &nbsp;&nbsp;&nbsp;&nbsp;2881132 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21442 | &nbsp;&nbsp;&nbsp;&nbsp;2439242 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52677 | &nbsp;&nbsp;&nbsp;&nbsp;13435269 |
| Dollar Tree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;46113 | &nbsp;&nbsp;&nbsp;&nbsp;7308911 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;223567 | &nbsp;&nbsp;&nbsp;&nbsp;8906909 |
| Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71415 | &nbsp;&nbsp;&nbsp;&nbsp;2263856 |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;36021 | &nbsp;&nbsp;&nbsp;&nbsp;6406695 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11609 | &nbsp;&nbsp;&nbsp;&nbsp;2008357 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;192866 | &nbsp;&nbsp;&nbsp;&nbsp;5776337 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 | &nbsp;&nbsp;&nbsp;&nbsp;1618886 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72631 | &nbsp;&nbsp;&nbsp;&nbsp;4041189 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;113605 | &nbsp;&nbsp;&nbsp;&nbsp;22147295 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;272470 | &nbsp;&nbsp;&nbsp;&nbsp;5681000 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12523 | &nbsp;&nbsp;&nbsp;&nbsp;3938609 |
| Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99179 | &nbsp;&nbsp;&nbsp;&nbsp;2017301 |
| O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10613 | &nbsp;&nbsp;&nbsp;&nbsp;8884885 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14728 | &nbsp;&nbsp;&nbsp;&nbsp;1643939 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927293 |
| Qurate Retail, Inc., Class A | &nbsp;&nbsp;&nbsp;747216 | &nbsp;&nbsp;&nbsp;&nbsp;1748485 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64525 | &nbsp;&nbsp;&nbsp;&nbsp;6174397 |
| Target Corp. | &nbsp;&nbsp;&nbsp;155648 | &nbsp;&nbsp;&nbsp;&nbsp;25565184 |
| The Gap, Inc. | &nbsp;&nbsp;&nbsp;199127 | &nbsp;&nbsp;&nbsp;&nbsp;2244161 |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;151726 | &nbsp;&nbsp;&nbsp;&nbsp;44930620 |
| The ODP Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;58274 | &nbsp;&nbsp;&nbsp;&nbsp;2305902 |
| The TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;236405 | &nbsp;&nbsp;&nbsp;&nbsp;17044801 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;17663 | &nbsp;&nbsp;&nbsp;&nbsp;3881798 |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593 | &nbsp;&nbsp;&nbsp;&nbsp;2764906 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15728 | &nbsp;&nbsp;&nbsp;&nbsp;1947598 |
|  |  | **282980421** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 3.1%** |
| Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;59506 | &nbsp;&nbsp;&nbsp;&nbsp;3573930 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41845 | &nbsp;&nbsp;&nbsp;&nbsp;5967934 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;128024 | &nbsp;&nbsp;&nbsp;&nbsp;11303239 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42900 | &nbsp;&nbsp;&nbsp;&nbsp;20168148 |
| Intel Corp. | 2145277 | &nbsp;&nbsp;&nbsp;&nbsp;60990225 |

---

<sub>28</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12667 | &nbsp;&nbsp;&nbsp;&nbsp;4008472 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15329 | &nbsp;&nbsp;&nbsp;&nbsp;6204873 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36347 | &nbsp;&nbsp;&nbsp;&nbsp;1442249 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48857 | &nbsp;&nbsp;&nbsp;&nbsp;3016431 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;307298 | &nbsp;&nbsp;&nbsp;&nbsp;16624822 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817803 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48115 | &nbsp;&nbsp;&nbsp;&nbsp;6494081 |
| NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp;&nbsp;39136 | &nbsp;&nbsp;&nbsp;&nbsp;5716987 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;41999 | &nbsp;&nbsp;&nbsp;&nbsp;2579999 |
| Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;27764 | &nbsp;&nbsp;&nbsp;&nbsp;2389925 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;182232 | &nbsp;&nbsp;&nbsp;&nbsp;21441417 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44818 | &nbsp;&nbsp;&nbsp;&nbsp;3854796 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19077 | &nbsp;&nbsp;&nbsp;&nbsp;1551914 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;132987 | &nbsp;&nbsp;&nbsp;&nbsp;21361702 |
|  |  | **199508947** |
| &nbsp;&nbsp;**Software & Services 5.9%** | &nbsp;&nbsp;**Software & Services 5.9%** | &nbsp;&nbsp;**Software & Services 5.9%** |
| Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;70835 | &nbsp;&nbsp;&nbsp;&nbsp;20110056 |
| Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23334 | &nbsp;&nbsp;&nbsp;&nbsp;7431879 |
| Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26699 | &nbsp;&nbsp;&nbsp;&nbsp;2358323 |
| Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41016 | &nbsp;&nbsp;&nbsp;&nbsp;3540091 |
| ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5114 | &nbsp;&nbsp;&nbsp;&nbsp;1131012 |
| Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7253 | &nbsp;&nbsp;&nbsp;&nbsp;1554318 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44745 | &nbsp;&nbsp;&nbsp;&nbsp;10814866 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16162 | &nbsp;&nbsp;&nbsp;&nbsp;2425270 |
| Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13140 | &nbsp;&nbsp;&nbsp;&nbsp;1989265 |
| Check Point Software Technologies Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;20095 | &nbsp;&nbsp;&nbsp;&nbsp;2596877 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;172949 | &nbsp;&nbsp;&nbsp;&nbsp;10766075 |
| DXC Technology Co. \* | &nbsp;&nbsp;&nbsp;130775 | &nbsp;&nbsp;&nbsp;&nbsp;3759781 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82031 | &nbsp;&nbsp;&nbsp;&nbsp;6807753 |
| Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49036 | &nbsp;&nbsp;&nbsp;&nbsp;5037959 |
| FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12927 | &nbsp;&nbsp;&nbsp;&nbsp;2405973 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38073 | &nbsp;&nbsp;&nbsp;&nbsp;1846540 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29930 | &nbsp;&nbsp;&nbsp;&nbsp;3419802 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;357435 | &nbsp;&nbsp;&nbsp;&nbsp;49429686 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14198 | &nbsp;&nbsp;&nbsp;&nbsp;6069645 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276 | &nbsp;&nbsp;&nbsp;&nbsp;1846481 |
| Kyndryl Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;386809 | &nbsp;&nbsp;&nbsp;&nbsp;3740443 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;52960 | &nbsp;&nbsp;&nbsp;&nbsp;17380413 |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23502 | &nbsp;&nbsp;&nbsp;&nbsp;1449368 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;515259 | &nbsp;&nbsp;119607072 |
| NCR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;54812 | &nbsp;&nbsp;&nbsp;&nbsp;1165303 |
| NortonLifeLock, Inc. | &nbsp;&nbsp;&nbsp;125415 | &nbsp;&nbsp;&nbsp;&nbsp;2825600 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;404181 | &nbsp;&nbsp;&nbsp;&nbsp;31554411 |
| Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934 | &nbsp;&nbsp;&nbsp;&nbsp;1189805 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34519 | &nbsp;&nbsp;&nbsp;&nbsp;4083943 |
| PayPal Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;101642 | &nbsp;&nbsp;&nbsp;&nbsp;8495238 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635 | &nbsp;&nbsp;&nbsp;&nbsp;3579553 |
| Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33438 | &nbsp;&nbsp;&nbsp;&nbsp;5436684 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27024 | &nbsp;&nbsp;&nbsp;&nbsp;1389574 |
| Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292 | &nbsp;&nbsp;&nbsp;&nbsp;1840725 |
| The Western Union Co. | &nbsp;&nbsp;&nbsp;184983 | &nbsp;&nbsp;&nbsp;&nbsp;2499120 |
| VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7233 | &nbsp;&nbsp;&nbsp;&nbsp;1449927 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;115381 | &nbsp;&nbsp;&nbsp;&nbsp;23902328 |
| VMware, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26904 | &nbsp;&nbsp;&nbsp;&nbsp;3027507 |
|  |  | **379958666** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 6.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 6.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 6.7%** |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;63145 | &nbsp;&nbsp;&nbsp;&nbsp;4788285 |
| Apple Inc. | 1717697 | &nbsp;&nbsp;263391658 |
| Arrow Electronics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51362 | &nbsp;&nbsp;&nbsp;&nbsp;5200916 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;150835 | &nbsp;&nbsp;&nbsp;&nbsp;6062059 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23492 | &nbsp;&nbsp;&nbsp;&nbsp;4059653 |
| Ciena Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;26638 | &nbsp;&nbsp;&nbsp;&nbsp;1275960 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Cisco Systems, Inc. | 1306580 | &nbsp;&nbsp;&nbsp;&nbsp;59357929 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;294397 | &nbsp;&nbsp;&nbsp;&nbsp;9470751 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;38688 | &nbsp;&nbsp;&nbsp;&nbsp;1485619 |
| F5, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp;1810670 |
| Flex Ltd. \* | &nbsp;&nbsp;&nbsp;252457 | &nbsp;&nbsp;&nbsp;&nbsp;4943108 |
| Hewlett Packard Enterprise Co. | 1068652 | &nbsp;&nbsp;&nbsp;&nbsp;15249664 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;368348 | &nbsp;&nbsp;&nbsp;&nbsp;10173772 |
| Insight Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14927 | &nbsp;&nbsp;&nbsp;&nbsp;1410751 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67042 | &nbsp;&nbsp;&nbsp;&nbsp;4307448 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;134805 | &nbsp;&nbsp;&nbsp;&nbsp;4125033 |
| Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;10128 | &nbsp;&nbsp;&nbsp;&nbsp;1763791 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17715 | &nbsp;&nbsp;&nbsp;&nbsp;4423613 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65033 | &nbsp;&nbsp;&nbsp;&nbsp;4504836 |
| Sanmina Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;52587 | &nbsp;&nbsp;&nbsp;&nbsp;2947501 |
| Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;68065 | &nbsp;&nbsp;&nbsp;&nbsp;3380108 |
| TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58619 | &nbsp;&nbsp;&nbsp;&nbsp;7165000 |
| Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546 | &nbsp;&nbsp;&nbsp;&nbsp;1809217 |
| Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23304 | &nbsp;&nbsp;&nbsp;&nbsp;1401969 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63668 | &nbsp;&nbsp;&nbsp;&nbsp;1331298 |
| Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;164946 | &nbsp;&nbsp;&nbsp;&nbsp;5669194 |
| Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;167776 | &nbsp;&nbsp;&nbsp;&nbsp;2454563 |
| Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 | &nbsp;&nbsp;&nbsp;&nbsp;1293183 |
|  |  | **435257549** |
| &nbsp;&nbsp;**Telecommunication Services 3.3%** | &nbsp;&nbsp;**Telecommunication Services 3.3%** | &nbsp;&nbsp;**Telecommunication Services 3.3%** |
| AT&T, Inc. | 5810605 | &nbsp;&nbsp;105927329 |
| Liberty Global plc, Class A \* | &nbsp;&nbsp;&nbsp;110618 | &nbsp;&nbsp;&nbsp;&nbsp;1865019 |
| Liberty Global plc, Class C \* | &nbsp;&nbsp;&nbsp;215177 | &nbsp;&nbsp;&nbsp;&nbsp;3800026 |
| Liberty Latin America Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;29005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225659 |
| Liberty Latin America Ltd., Class C \* | &nbsp;&nbsp;&nbsp;108349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844039 |
| Lumen Technologies, Inc. | 1107205 | &nbsp;&nbsp;&nbsp;&nbsp;8149029 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;101652 | &nbsp;&nbsp;&nbsp;&nbsp;1728084 |
| T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;89471 | &nbsp;&nbsp;&nbsp;&nbsp;13560225 |
| Verizon Communications, Inc. | 1973007 | &nbsp;&nbsp;&nbsp;&nbsp;73731271 |
|  |  | **209830681** |
| &nbsp;&nbsp;**Transportation 1.9%** | &nbsp;&nbsp;**Transportation 1.9%** | &nbsp;&nbsp;**Transportation 1.9%** |
| American Airlines Group, Inc. \* | &nbsp;&nbsp;&nbsp;125040 | &nbsp;&nbsp;&nbsp;&nbsp;1773067 |
| Avis Budget Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;14864 | &nbsp;&nbsp;&nbsp;&nbsp;3514741 |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50337 | &nbsp;&nbsp;&nbsp;&nbsp;4918932 |
| CSX Corp. | &nbsp;&nbsp;&nbsp;496757 | &nbsp;&nbsp;&nbsp;&nbsp;14435758 |
| Delta Air Lines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;80928 | &nbsp;&nbsp;&nbsp;&nbsp;2745887 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40039 | &nbsp;&nbsp;&nbsp;&nbsp;3917816 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92137 | &nbsp;&nbsp;&nbsp;&nbsp;14767718 |
| GXO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;25627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936411 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17393 | &nbsp;&nbsp;&nbsp;&nbsp;2975420 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44007 | &nbsp;&nbsp;&nbsp;&nbsp;2113656 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11277 | &nbsp;&nbsp;&nbsp;&nbsp;1761693 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54423 | &nbsp;&nbsp;&nbsp;&nbsp;12412254 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9590 | &nbsp;&nbsp;&nbsp;&nbsp;2633414 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43941 | &nbsp;&nbsp;&nbsp;&nbsp;3537690 |
| Southwest Airlines Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;66531 | &nbsp;&nbsp;&nbsp;&nbsp;2418402 |
| Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;51108 | &nbsp;&nbsp;&nbsp;&nbsp;1357940 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;135718 | &nbsp;&nbsp;&nbsp;&nbsp;26755447 |
| United Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;54877 | &nbsp;&nbsp;&nbsp;&nbsp;2364101 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;89530 | &nbsp;&nbsp;&nbsp;&nbsp;15020448 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30764 | &nbsp;&nbsp;&nbsp;&nbsp;1205949 |
| XPO Logistics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;32208 | &nbsp;&nbsp;&nbsp;&nbsp;1666442 |
|  |  | **123233186** |
| &nbsp;&nbsp;**Utilities 3.6%** | &nbsp;&nbsp;**Utilities 3.6%** | &nbsp;&nbsp;**Utilities 3.6%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48510 | &nbsp;&nbsp;&nbsp;&nbsp;2530767 |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56333 | &nbsp;&nbsp;&nbsp;&nbsp;4592266 |

---

<sub>29</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| American Electric Power Co., Inc. | 127658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11223691 |
| American Water Works Co., Inc. | &nbsp;&nbsp;22416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257941 |
| Atmos Energy Corp. | &nbsp;&nbsp;23962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553151 |
| Black Hills Corp. | &nbsp;&nbsp;17838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166070 |
| CenterPoint Energy, Inc. | 158659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539234 |
| CMS Energy Corp. | &nbsp;&nbsp;67729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863940 |
| Consolidated Edison, Inc. | 108872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9576381 |
| Dominion Energy, Inc. | 180052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12598238 |
| DTE Energy Co. | &nbsp;&nbsp;48785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469286 |
| Duke Energy Corp. | 213166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19862808 |
| Edison International | 112211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737148 |
| Entergy Corp. | &nbsp;&nbsp;57854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198478 |
| Evergy, Inc. | &nbsp;&nbsp;92939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681361 |
| Eversource Energy | &nbsp;&nbsp;74789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704905 |
| Exelon Corp. | 337083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13008033 |
| FirstEnergy Corp. | 192928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7275315 |
| NextEra Energy, Inc. | 240722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18655955 |
| NiSource, Inc. | 102006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620534 |
| NRG Energy, Inc. | &nbsp;&nbsp;87604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889618 |
| OGE Energy Corp. | &nbsp;&nbsp;57318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099558 |
| PG&E Corp. \* | 168442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514839 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;44423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985670 |
| Portland General Electric Co. | &nbsp;&nbsp;30976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392061 |
| PPL Corp. | 314275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8325145 |
| Public Service Enterprise Group, Inc. | 128717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7217162 |
| Sempra Energy | &nbsp;&nbsp;58186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782595 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;20484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496766 |
| The AES Corp. | 253723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637394 |
| The Southern Co. | 273802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17928555 |
| UGI Corp. | &nbsp;&nbsp;80134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831134 |
| Vistra Corp. | 251866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785362 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;63385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788952 |
| Xcel Energy, Inc. | 121923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**232728720** |
| **Total Common Stocks<br> (Cost $3,916,158,604)** | **Total Common Stocks<br> (Cost $3,916,158,604)** | **6445361530** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBEROF SHARES | VALUE ($) |
| **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)* | 12910350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12910350 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | &nbsp;&nbsp;1099962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14010312** |
| **Total Short-Term Investments<br> (Cost $14,010,312)** | **Total Short-Term Investments<br> (Cost $14,010,312)** | &nbsp;&nbsp;&nbsp;&nbsp;**14010312** |
| **Total Investments in Securities<br> (Cost $3,930,168,916)** | **Total Investments in Securities<br> (Cost $3,930,168,916)** | **6459371842** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15920300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**435721** |

---

\* Non-income producing security.

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

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $1,058,279.

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DIVIDENDS <br> RECEIVED |
| **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** | **COMMON STOCKS 0.1% OF NET ASSETS** |
| **Diversified Financials 0.1%** | **Diversified Financials 0.1%** | **Diversified Financials 0.1%** | **Diversified Financials 0.1%** | **Diversified Financials 0.1%** | **Diversified Financials 0.1%** | **Diversified Financials 0.1%** | **Diversified Financials 0.1%** | **Diversified Financials 0.1%** |
| The Charles Schwab Corp. | $7138251 | $1173243 | ($1717031) | $970644 | ($1017428) | **$6547679** | 82185 | $62429 |

---

<sub>30</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$6445361530 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6445361530 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010312 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010312 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435721 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435721 |
| **Total** | **$6459807563** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$6459807563** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>31</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $2,326,386) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6547679 |
| Investments in securities, at value - unaffiliated (cost $3,927,842,530) including securities on loan of $1,058,279 |  | &nbsp;&nbsp;&nbsp;6452824163 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244476 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12482631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7144 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**6482680657** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099962 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19815380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170968 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22302325** |
| **Net assets** |  | **$6460378332** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$3981828678 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;2478549654 |
| **Net assets** |  | **$6460378332** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $6460378332 |  | 304807614 |  | $21.19 |

---

<sub>32</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $21,682) |  | &nbsp;&nbsp;&nbsp;$148792888 |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62429 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11652 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47141 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;**148914110** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16882430 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293924 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17176354** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;**131737756** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970644 |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(38768965) |
| Net realized gains on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;394741998 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;(11452437) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**345491240** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1017428) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(773475449) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29817 |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(774463060)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(428971820)** |
| **Decrease in net assets resulting from operations** |  | **($297234064)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>33</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Large Company Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;$131737756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114455556 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;345491240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318274828 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(774463060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865374095 |
| **Increase (decrease) in net assets resulting from operations** |  | **($297234064)** | &nbsp;&nbsp;&nbsp;**$2298104479** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($324469338)** | &nbsp;&nbsp;&nbsp;&nbsp;**($308556282)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;97191423 | &nbsp;&nbsp;&nbsp;&nbsp;$2125844925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81564828 | &nbsp;&nbsp;&nbsp;&nbsp;$1719788331 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;9796275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221297842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10503858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189909742 |
| Shares redeemed | + | &nbsp;&nbsp;(96242413) | &nbsp;&nbsp;&nbsp;&nbsp;(2085588810) | &nbsp;&nbsp;&nbsp;&nbsp;(77335254) | &nbsp;&nbsp;&nbsp;&nbsp;(1626034240) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**10745285** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$261553957** | &nbsp;&nbsp;&nbsp;&nbsp;**14733432** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$283663833** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;294062329 | &nbsp;&nbsp;&nbsp;&nbsp;$6820527777 | &nbsp;&nbsp;&nbsp;&nbsp;279328897 | &nbsp;&nbsp;&nbsp;&nbsp;$4547315747 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;10745285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360149445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14733432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273212030 |
| **End of period** |  | **304807614** | &nbsp;&nbsp;&nbsp;**$6460378332** | &nbsp;&nbsp;&nbsp;**294062329** | &nbsp;&nbsp;&nbsp;**$6820527777** |

---

<sub>34</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;$19.32 | &nbsp;&nbsp;$11.97 | &nbsp;&nbsp;$13.85 | &nbsp;&nbsp;$14.68 | &nbsp;&nbsp;$15.32 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |
| Net asset value at end of period | &nbsp;&nbsp;$15.22 | &nbsp;&nbsp;$19.32 | &nbsp;&nbsp;$11.97 | &nbsp;&nbsp;$13.85 | &nbsp;&nbsp;$14.68 |
| Total return | &nbsp;&nbsp;&nbsp;(11.37%) | &nbsp;&nbsp;&nbsp;&nbsp;63.73% | &nbsp;&nbsp;&nbsp;(10.42%) | &nbsp;&nbsp;&nbsp;&nbsp;5.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.40% |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$1631 | &nbsp;&nbsp;$1945 | &nbsp;&nbsp;$1394 | &nbsp;&nbsp;$1908 | &nbsp;&nbsp;$1782 |

---

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

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

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

<sub>35</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.9% OF NET ASSETS** | **COMMON STOCKS 99.9% OF NET ASSETS** | **COMMON STOCKS 99.9% OF NET ASSETS** |
| &nbsp;&nbsp;**Automobiles & Components 1.6%** | &nbsp;&nbsp;**Automobiles & Components 1.6%** | &nbsp;&nbsp;**Automobiles & Components 1.6%** |
| American Axle & Manufacturing Holdings, Inc. \* | 389461 | &nbsp;&nbsp;&nbsp;&nbsp;3773877 |
| Cooper-Standard Holdings, Inc. \* | 299397 | &nbsp;&nbsp;&nbsp;&nbsp;2844271 |
| Dorman Products, Inc. \* | &nbsp;&nbsp;18099 | &nbsp;&nbsp;&nbsp;&nbsp;1477240 |
| Fox Factory Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835893 |
| Gentherm, Inc. \* | &nbsp;&nbsp;24449 | &nbsp;&nbsp;&nbsp;&nbsp;1428311 |
| LCI Industries | &nbsp;&nbsp;24187 | &nbsp;&nbsp;&nbsp;&nbsp;2566483 |
| Modine Manufacturing Co. \* | 125324 | &nbsp;&nbsp;&nbsp;&nbsp;2245806 |
| Patrick Industries, Inc. | &nbsp;&nbsp;27418 | &nbsp;&nbsp;&nbsp;&nbsp;1253277 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;36239 | &nbsp;&nbsp;&nbsp;&nbsp;1374545 |
| Stoneridge, Inc. \* | &nbsp;&nbsp;50729 | &nbsp;&nbsp;&nbsp;&nbsp;1058714 |
| Tenneco, Inc., Class A \* | 256140 | &nbsp;&nbsp;&nbsp;&nbsp;5045958 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;35555 | &nbsp;&nbsp;&nbsp;&nbsp;2122278 |
|  |  | **26026653** |
| &nbsp;&nbsp;**Banks 9.6%** | &nbsp;&nbsp;**Banks 9.6%** | &nbsp;&nbsp;**Banks 9.6%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572992 |
| Ameris Bancorp | &nbsp;&nbsp;24501 | &nbsp;&nbsp;&nbsp;&nbsp;1262047 |
| Associated Banc-Corp. | 139166 | &nbsp;&nbsp;&nbsp;&nbsp;3388692 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;39386 | &nbsp;&nbsp;&nbsp;&nbsp;1360392 |
| Axos Financial, Inc. \* | &nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;1028544 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;30239 | &nbsp;&nbsp;&nbsp;&nbsp;2296652 |
| Bank OZK | &nbsp;&nbsp;71850 | &nbsp;&nbsp;&nbsp;&nbsp;3088113 |
| BankUnited, Inc. | &nbsp;&nbsp;85697 | &nbsp;&nbsp;&nbsp;&nbsp;3080807 |
| Banner Corp. | &nbsp;&nbsp;26761 | &nbsp;&nbsp;&nbsp;&nbsp;2000385 |
| BOK Financial Corp. | &nbsp;&nbsp;18854 | &nbsp;&nbsp;&nbsp;&nbsp;2077522 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;52512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722040 |
| Cadence Bank | &nbsp;&nbsp;88137 | &nbsp;&nbsp;&nbsp;&nbsp;2436988 |
| Capitol Federal Financial, Inc. | 122245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999964 |
| Cathay General Bancorp | &nbsp;&nbsp;48967 | &nbsp;&nbsp;&nbsp;&nbsp;2232895 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;28761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590176 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852989 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;56790 | &nbsp;&nbsp;&nbsp;&nbsp;1900761 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;44203 | &nbsp;&nbsp;&nbsp;&nbsp;3131341 |
| Community Bank System, Inc. | &nbsp;&nbsp;22852 | &nbsp;&nbsp;&nbsp;&nbsp;1426650 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;25390 | &nbsp;&nbsp;&nbsp;&nbsp;3936720 |
| Customers Bancorp, Inc. \* | &nbsp;&nbsp;11557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389355 |
| CVB Financial Corp. | &nbsp;&nbsp;60695 | &nbsp;&nbsp;&nbsp;&nbsp;1743160 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;19703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892152 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;24518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470010 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;11027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589614 |
| Essent Group Ltd. | &nbsp;&nbsp;55042 | &nbsp;&nbsp;&nbsp;&nbsp;2178562 |
| F.N.B. Corp. | 269436 | &nbsp;&nbsp;&nbsp;&nbsp;3893350 |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;6431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740851 |
| First BanCorp | &nbsp;&nbsp;94887 | &nbsp;&nbsp;&nbsp;&nbsp;1498266 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;12058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537425 |
| First Busey Corp. | &nbsp;&nbsp;33789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892368 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6378 | &nbsp;&nbsp;&nbsp;&nbsp;5243481 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;61773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885825 |
| First Financial Bancorp | &nbsp;&nbsp;65703 | &nbsp;&nbsp;&nbsp;&nbsp;1712877 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;26188 | &nbsp;&nbsp;&nbsp;&nbsp;1007976 |
| First Hawaiian, Inc. | 115725 | &nbsp;&nbsp;&nbsp;&nbsp;2960246 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;51444 | 2346361 |
| First Merchants Corp. | &nbsp;&nbsp;28294 | 1270401 |
| Flagstar Bancorp, Inc. | &nbsp;&nbsp;55412 | 2144444 |
| Fulton Financial Corp. | 123319 | 2248105 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;37590 | 2153155 |
| Hancock Whitney Corp. | &nbsp;&nbsp;52973 | 2959602 |
| Hanmi Financial Corp. | &nbsp;&nbsp;26303 | &nbsp;&nbsp;&nbsp;&nbsp;704394 |
| Heartland Financial USA, Inc. | &nbsp;&nbsp;20167 | &nbsp;&nbsp;&nbsp;&nbsp;994636 |
| Heritage Financial Corp. | &nbsp;&nbsp;18303 | &nbsp;&nbsp;&nbsp;&nbsp;616628 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;58735 | 1700378 |
| HomeStreet, Inc. | &nbsp;&nbsp;12496 | &nbsp;&nbsp;&nbsp;&nbsp;324396 |
| Hope Bancorp, Inc. | 111878 | 1518185 |
| Independent Bank Corp. | &nbsp;&nbsp;13728 | 1194473 |
| Independent Bank Group, Inc. | &nbsp;&nbsp;13026 | &nbsp;&nbsp;&nbsp;&nbsp;821810 |
| International Bancshares Corp. | &nbsp;&nbsp;38024 | 1885990 |
| Kearny Financial Corp. | &nbsp;&nbsp;40062 | &nbsp;&nbsp;&nbsp;&nbsp;406229 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6578 | &nbsp;&nbsp;&nbsp;&nbsp;543672 |
| Mr Cooper Group, Inc. \* | &nbsp;&nbsp;15020 | &nbsp;&nbsp;&nbsp;&nbsp;593140 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;13834 | &nbsp;&nbsp;&nbsp;&nbsp;606206 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;29385 | 1392555 |
| NMI Holdings, Inc., Class A \* | &nbsp;&nbsp;30658 | &nbsp;&nbsp;&nbsp;&nbsp;672330 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;87636 | 1319798 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;24428 | &nbsp;&nbsp;&nbsp;&nbsp;551584 |
| OFG Bancorp | &nbsp;&nbsp;34482 | &nbsp;&nbsp;&nbsp;&nbsp;961358 |
| Old National Bancorp | 214895 | 4203346 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;30926 | 1126016 |
| PacWest Bancorp | 114164 | 2838117 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8223 | 1212893 |
| Pathward Financial, Inc. | &nbsp;&nbsp;13615 | &nbsp;&nbsp;&nbsp;&nbsp;572239 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;31473 | 1678140 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;24017 | 1993171 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;44223 | 3165040 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;49054 | 1099791 |
| Renasant Corp. | &nbsp;&nbsp;34951 | 1410972 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;30503 | 1153318 |
| Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;20398 | &nbsp;&nbsp;&nbsp;&nbsp;722905 |
| Simmons First National Corp., Class A | &nbsp;&nbsp;73929 | 1764685 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;17122 | &nbsp;&nbsp;&nbsp;&nbsp;586257 |
| SouthState Corp. | &nbsp;&nbsp;24244 | 2192385 |
| Texas Capital Bancshares, Inc. \* | &nbsp;&nbsp;32708 | 1962480 |
| The Bank of N.T. Butterfield & Son Ltd. | &nbsp;&nbsp;36961 | 1276633 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9140 | &nbsp;&nbsp;&nbsp;&nbsp;757158 |
| Towne Bank | &nbsp;&nbsp;37935 | 1249579 |
| TriCo Bancshares | &nbsp;&nbsp;10961 | &nbsp;&nbsp;&nbsp;&nbsp;634752 |
| Trustmark Corp. | &nbsp;&nbsp;54355 | 1987762 |
| UMB Financial Corp. | &nbsp;&nbsp;20808 | 1731642 |
| Umpqua Holdings Corp. | 137328 | 2730081 |
| United Bankshares, Inc. | &nbsp;&nbsp;68682 | 2908683 |
| United Community Banks, Inc. | &nbsp;&nbsp;39317 | 1513705 |
| Valley National Bancorp | 222654 | 2642903 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;17915 | 1611633 |
| Washington Federal, Inc. | &nbsp;&nbsp;77137 | 2985202 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9269 | &nbsp;&nbsp;&nbsp;&nbsp;449547 |
| Webster Financial Corp. | &nbsp;&nbsp;68248 | 3703137 |
| WesBanco, Inc. | &nbsp;&nbsp;39398 | 1593255 |
| Westamerica Bancorp | &nbsp;&nbsp;12716 | &nbsp;&nbsp;&nbsp;&nbsp;797675 |
| Western Alliance Bancorp | &nbsp;&nbsp;26913 | 1807746 |

---

<sub>36</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Wintrust Financial Corp. | &nbsp;&nbsp;30894 | &nbsp;&nbsp;&nbsp;&nbsp;2892296 |
| WSFS Financial Corp. | &nbsp;&nbsp;21770 | &nbsp;&nbsp;&nbsp;&nbsp;1013611 |
|  |  | **155920773** |
| &nbsp;&nbsp;**Capital Goods 11.8%** | &nbsp;&nbsp;**Capital Goods 11.8%** | &nbsp;&nbsp;**Capital Goods 11.8%** |
| 3D Systems Corp. \* | &nbsp;&nbsp;47483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419275 |
| AAON, Inc. | &nbsp;&nbsp;15734 | &nbsp;&nbsp;&nbsp;&nbsp;1014686 |
| AAR Corp. \* | &nbsp;&nbsp;48283 | &nbsp;&nbsp;&nbsp;&nbsp;2139903 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;10590 | &nbsp;&nbsp;&nbsp;&nbsp;1227169 |
| Aerojet Rocketdyne Holdings, Inc. \* | &nbsp;&nbsp;38406 | &nbsp;&nbsp;&nbsp;&nbsp;1860771 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8745 | &nbsp;&nbsp;&nbsp;&nbsp;1329940 |
| Albany International Corp., Class A | &nbsp;&nbsp;18986 | &nbsp;&nbsp;&nbsp;&nbsp;1739497 |
| Altra Industrial Motion Corp. | &nbsp;&nbsp;42965 | &nbsp;&nbsp;&nbsp;&nbsp;2583915 |
| American Woodmark Corp. \* | &nbsp;&nbsp;36250 | &nbsp;&nbsp;&nbsp;&nbsp;1643938 |
| API Group Corp. \* | &nbsp;&nbsp;90225 | &nbsp;&nbsp;&nbsp;&nbsp;1487810 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;42467 | &nbsp;&nbsp;&nbsp;&nbsp;1948386 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;31415 | &nbsp;&nbsp;&nbsp;&nbsp;3907398 |
| Arcosa, Inc. | &nbsp;&nbsp;57719 | &nbsp;&nbsp;&nbsp;&nbsp;3705560 |
| Argan, Inc. | &nbsp;&nbsp;22814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790961 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;29165 | &nbsp;&nbsp;&nbsp;&nbsp;2203999 |
| Astec Industries, Inc. | &nbsp;&nbsp;35025 | &nbsp;&nbsp;&nbsp;&nbsp;1528841 |
| Astronics Corp. \* | &nbsp;&nbsp;60859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563554 |
| Atkore, Inc. \* | &nbsp;&nbsp;15074 | &nbsp;&nbsp;&nbsp;&nbsp;1436552 |
| Axon Enterprise, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561689 |
| AZZ, Inc. | &nbsp;&nbsp;33790 | &nbsp;&nbsp;&nbsp;&nbsp;1358358 |
| Barnes Group, Inc. | &nbsp;&nbsp;69608 | &nbsp;&nbsp;&nbsp;&nbsp;2462035 |
| Beacon Roofing Supply, Inc. \* | &nbsp;&nbsp;55216 | &nbsp;&nbsp;&nbsp;&nbsp;3111422 |
| BWX Technologies, Inc. | &nbsp;&nbsp;68140 | &nbsp;&nbsp;&nbsp;&nbsp;3882617 |
| Columbus McKinnon Corp. | &nbsp;&nbsp;24540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699881 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;25121 | &nbsp;&nbsp;&nbsp;&nbsp;3096917 |
| Construction Partners, Inc., Class A \* | &nbsp;&nbsp;16811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523495 |
| Core & Main, Inc., Class A \* | &nbsp;&nbsp;25831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609095 |
| Crane Holdings Co. | &nbsp;&nbsp;35559 | &nbsp;&nbsp;&nbsp;&nbsp;3567990 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711509 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;22522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764622 |
| DXP Enterprises, Inc. \* | &nbsp;&nbsp;24602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703863 |
| Dycom Industries, Inc. \* | &nbsp;&nbsp;41341 | &nbsp;&nbsp;&nbsp;&nbsp;4885679 |
| Encore Wire Corp. | &nbsp;&nbsp;16337 | &nbsp;&nbsp;&nbsp;&nbsp;2247808 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;34805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884395 |
| EnerSys | &nbsp;&nbsp;50918 | &nbsp;&nbsp;&nbsp;&nbsp;3375354 |
| EnPro Industries, Inc. | &nbsp;&nbsp;15646 | &nbsp;&nbsp;&nbsp;&nbsp;1666299 |
| Esab Corp. | &nbsp;&nbsp;25735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959916 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;16382 | &nbsp;&nbsp;&nbsp;&nbsp;1411637 |
| Evoqua Water Technologies Corp. \* | &nbsp;&nbsp;26458 | &nbsp;&nbsp;&nbsp;&nbsp;1036624 |
| Federal Signal Corp. | &nbsp;&nbsp;43982 | &nbsp;&nbsp;&nbsp;&nbsp;2051760 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;26091 | &nbsp;&nbsp;&nbsp;&nbsp;2137897 |
| Gates Industrial Corp. plc \* | &nbsp;&nbsp;80675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899526 |
| Generac Holdings, Inc. \* | &nbsp;&nbsp;10987 | &nbsp;&nbsp;&nbsp;&nbsp;1273503 |
| Gibraltar Industries, Inc. \* | &nbsp;&nbsp;30963 | &nbsp;&nbsp;&nbsp;&nbsp;1581590 |
| GMS, Inc. \* | &nbsp;&nbsp;43867 | &nbsp;&nbsp;&nbsp;&nbsp;2070522 |
| GrafTech International Ltd. | 260659 | &nbsp;&nbsp;&nbsp;&nbsp;1326754 |
| Granite Construction, Inc. | &nbsp;&nbsp;86399 | &nbsp;&nbsp;&nbsp;&nbsp;2914238 |
| Great Lakes Dredge & Dock Corp. \* | &nbsp;&nbsp;58879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445125 |
| Griffon Corp. | &nbsp;&nbsp;49936 | &nbsp;&nbsp;&nbsp;&nbsp;1604943 |
| H&E Equipment Services, Inc. | &nbsp;&nbsp;49953 | &nbsp;&nbsp;&nbsp;&nbsp;1886225 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9101 | &nbsp;&nbsp;&nbsp;&nbsp;1480187 |
| HEICO Corp., Class A | &nbsp;&nbsp;15583 | &nbsp;&nbsp;&nbsp;&nbsp;1983716 |
| Herc Holdings, Inc. | &nbsp;&nbsp;18568 | &nbsp;&nbsp;&nbsp;&nbsp;2183782 |
| Hillenbrand, Inc. | &nbsp;&nbsp;52255 | &nbsp;&nbsp;&nbsp;&nbsp;2308626 |
| Hyster-Yale Materials Handling, Inc. | &nbsp;&nbsp;33227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968899 |
| JELD-WEN Holding, Inc. \* | 167194 | &nbsp;&nbsp;&nbsp;&nbsp;1773928 |
| John Bean Technologies Corp. | &nbsp;&nbsp;14178 | &nbsp;&nbsp;&nbsp;&nbsp;1293034 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823909 |
| Kaman Corp. | &nbsp;&nbsp;46630 | &nbsp;&nbsp;&nbsp;&nbsp;1496823 |
| Kennametal, Inc. | 100207 | &nbsp;&nbsp;&nbsp;&nbsp;2676529 |
| Kratos Defense & Security Solutions, Inc. \* | &nbsp;&nbsp;46837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518954 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5979 | &nbsp;&nbsp;&nbsp;&nbsp;1012245 |
| Masonite International Corp. \* | &nbsp;&nbsp;29826 | &nbsp;&nbsp;&nbsp;&nbsp;2133454 |
| Maxar Technologies, Inc. | &nbsp;&nbsp;59375 | &nbsp;&nbsp;&nbsp;&nbsp;1326438 |
| McGrath RentCorp | &nbsp;&nbsp;18755 | &nbsp;&nbsp;&nbsp;&nbsp;1763908 |
| Mercury Systems, Inc. \* | &nbsp;&nbsp;20340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984456 |
| Moog, Inc., Class A | &nbsp;&nbsp;42090 | &nbsp;&nbsp;&nbsp;&nbsp;3567127 |
| MRC Global, Inc. \* | 219011 | &nbsp;&nbsp;&nbsp;&nbsp;2196680 |
| Mueller Industries, Inc. | &nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp;&nbsp;3739608 |
| Mueller Water Products, Inc., Class A | 130797 | &nbsp;&nbsp;&nbsp;&nbsp;1530325 |
| MYR Group, Inc. \* | &nbsp;&nbsp;16108 | &nbsp;&nbsp;&nbsp;&nbsp;1409611 |
| National Presto Industries, Inc. | &nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708213 |
| NOW, Inc. \* | 297821 | &nbsp;&nbsp;&nbsp;&nbsp;3791261 |
| Parsons Corp. \* | &nbsp;&nbsp;25592 | &nbsp;&nbsp;&nbsp;&nbsp;1199753 |
| PGT Innovations, Inc. \* | &nbsp;&nbsp;42578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907337 |
| Primoris Services Corp. | 108523 | &nbsp;&nbsp;&nbsp;&nbsp;2191079 |
| Proto Labs, Inc. \* | &nbsp;&nbsp;20788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793894 |
| Quanex Building Products Corp. | &nbsp;&nbsp;51420 | &nbsp;&nbsp;&nbsp;&nbsp;1139467 |
| RBC Bearings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7594 | &nbsp;&nbsp;&nbsp;&nbsp;1925307 |
| Resideo Technologies, Inc. \* | 160578 | &nbsp;&nbsp;&nbsp;&nbsp;3792852 |
| REV Group, Inc. | &nbsp;&nbsp;47196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648473 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp;70286 | &nbsp;&nbsp;&nbsp;&nbsp;3506569 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;24235 | &nbsp;&nbsp;&nbsp;&nbsp;2071608 |
| SiteOne Landscape Supply, Inc. \* | &nbsp;&nbsp;12408 | &nbsp;&nbsp;&nbsp;&nbsp;1437715 |
| SPX Technologies, Inc. \* | &nbsp;&nbsp;19534 | &nbsp;&nbsp;&nbsp;&nbsp;1286119 |
| Standex International Corp. | &nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;1099455 |
| Sterling Infrastructure, Inc. \* | &nbsp;&nbsp;19431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524443 |
| Tennant Co. | &nbsp;&nbsp;15937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928330 |
| Terex Corp. | &nbsp;&nbsp;83124 | &nbsp;&nbsp;&nbsp;&nbsp;3369847 |
| Textainer Group Holdings Ltd. | &nbsp;&nbsp;20541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614587 |
| The AZEK Co., Inc. \* | &nbsp;&nbsp;25453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445682 |
| The Gorman-Rupp Co. | &nbsp;&nbsp;20243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549395 |
| The Greenbrier Cos., Inc. | &nbsp;&nbsp;93231 | &nbsp;&nbsp;&nbsp;&nbsp;3291987 |
| The Manitowoc Co., Inc. \* | &nbsp;&nbsp;88935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811087 |
| The Shyft Group, Inc. | &nbsp;&nbsp;19873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456682 |
| Titan Machinery, Inc. \* | &nbsp;&nbsp;23840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819619 |
| TPI Composites, Inc. \* | &nbsp;&nbsp;38519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383649 |
| Trex Co., Inc. \* | &nbsp;&nbsp;25534 | &nbsp;&nbsp;&nbsp;&nbsp;1227930 |
| Trinity Industries, Inc. | 104758 | &nbsp;&nbsp;&nbsp;&nbsp;2988746 |
| Triton International Ltd. | &nbsp;&nbsp;59858 | &nbsp;&nbsp;&nbsp;&nbsp;3632782 |
| Tutor Perini Corp. \* | 265553 | &nbsp;&nbsp;&nbsp;&nbsp;1970403 |
| V2X, Inc. \* | &nbsp;&nbsp;24917 | &nbsp;&nbsp;&nbsp;&nbsp;1021348 |
| Valmont Industries, Inc. | &nbsp;&nbsp;14940 | &nbsp;&nbsp;&nbsp;&nbsp;4769147 |
| Veritiv Corp. \* | &nbsp;&nbsp;20689 | &nbsp;&nbsp;&nbsp;&nbsp;2405303 |
| Vertiv Holdings Co. | &nbsp;&nbsp;41584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595067 |
| Wabash National Corp. | 139347 | &nbsp;&nbsp;&nbsp;&nbsp;3016863 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;14710 | &nbsp;&nbsp;&nbsp;&nbsp;2152956 |
| WillScot Mobile Mini Holdings Corp. \* | &nbsp;&nbsp;24531 | &nbsp;&nbsp;&nbsp;&nbsp;1043303 |
| Woodward, Inc. | &nbsp;&nbsp;33603 | &nbsp;&nbsp;&nbsp;&nbsp;3081395 |
| Zurn Water Solutions Corp. | &nbsp;&nbsp;49896 | &nbsp;&nbsp;&nbsp;&nbsp;1172057 |
|  |  | **193189392** |
| &nbsp;&nbsp;**Commercial & Professional Services 5.2%** | &nbsp;&nbsp;**Commercial & Professional Services 5.2%** | &nbsp;&nbsp;**Commercial & Professional Services 5.2%** |
| ACCO Brands Corp. | 244238 | &nbsp;&nbsp;&nbsp;&nbsp;1123495 |
| ASGN, Inc. \* | &nbsp;&nbsp;36419 | &nbsp;&nbsp;&nbsp;&nbsp;3087603 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536316 |
| Brady Corp., Class A | &nbsp;&nbsp;47427 | &nbsp;&nbsp;&nbsp;&nbsp;2169785 |
| BrightView Holdings, Inc. \* | &nbsp;&nbsp;80134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714795 |
| Casella Waste Systems, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592550 |
| CBIZ, Inc. \* | &nbsp;&nbsp;29191 | &nbsp;&nbsp;&nbsp;&nbsp;1449041 |
| Cimpress plc \* | &nbsp;&nbsp;28725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668718 |
| Clarivate plc \* | &nbsp;&nbsp;57528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594264 |
| Clean Harbors, Inc. \* | &nbsp;&nbsp;35932 | &nbsp;&nbsp;&nbsp;&nbsp;4400233 |
| CoStar Group, Inc. \* | &nbsp;&nbsp;43549 | &nbsp;&nbsp;&nbsp;&nbsp;3602373 |
| Deluxe Corp. | 121212 | &nbsp;&nbsp;&nbsp;&nbsp;2227877 |
| Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;42242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542810 |
| Exponent, Inc. | &nbsp;&nbsp;11233 | &nbsp;&nbsp;&nbsp;&nbsp;1070056 |
| FTI Consulting, Inc. \* | &nbsp;&nbsp;23614 | &nbsp;&nbsp;&nbsp;&nbsp;3675047 |

---

<sub>37</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Harsco Corp. \* | 189420 | &nbsp;&nbsp;&nbsp;&nbsp;1002032 |
| Healthcare Services Group, Inc. | 169311 | &nbsp;&nbsp;&nbsp;&nbsp;2363582 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;17342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488351 |
| HNI Corp. | &nbsp;&nbsp;73274 | &nbsp;&nbsp;&nbsp;&nbsp;2124213 |
| Huron Consulting Group, Inc. \* | &nbsp;&nbsp;16942 | &nbsp;&nbsp;&nbsp;&nbsp;1247439 |
| IAA, Inc. \* | &nbsp;&nbsp;39977 | &nbsp;&nbsp;&nbsp;&nbsp;1516328 |
| ICF International, Inc. | &nbsp;&nbsp;16517 | &nbsp;&nbsp;&nbsp;&nbsp;1975929 |
| Insperity, Inc. | &nbsp;&nbsp;16689 | &nbsp;&nbsp;&nbsp;&nbsp;1969636 |
| Interface, Inc. | &nbsp;&nbsp;95471 | &nbsp;&nbsp;&nbsp;&nbsp;1079777 |
| KAR Auction Services, Inc. \* | 194289 | &nbsp;&nbsp;&nbsp;&nbsp;2823019 |
| Kelly Services, Inc., Class A | 219716 | &nbsp;&nbsp;&nbsp;&nbsp;3590159 |
| Kforce, Inc. | &nbsp;&nbsp;23975 | &nbsp;&nbsp;&nbsp;&nbsp;1516898 |
| Kimball International, Inc., Class B | &nbsp;&nbsp;92342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682407 |
| Korn Ferry | &nbsp;&nbsp;40877 | &nbsp;&nbsp;&nbsp;&nbsp;2272352 |
| Matthews International Corp., Class A | &nbsp;&nbsp;53121 | &nbsp;&nbsp;&nbsp;&nbsp;1427892 |
| MillerKnoll, Inc. | &nbsp;&nbsp;91162 | &nbsp;&nbsp;&nbsp;&nbsp;1930811 |
| MSA Safety, Inc. | &nbsp;&nbsp;14839 | &nbsp;&nbsp;&nbsp;&nbsp;1991987 |
| Pitney Bowes, Inc. | 642594 | &nbsp;&nbsp;&nbsp;&nbsp;1998467 |
| Resources Connection, Inc. | &nbsp;&nbsp;59632 | &nbsp;&nbsp;&nbsp;&nbsp;1089477 |
| Rollins, Inc. | &nbsp;&nbsp;56009 | &nbsp;&nbsp;&nbsp;&nbsp;2356859 |
| SP Plus Corp. \* | &nbsp;&nbsp;29917 | &nbsp;&nbsp;&nbsp;&nbsp;1107827 |
| Steelcase, Inc., Class A | 238973 | &nbsp;&nbsp;&nbsp;&nbsp;1856820 |
| Stericycle, Inc. \* | &nbsp;&nbsp;63393 | &nbsp;&nbsp;&nbsp;&nbsp;2826060 |
| Tetra Tech, Inc. | &nbsp;&nbsp;22673 | &nbsp;&nbsp;&nbsp;&nbsp;3203241 |
| The Brink's Co. | &nbsp;&nbsp;33576 | &nbsp;&nbsp;&nbsp;&nbsp;2002137 |
| The GEO Group, Inc. \* | 534325 | &nbsp;&nbsp;&nbsp;&nbsp;4520389 |
| TriNet Group, Inc. \* | &nbsp;&nbsp;19911 | &nbsp;&nbsp;&nbsp;&nbsp;1293817 |
| TrueBlue, Inc. \* | 104993 | &nbsp;&nbsp;&nbsp;&nbsp;2064162 |
| UniFirst Corp. | &nbsp;&nbsp;16484 | &nbsp;&nbsp;&nbsp;&nbsp;3033221 |
| Viad Corp. \* | &nbsp;&nbsp;22431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836228 |
|  |  | **84646480** |
| &nbsp;&nbsp;**Consumer Durables & Apparel 3.3%** | &nbsp;&nbsp;**Consumer Durables & Apparel 3.3%** | &nbsp;&nbsp;**Consumer Durables & Apparel 3.3%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;24773 | &nbsp;&nbsp;&nbsp;&nbsp;1153679 |
| Beazer Homes USA, Inc. \* | &nbsp;&nbsp;69927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790874 |
| Cavco Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5623 | &nbsp;&nbsp;&nbsp;&nbsp;1274565 |
| Century Communities, Inc. | &nbsp;&nbsp;31019 | &nbsp;&nbsp;&nbsp;&nbsp;1380656 |
| Columbia Sportswear Co. | &nbsp;&nbsp;35919 | &nbsp;&nbsp;&nbsp;&nbsp;2675965 |
| Crocs, Inc. \* | &nbsp;&nbsp;18686 | &nbsp;&nbsp;&nbsp;&nbsp;1322035 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;54183 | &nbsp;&nbsp;&nbsp;&nbsp;1386543 |
| Fossil Group, Inc. \* | 166399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707196 |
| G-III Apparel Group Ltd. \* | 113450 | &nbsp;&nbsp;&nbsp;&nbsp;2212275 |
| Helen of Troy Ltd. \* | &nbsp;&nbsp;18243 | &nbsp;&nbsp;&nbsp;&nbsp;1726153 |
| Installed Building Products, Inc. | &nbsp;&nbsp;10067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865762 |
| iRobot Corp. *\*(a)* | &nbsp;&nbsp;31358 | &nbsp;&nbsp;&nbsp;&nbsp;1771727 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;37595 | &nbsp;&nbsp;&nbsp;&nbsp;1342142 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;83109 | &nbsp;&nbsp;&nbsp;&nbsp;2058610 |
| LGI Homes, Inc. \* | &nbsp;&nbsp;17821 | &nbsp;&nbsp;&nbsp;&nbsp;1640423 |
| M.D.C. Holdings, Inc. | &nbsp;&nbsp;87486 | &nbsp;&nbsp;&nbsp;&nbsp;2664824 |
| M/I Homes, Inc. \* | &nbsp;&nbsp;51085 | &nbsp;&nbsp;&nbsp;&nbsp;2119517 |
| Malibu Boats, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452824 |
| Mattel, Inc. \* | 158488 | &nbsp;&nbsp;&nbsp;&nbsp;3004932 |
| Movado Group, Inc. | &nbsp;&nbsp;17172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567878 |
| Oxford Industries, Inc. | &nbsp;&nbsp;14566 | &nbsp;&nbsp;&nbsp;&nbsp;1481799 |
| Skyline Champion Corp. \* | &nbsp;&nbsp;17364 | &nbsp;&nbsp;&nbsp;&nbsp;1010758 |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;79739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900253 |
| Sonos, Inc. \* | &nbsp;&nbsp;27903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449796 |
| Steven Madden Ltd. | &nbsp;&nbsp;81381 | &nbsp;&nbsp;&nbsp;&nbsp;2430850 |
| Sturm, Ruger & Co., Inc. | &nbsp;&nbsp;23987 | &nbsp;&nbsp;&nbsp;&nbsp;1346390 |
| Tempur Sealy International, Inc. | 117328 | &nbsp;&nbsp;&nbsp;&nbsp;3154950 |
| TopBuild Corp. \* | &nbsp;&nbsp;15148 | &nbsp;&nbsp;&nbsp;&nbsp;2577281 |
| Topgolf Callaway Brands Corp. \* | &nbsp;&nbsp;37911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709694 |
| Tupperware Brands Corp. \* | 186122 | &nbsp;&nbsp;&nbsp;&nbsp;1438723 |
| Under Armour, Inc., Class A \* | 142725 | &nbsp;&nbsp;&nbsp;&nbsp;1063301 |
| Under Armour, Inc., Class C \* | 147405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966977 |
| Universal Electronics, Inc. \* | &nbsp;&nbsp;31113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635016 |
| Vera Bradley, Inc. \* | &nbsp;&nbsp;72693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236252 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Vista Outdoor, Inc. \* | &nbsp;&nbsp;43540 | &nbsp;&nbsp;&nbsp;&nbsp;1264402 |
| Wolverine World Wide, Inc. | 120413 | &nbsp;&nbsp;&nbsp;&nbsp;2062675 |
| YETI Holdings, Inc. \* | &nbsp;&nbsp;15573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499582 |
|  |  | **53347279** |
| &nbsp;&nbsp;**Consumer Services 5.7%** | &nbsp;&nbsp;**Consumer Services 5.7%** | &nbsp;&nbsp;**Consumer Services 5.7%** |
| ADT, Inc. | 272233 | &nbsp;&nbsp;&nbsp;&nbsp;2303091 |
| Adtalem Global Education, Inc. \* | 103092 | &nbsp;&nbsp;&nbsp;&nbsp;4298936 |
| American Public Education, Inc. \* | &nbsp;&nbsp;45959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588735 |
| Arcos Dorados Holdings, Inc., Class A | 172326 | &nbsp;&nbsp;&nbsp;&nbsp;1299338 |
| Bally's Corp. *\*(a)* | &nbsp;&nbsp;21052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474512 |
| BJ's Restaurants, Inc. \* | &nbsp;&nbsp;42970 | &nbsp;&nbsp;&nbsp;&nbsp;1411565 |
| Bloomin' Brands, Inc. | 136113 | &nbsp;&nbsp;&nbsp;&nbsp;3268073 |
| Boyd Gaming Corp. | &nbsp;&nbsp;41552 | &nbsp;&nbsp;&nbsp;&nbsp;2400044 |
| Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;24298 | &nbsp;&nbsp;&nbsp;&nbsp;1587145 |
| Brinker International, Inc. \* | &nbsp;&nbsp;72115 | &nbsp;&nbsp;&nbsp;&nbsp;2407920 |
| Caesars Entertainment, Inc. \* | &nbsp;&nbsp;28931 | &nbsp;&nbsp;&nbsp;&nbsp;1265153 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7985 | &nbsp;&nbsp;&nbsp;&nbsp;1036772 |
| Churchill Downs, Inc. | &nbsp;&nbsp;13585 | &nbsp;&nbsp;&nbsp;&nbsp;2824457 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;36936 | &nbsp;&nbsp;&nbsp;&nbsp;4218830 |
| Dave & Buster's Entertainment, Inc. \* | &nbsp;&nbsp;41798 | &nbsp;&nbsp;&nbsp;&nbsp;1665650 |
| Denny's Corp. \* | &nbsp;&nbsp;76748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869555 |
| Dine Brands Global, Inc. | &nbsp;&nbsp;13549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976748 |
| Everi Holdings, Inc. \* | &nbsp;&nbsp;32393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614819 |
| Frontdoor, Inc. \* | &nbsp;&nbsp;33103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730252 |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;6115 | &nbsp;&nbsp;&nbsp;&nbsp;3814965 |
| Grand Canyon Education, Inc. \* | &nbsp;&nbsp;32645 | &nbsp;&nbsp;&nbsp;&nbsp;3285066 |
| Hilton Grand Vacations, Inc. \* | &nbsp;&nbsp;40882 | &nbsp;&nbsp;&nbsp;&nbsp;1604210 |
| Hyatt Hotels Corp., Class A \* | &nbsp;&nbsp;45070 | &nbsp;&nbsp;&nbsp;&nbsp;4246045 |
| International Game Technology plc | 130463 | &nbsp;&nbsp;&nbsp;&nbsp;2615783 |
| Jack in the Box, Inc. | &nbsp;&nbsp;39434 | &nbsp;&nbsp;&nbsp;&nbsp;3479262 |
| Laureate Education, Inc., Class A | 172041 | &nbsp;&nbsp;&nbsp;&nbsp;2174598 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;27207 | &nbsp;&nbsp;&nbsp;&nbsp;4020106 |
| Papa John's International, Inc. | &nbsp;&nbsp;10587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768934 |
| Penn Entertainment, Inc. \* | &nbsp;&nbsp;97974 | &nbsp;&nbsp;&nbsp;&nbsp;3242939 |
| Perdoceo Education Corp. \* | &nbsp;&nbsp;98936 | &nbsp;&nbsp;&nbsp;&nbsp;1130839 |
| Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;23469 | &nbsp;&nbsp;&nbsp;&nbsp;1536750 |
| Red Robin Gourmet Burgers, Inc. \* | &nbsp;&nbsp;68193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560547 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;29422 | &nbsp;&nbsp;&nbsp;&nbsp;1225426 |
| Regis Corp. *\*(a)* | 788196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922189 |
| Scientific Games Corp., Class A \* | &nbsp;&nbsp;61758 | &nbsp;&nbsp;&nbsp;&nbsp;3467094 |
| SeaWorld Entertainment, Inc. \* | &nbsp;&nbsp;15030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874145 |
| Six Flags Entertainment Corp. \* | 127805 | &nbsp;&nbsp;&nbsp;&nbsp;2850052 |
| Strategic Education, Inc. | &nbsp;&nbsp;25554 | &nbsp;&nbsp;&nbsp;&nbsp;1763226 |
| Stride, Inc. \* | &nbsp;&nbsp;42912 | &nbsp;&nbsp;&nbsp;&nbsp;1437981 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;41552 | &nbsp;&nbsp;&nbsp;&nbsp;4111570 |
| The Cheesecake Factory, Inc. | &nbsp;&nbsp;53705 | &nbsp;&nbsp;&nbsp;&nbsp;1923176 |
| The Wendy's Co. | 167347 | &nbsp;&nbsp;&nbsp;&nbsp;3477471 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668881 |
| WW International, Inc. \* | 118468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535475 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;36714 | &nbsp;&nbsp;&nbsp;&nbsp;2787694 |
|  |  | **92766019** |
| &nbsp;&nbsp;**Diversified Financials 3.6%** | &nbsp;&nbsp;**Diversified Financials 3.6%** | &nbsp;&nbsp;**Diversified Financials 3.6%** |
| A-Mark Precious Metals, Inc. | &nbsp;&nbsp;22111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672395 |
| Apollo Commercial Real Estate Finance, Inc. | 135319 | &nbsp;&nbsp;&nbsp;&nbsp;1523692 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;63928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880289 |
| Ares Management Corp., Class A | &nbsp;&nbsp;14441 | &nbsp;&nbsp;&nbsp;&nbsp;1095061 |
| Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;50136 | &nbsp;&nbsp;&nbsp;&nbsp;1429377 |
| B. Riley Financial, Inc. | &nbsp;&nbsp;10499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427099 |
| BGC Partners, Inc., Class A | 372342 | &nbsp;&nbsp;&nbsp;&nbsp;1474474 |
| Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp;85345 | &nbsp;&nbsp;&nbsp;&nbsp;2130211 |
| Brightsphere Investment Group, Inc. | &nbsp;&nbsp;69058 | &nbsp;&nbsp;&nbsp;&nbsp;1299672 |
| BrightSpire Capital, Inc., Class A | &nbsp;&nbsp;71044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545618 |

---

<sub>38</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Broadmark Realty Capital, Inc. | &nbsp;&nbsp;72826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423847 |
| Cannae Holdings, Inc. \* | &nbsp;&nbsp;58916 | &nbsp;&nbsp;&nbsp;&nbsp;1364495 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;11931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717769 |
| Compass Diversified Holdings *(a)* | &nbsp;&nbsp;76461 | &nbsp;&nbsp;&nbsp;&nbsp;1627090 |
| Cowen, Inc., Class A | &nbsp;&nbsp;20606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795804 |
| Credit Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4756 | &nbsp;&nbsp;&nbsp;&nbsp;2214489 |
| Donnelley Financial Solutions, Inc. \* | &nbsp;&nbsp;24778 | &nbsp;&nbsp;&nbsp;&nbsp;1001775 |
| Encore Capital Group, Inc. \* | &nbsp;&nbsp;21508 | &nbsp;&nbsp;&nbsp;&nbsp;1095187 |
| Enova International, Inc. \* | &nbsp;&nbsp;41762 | &nbsp;&nbsp;&nbsp;&nbsp;1565657 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8296 | &nbsp;&nbsp;&nbsp;&nbsp;3529865 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;41643 | &nbsp;&nbsp;&nbsp;&nbsp;4099753 |
| Focus Financial Partners, Inc., Class A \* | &nbsp;&nbsp;13272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461733 |
| Green Dot Corp., Class A \* | &nbsp;&nbsp;46903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892564 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;20107 | &nbsp;&nbsp;&nbsp;&nbsp;1795957 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;13320 | &nbsp;&nbsp;&nbsp;&nbsp;1067598 |
| Ladder Capital Corp. REIT | 139144 | &nbsp;&nbsp;&nbsp;&nbsp;1484666 |
| LendingClub Corp. \* | &nbsp;&nbsp;29478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313646 |
| LendingTree, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228760 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp;1637508 |
| MFA Financial, Inc. | 143445 | &nbsp;&nbsp;&nbsp;&nbsp;1428712 |
| Moelis & Co., Class A | &nbsp;&nbsp;40910 | &nbsp;&nbsp;&nbsp;&nbsp;1737039 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5304 | &nbsp;&nbsp;&nbsp;&nbsp;1231483 |
| Nelnet, Inc., Class A | &nbsp;&nbsp;15729 | &nbsp;&nbsp;&nbsp;&nbsp;1401297 |
| New York Mortgage Trust, Inc. | 365785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983962 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp;99042 | &nbsp;&nbsp;&nbsp;&nbsp;1373713 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;8229 | &nbsp;&nbsp;&nbsp;&nbsp;1053065 |
| PRA Group, Inc. \* | &nbsp;&nbsp;32118 | &nbsp;&nbsp;&nbsp;&nbsp;1075953 |
| Ready Capital Corp. | &nbsp;&nbsp;30581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370642 |
| Redwood Trust, Inc. | 123670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881767 |
| Regional Management Corp. | &nbsp;&nbsp;10593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359738 |
| Stifel Financial Corp. | &nbsp;&nbsp;38825 | &nbsp;&nbsp;&nbsp;&nbsp;2402103 |
| The Carlyle Group, Inc. | &nbsp;&nbsp;53303 | &nbsp;&nbsp;&nbsp;&nbsp;1507409 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;67942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575469 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;14434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795025 |
| Two Harbors Investment Corp. | 332107 | &nbsp;&nbsp;&nbsp;&nbsp;1182301 |
| Virtu Financial, Inc., Class A | &nbsp;&nbsp;47965 | &nbsp;&nbsp;&nbsp;&nbsp;1073457 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696249 |
| WisdomTree Investments, Inc. | 120657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655168 |
| World Acceptance Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602571 |
|  |  | **59183174** |
| &nbsp;&nbsp;**Energy 6.5%** | &nbsp;&nbsp;**Energy 6.5%** | &nbsp;&nbsp;**Energy 6.5%** |
| Alto Ingredients, Inc. \* | 212923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879372 |
| Antero Midstream Corp. | &nbsp;&nbsp;75864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807952 |
| Arch Resources, Inc. | &nbsp;&nbsp;26778 | &nbsp;&nbsp;&nbsp;&nbsp;4078022 |
| Archrock, Inc. | 212337 | &nbsp;&nbsp;&nbsp;&nbsp;1594651 |
| Berry Corp. | &nbsp;&nbsp;42905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380567 |
| Cactus, Inc., Class A | &nbsp;&nbsp;10346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535095 |
| ChampionX Corp. | &nbsp;&nbsp;62929 | &nbsp;&nbsp;&nbsp;&nbsp;1801028 |
| CNX Resources Corp. \* | 226975 | &nbsp;&nbsp;&nbsp;&nbsp;3815450 |
| CONSOL Energy, Inc. | &nbsp;&nbsp;53157 | &nbsp;&nbsp;&nbsp;&nbsp;3349954 |
| Continental Resources, Inc. | &nbsp;&nbsp;33394 | &nbsp;&nbsp;&nbsp;&nbsp;2470154 |
| Core Laboratories N.V. | &nbsp;&nbsp;56635 | &nbsp;&nbsp;&nbsp;&nbsp;1102117 |
| CVR Energy, Inc. | &nbsp;&nbsp;78363 | &nbsp;&nbsp;&nbsp;&nbsp;3060859 |
| DHT Holdings, Inc. | 236754 | &nbsp;&nbsp;&nbsp;&nbsp;2109478 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;37768 | &nbsp;&nbsp;&nbsp;&nbsp;5933730 |
| Dorian LPG Ltd. | &nbsp;&nbsp;31819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574969 |
| Dril-Quip, Inc. \* | &nbsp;&nbsp;47885 | &nbsp;&nbsp;&nbsp;&nbsp;1191379 |
| DTE Midstream LLC \* | &nbsp;&nbsp;40799 | &nbsp;&nbsp;&nbsp;&nbsp;2435700 |
| EQT Corp. | &nbsp;&nbsp;98970 | &nbsp;&nbsp;&nbsp;&nbsp;4140905 |
| Golar LNG Ltd. \* | &nbsp;&nbsp;40187 | &nbsp;&nbsp;&nbsp;&nbsp;1118002 |
| Green Plains, Inc. \* | &nbsp;&nbsp;70222 | &nbsp;&nbsp;&nbsp;&nbsp;2028714 |
| Helix Energy Solutions Group, Inc. \* | 289463 | &nbsp;&nbsp;&nbsp;&nbsp;2026241 |
| International Seaways, Inc. | &nbsp;&nbsp;56009 | &nbsp;&nbsp;&nbsp;&nbsp;2375342 |
| Kosmos Energy Ltd. \* | 370097 | &nbsp;&nbsp;&nbsp;&nbsp;2401930 |
| Liberty Energy, Inc., Class A \* | &nbsp;&nbsp;76853 | &nbsp;&nbsp;&nbsp;&nbsp;1299584 |
| Matador Resources Co. | &nbsp;&nbsp;29427 | &nbsp;&nbsp;&nbsp;&nbsp;1955424 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Nabors Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;28951 | &nbsp;&nbsp;&nbsp;&nbsp;5038342 |
| NexTier Oilfield Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;197966 | &nbsp;&nbsp;&nbsp;&nbsp;1995497 |
| Nordic American Tankers Ltd. | &nbsp;&nbsp;&nbsp;441186 | &nbsp;&nbsp;&nbsp;&nbsp;1363265 |
| Oceaneering International, Inc. \* | &nbsp;&nbsp;&nbsp;199542 | &nbsp;&nbsp;&nbsp;&nbsp;2791593 |
| Oil States International, Inc. \* | &nbsp;&nbsp;&nbsp;206359 | &nbsp;&nbsp;&nbsp;&nbsp;1335143 |
| Par Pacific Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;69848 | &nbsp;&nbsp;&nbsp;&nbsp;1598122 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;312587 | &nbsp;&nbsp;&nbsp;&nbsp;5517161 |
| PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39284 | &nbsp;&nbsp;&nbsp;&nbsp;2833948 |
| Permian Resources Corp., Class A \* | &nbsp;&nbsp;&nbsp;143286 | &nbsp;&nbsp;&nbsp;&nbsp;1399904 |
| ProPetro Holding Corp. \* | &nbsp;&nbsp;&nbsp;166970 | &nbsp;&nbsp;&nbsp;&nbsp;1976925 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55892 | &nbsp;&nbsp;&nbsp;&nbsp;1591804 |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774036 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69116 | &nbsp;&nbsp;&nbsp;&nbsp;3313421 |
| SFL Corp., Ltd. | &nbsp;&nbsp;&nbsp;173262 | &nbsp;&nbsp;&nbsp;&nbsp;1767272 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;81374 | &nbsp;&nbsp;&nbsp;&nbsp;3660202 |
| Southwestern Energy Co. \* | &nbsp;&nbsp;&nbsp;285368 | &nbsp;&nbsp;&nbsp;&nbsp;1977600 |
| Talos Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;26774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569751 |
| Teekay Tankers Ltd., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;67667 | &nbsp;&nbsp;&nbsp;&nbsp;2130834 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;1460654 |
| Transocean Ltd. \* | 1136642 | &nbsp;&nbsp;&nbsp;&nbsp;4182843 |
| US Silica Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;62252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895806 |
| Valaris Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;20939 | &nbsp;&nbsp;&nbsp;&nbsp;1401447 |
| Weatherford International plc \* | &nbsp;&nbsp;&nbsp;&nbsp;66454 | &nbsp;&nbsp;&nbsp;&nbsp;2769803 |
|  |  | **105811992** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.0%** | &nbsp;&nbsp;**Food & Staples Retailing 1.0%** | &nbsp;&nbsp;**Food & Staples Retailing 1.0%** |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;38125 | &nbsp;&nbsp;&nbsp;&nbsp;2950875 |
| Grocery Outlet Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;49928 | &nbsp;&nbsp;&nbsp;&nbsp;1726011 |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;31690 | &nbsp;&nbsp;&nbsp;&nbsp;2990585 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39842 | &nbsp;&nbsp;&nbsp;&nbsp;2548693 |
| The Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70010 | &nbsp;&nbsp;&nbsp;&nbsp;2469253 |
| The Chefs' Warehouse, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;23901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875494 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36517 | &nbsp;&nbsp;&nbsp;&nbsp;3420547 |
|  |  | &nbsp;&nbsp;&nbsp;**16981458** |
| &nbsp;&nbsp;**Food, Beverage & Tobacco 2.5%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.5%** | &nbsp;&nbsp;**Food, Beverage & Tobacco 2.5%** |
| Adecoagro SA | &nbsp;&nbsp;&nbsp;120996 | &nbsp;&nbsp;&nbsp;&nbsp;1047825 |
| B&G Foods, Inc. *(a)* | &nbsp;&nbsp;&nbsp;107890 | &nbsp;&nbsp;&nbsp;&nbsp;1767238 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;56132 | &nbsp;&nbsp;&nbsp;&nbsp;3816976 |
| Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39530 | &nbsp;&nbsp;&nbsp;&nbsp;1367343 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42229 | &nbsp;&nbsp;&nbsp;&nbsp;2386361 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;&nbsp;&nbsp;1007624 |
| Dole plc | &nbsp;&nbsp;&nbsp;&nbsp;49953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427098 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;133631 | &nbsp;&nbsp;&nbsp;&nbsp;3485096 |
| Hostess Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;66218 | &nbsp;&nbsp;&nbsp;&nbsp;1753453 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12002 | &nbsp;&nbsp;&nbsp;&nbsp;1771615 |
| John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15168 | &nbsp;&nbsp;&nbsp;&nbsp;1265163 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15162 | &nbsp;&nbsp;&nbsp;&nbsp;2733405 |
| Mission Produce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;34570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575245 |
| National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565294 |
| Nomad Foods Ltd. \* | &nbsp;&nbsp;&nbsp;126253 | &nbsp;&nbsp;&nbsp;&nbsp;1944296 |
| Pilgrim's Pride Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;84562 | &nbsp;&nbsp;&nbsp;&nbsp;1949154 |
| The Boston Beer Co., Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;1957533 |
| The Hain Celestial Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;95715 | &nbsp;&nbsp;&nbsp;&nbsp;1790828 |
| TreeHouse Foods, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;88272 | &nbsp;&nbsp;&nbsp;&nbsp;4434785 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67074 | &nbsp;&nbsp;&nbsp;&nbsp;3394615 |
| Vector Group Ltd. | &nbsp;&nbsp;&nbsp;148945 | &nbsp;&nbsp;&nbsp;&nbsp;1581796 |
|  |  | &nbsp;&nbsp;&nbsp;**41022743** |
| &nbsp;&nbsp;**Health Care Equipment & Services 3.9%** | &nbsp;&nbsp;**Health Care Equipment & Services 3.9%** | &nbsp;&nbsp;**Health Care Equipment & Services 3.9%** |
| ABIOMED, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp;1633478 |
| Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;49220 | &nbsp;&nbsp;&nbsp;&nbsp;4001586 |
| Addus HomeCare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845477 |
| Allscripts Healthcare Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;114328 | &nbsp;&nbsp;&nbsp;&nbsp;1680622 |
| Amedisys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;15185 | &nbsp;&nbsp;&nbsp;&nbsp;1481904 |

---

<sub>39</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;23677 | &nbsp;&nbsp;&nbsp;&nbsp;2971463 |
| Avanos Medical, Inc. \* | &nbsp;&nbsp;28582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633091 |
| Brookdale Senior Living, Inc. \* | 348555 | &nbsp;&nbsp;&nbsp;&nbsp;1558041 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7846 | &nbsp;&nbsp;&nbsp;&nbsp;3663062 |
| Community Health Systems, Inc. \* | 389974 | &nbsp;&nbsp;&nbsp;&nbsp;1119225 |
| CONMED Corp. | &nbsp;&nbsp;10323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823053 |
| Cross Country Healthcare, Inc. \* | &nbsp;&nbsp;22057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818094 |
| DexCom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9643 | &nbsp;&nbsp;&nbsp;&nbsp;1164681 |
| Enovis Corp. \* | &nbsp;&nbsp;26477 | &nbsp;&nbsp;&nbsp;&nbsp;1309288 |
| Globus Medical, Inc., Class A \* | &nbsp;&nbsp;22273 | &nbsp;&nbsp;&nbsp;&nbsp;1492291 |
| Haemonetics Corp. \* | &nbsp;&nbsp;29968 | &nbsp;&nbsp;&nbsp;&nbsp;2545782 |
| HealthEquity, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716850 |
| ICU Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8741 | &nbsp;&nbsp;&nbsp;&nbsp;1297252 |
| Integer Holdings Corp. \* | &nbsp;&nbsp;24215 | &nbsp;&nbsp;&nbsp;&nbsp;1509321 |
| Integra LifeSciences Holdings Corp. \* | &nbsp;&nbsp;24467 | &nbsp;&nbsp;&nbsp;&nbsp;1229467 |
| Invacare Corp. *\*(a)* | 399071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296230 |
| LHC Group, Inc. \* | &nbsp;&nbsp;14596 | &nbsp;&nbsp;&nbsp;&nbsp;2438992 |
| LivaNova plc \* | &nbsp;&nbsp;12882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606742 |
| Masimo Corp. \* | &nbsp;&nbsp;13238 | &nbsp;&nbsp;&nbsp;&nbsp;1742121 |
| Merit Medical Systems, Inc. \* | &nbsp;&nbsp;17883 | &nbsp;&nbsp;&nbsp;&nbsp;1229814 |
| ModivCare, Inc. \* | &nbsp;&nbsp;11299 | &nbsp;&nbsp;&nbsp;&nbsp;1098715 |
| Multiplan Corp. \* | 283563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813826 |
| Neogen Corp. \* | &nbsp;&nbsp;33861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446965 |
| NextGen Healthcare, Inc. \* | &nbsp;&nbsp;40344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808494 |
| NuVasive, Inc. \* | &nbsp;&nbsp;31694 | &nbsp;&nbsp;&nbsp;&nbsp;1398656 |
| Omnicell, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709643 |
| OPKO Health, Inc. \* | 189458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359970 |
| Option Care Health, Inc. \* | &nbsp;&nbsp;34095 | &nbsp;&nbsp;&nbsp;&nbsp;1031715 |
| Orthofix Medical, Inc. \* | &nbsp;&nbsp;23210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372753 |
| Owens & Minor, Inc. | &nbsp;&nbsp;90304 | &nbsp;&nbsp;&nbsp;&nbsp;1535168 |
| Pediatrix Medical Group, Inc. \* | 150048 | &nbsp;&nbsp;&nbsp;&nbsp;2910931 |
| Premier, Inc., Class A | &nbsp;&nbsp;98021 | &nbsp;&nbsp;&nbsp;&nbsp;3418972 |
| QuidelOrtho Corp. \* | &nbsp;&nbsp;19584 | &nbsp;&nbsp;&nbsp;&nbsp;1759035 |
| RadNet, Inc. \* | &nbsp;&nbsp;19433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371559 |
| Select Medical Holdings Corp. | 112392 | &nbsp;&nbsp;&nbsp;&nbsp;2886227 |
| Teladoc Health, Inc. \* | &nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379392 |
| The Ensign Group, Inc. | &nbsp;&nbsp;18850 | &nbsp;&nbsp;&nbsp;&nbsp;1692353 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616894 |
| Varex Imaging Corp. \* | &nbsp;&nbsp;35058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775132 |
| Veeva Systems, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8902 | &nbsp;&nbsp;&nbsp;&nbsp;1495002 |
|  |  | **63689329** |
| &nbsp;&nbsp;**Household & Personal Products 0.9%** | &nbsp;&nbsp;**Household & Personal Products 0.9%** | &nbsp;&nbsp;**Household & Personal Products 0.9%** |
| Central Garden & Pet Co., Class A \* | &nbsp;&nbsp;42534 | &nbsp;&nbsp;&nbsp;&nbsp;1664781 |
| Coty, Inc., Class A \* | 302528 | &nbsp;&nbsp;&nbsp;&nbsp;2029963 |
| Edgewell Personal Care Co. | &nbsp;&nbsp;73395 | &nbsp;&nbsp;&nbsp;&nbsp;2876350 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;59641 | &nbsp;&nbsp;&nbsp;&nbsp;1723028 |
| Herbalife Nutrition Ltd. \* | &nbsp;&nbsp;95964 | &nbsp;&nbsp;&nbsp;&nbsp;2040195 |
| Inter Parfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628599 |
| Medifast, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690007 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;20679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631537 |
| USANA Health Sciences, Inc. \* | &nbsp;&nbsp;19494 | &nbsp;&nbsp;&nbsp;&nbsp;1023630 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;5231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837797 |
|  |  | **14145887** |
| &nbsp;&nbsp;**Insurance 2.3%** | &nbsp;&nbsp;**Insurance 2.3%** | &nbsp;&nbsp;**Insurance 2.3%** |
| Ambac Financial Group, Inc. \* | &nbsp;&nbsp;79145 | &nbsp;&nbsp;&nbsp;&nbsp;1111987 |
| American Equity Investment Life Holding Co. | 102900 | &nbsp;&nbsp;&nbsp;&nbsp;4432932 |
| AMERISAFE, Inc. | &nbsp;&nbsp;23669 | &nbsp;&nbsp;&nbsp;&nbsp;1382506 |
| Argo Group International Holdings Ltd. | &nbsp;&nbsp;38135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948417 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;63931 | &nbsp;&nbsp;&nbsp;&nbsp;3495108 |
| Brighthouse Financial, Inc. \* | &nbsp;&nbsp;13657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779405 |
| CNA Financial Corp. | &nbsp;&nbsp;36043 | &nbsp;&nbsp;&nbsp;&nbsp;1502993 |
| Employers Holdings, Inc. | &nbsp;&nbsp;37336 | &nbsp;&nbsp;&nbsp;&nbsp;1628223 |
| Enstar Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;8577 | &nbsp;&nbsp;&nbsp;&nbsp;1719860 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Horace Mann Educators Corp. | &nbsp;&nbsp;32367 | &nbsp;&nbsp;&nbsp;&nbsp;1277202 |
| James River Group Holdings Ltd. | &nbsp;&nbsp;47538 | &nbsp;&nbsp;&nbsp;&nbsp;1201285 |
| MBIA, Inc. \* | &nbsp;&nbsp;78485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844499 |
| Mercury General Corp. | &nbsp;&nbsp;42323 | &nbsp;&nbsp;&nbsp;&nbsp;1227367 |
| ProAssurance Corp. | 108813 | &nbsp;&nbsp;&nbsp;&nbsp;2416737 |
| RLI Corp. | &nbsp;&nbsp;13743 | &nbsp;&nbsp;&nbsp;&nbsp;1787552 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;16445 | &nbsp;&nbsp;&nbsp;&nbsp;1429893 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;35886 | &nbsp;&nbsp;&nbsp;&nbsp;3519699 |
| SiriusPoint Ltd. \* | &nbsp;&nbsp;99514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638880 |
| Stewart Information Services Corp. | &nbsp;&nbsp;38692 | &nbsp;&nbsp;&nbsp;&nbsp;1507440 |
| United Fire Group, Inc. | &nbsp;&nbsp;33899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918663 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;87077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874253 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp;3708897 |
|  |  | **38353798** |
| &nbsp;&nbsp;**Materials 6.1%** | &nbsp;&nbsp;**Materials 6.1%** | &nbsp;&nbsp;**Materials 6.1%** |
| AdvanSix, Inc. | &nbsp;&nbsp;32265 | &nbsp;&nbsp;&nbsp;&nbsp;1173801 |
| Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8430 | &nbsp;&nbsp;&nbsp;&nbsp;1423405 |
| American Vanguard Corp. | &nbsp;&nbsp;22787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530253 |
| Ashland, Inc. | &nbsp;&nbsp;37565 | &nbsp;&nbsp;&nbsp;&nbsp;3941320 |
| ATI, Inc. \* | &nbsp;&nbsp;92417 | &nbsp;&nbsp;&nbsp;&nbsp;2750330 |
| Avient Corp. | &nbsp;&nbsp;68833 | &nbsp;&nbsp;&nbsp;&nbsp;2374050 |
| Balchem Corp. | &nbsp;&nbsp;10113 | &nbsp;&nbsp;&nbsp;&nbsp;1413797 |
| Cabot Corp. | &nbsp;&nbsp;50691 | &nbsp;&nbsp;&nbsp;&nbsp;3724775 |
| Carpenter Technology Corp. | &nbsp;&nbsp;89580 | &nbsp;&nbsp;&nbsp;&nbsp;3350292 |
| Century Aluminum Co. \* | &nbsp;&nbsp;59357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427964 |
| Clearwater Paper Corp. \* | &nbsp;&nbsp;42301 | &nbsp;&nbsp;&nbsp;&nbsp;1881548 |
| Cleveland-Cliffs, Inc. \* | 109113 | &nbsp;&nbsp;&nbsp;&nbsp;1417378 |
| Coeur Mining, Inc. \* | 212562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803484 |
| Compass Minerals International, Inc. | &nbsp;&nbsp;49832 | &nbsp;&nbsp;&nbsp;&nbsp;1970357 |
| Constellium SE \* | 113530 | &nbsp;&nbsp;&nbsp;&nbsp;1251101 |
| Eagle Materials, Inc. | &nbsp;&nbsp;24645 | &nbsp;&nbsp;&nbsp;&nbsp;3014330 |
| Ecovyst, Inc. \* | &nbsp;&nbsp;53030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527648 |
| Element Solutions, Inc. | 127031 | &nbsp;&nbsp;&nbsp;&nbsp;2184933 |
| Glatfelter Corp. | 122028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345339 |
| Greif, Inc., Class A | &nbsp;&nbsp;34381 | &nbsp;&nbsp;&nbsp;&nbsp;2276366 |
| H.B. Fuller Co. | &nbsp;&nbsp;41386 | &nbsp;&nbsp;&nbsp;&nbsp;2885018 |
| Hawkins, Inc. | &nbsp;&nbsp;18762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844853 |
| Hecla Mining Co. | 289695 | &nbsp;&nbsp;&nbsp;&nbsp;1323906 |
| Ingevity Corp. \* | &nbsp;&nbsp;25681 | &nbsp;&nbsp;&nbsp;&nbsp;1727561 |
| Innospec, Inc. | &nbsp;&nbsp;22566 | &nbsp;&nbsp;&nbsp;&nbsp;2256374 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;25176 | &nbsp;&nbsp;&nbsp;&nbsp;2033969 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;38829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969172 |
| Livent Corp. \* | &nbsp;&nbsp;27684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873984 |
| Materion Corp. | &nbsp;&nbsp;19442 | &nbsp;&nbsp;&nbsp;&nbsp;1666374 |
| Mativ Holdings, Inc. | 114750 | &nbsp;&nbsp;&nbsp;&nbsp;2724165 |
| Mercer International, Inc. | &nbsp;&nbsp;59065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792652 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;36427 | &nbsp;&nbsp;&nbsp;&nbsp;2003849 |
| Myers Industries, Inc. | &nbsp;&nbsp;38909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789464 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp;2462415 |
| Olympic Steel, Inc. | &nbsp;&nbsp;27846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757690 |
| Orion Engineered Carbons S.A. | &nbsp;&nbsp;89809 | &nbsp;&nbsp;&nbsp;&nbsp;1433352 |
| Pactiv Evergreen, Inc. | &nbsp;&nbsp;94430 | &nbsp;&nbsp;&nbsp;&nbsp;1030231 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872564 |
| Rayonier Advanced Materials, Inc. \* | 233913 | &nbsp;&nbsp;&nbsp;&nbsp;1064304 |
| Resolute Forest Products, Inc. \* | &nbsp;&nbsp;95923 | &nbsp;&nbsp;&nbsp;&nbsp;1996158 |
| Royal Gold, Inc. | &nbsp;&nbsp;18396 | &nbsp;&nbsp;&nbsp;&nbsp;1746884 |
| Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;56351 | &nbsp;&nbsp;&nbsp;&nbsp;1520913 |
| Sensient Technologies Corp. | &nbsp;&nbsp;31331 | &nbsp;&nbsp;&nbsp;&nbsp;2238913 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;81456 | &nbsp;&nbsp;&nbsp;&nbsp;3857756 |
| Southern Copper Corp. | &nbsp;&nbsp;46407 | &nbsp;&nbsp;&nbsp;&nbsp;2179737 |
| Stepan Co. | &nbsp;&nbsp;24754 | &nbsp;&nbsp;&nbsp;&nbsp;2585308 |
| Summit Materials, Inc., Class A \* | &nbsp;&nbsp;88588 | &nbsp;&nbsp;&nbsp;&nbsp;2334294 |
| SunCoke Energy, Inc. | 209226 | &nbsp;&nbsp;&nbsp;&nbsp;1518981 |
| The Scotts Miracle-Gro Co. | &nbsp;&nbsp;36525 | &nbsp;&nbsp;&nbsp;&nbsp;1676863 |
| TimkenSteel Corp. \* | &nbsp;&nbsp;46633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813280 |
| TriMas Corp. | &nbsp;&nbsp;36735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839395 |

---

<sub>40</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Trinseo plc | &nbsp;&nbsp;&nbsp;&nbsp;84843 | &nbsp;&nbsp;&nbsp;&nbsp;1596745 |
| Tronox Holdings plc, Class A | &nbsp;&nbsp;&nbsp;104517 | &nbsp;&nbsp;&nbsp;&nbsp;1254204 |
| Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71456 | &nbsp;&nbsp;&nbsp;&nbsp;2097948 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30687 | &nbsp;&nbsp;&nbsp;&nbsp;2965899 |
| Worthington Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55046 | &nbsp;&nbsp;&nbsp;&nbsp;2617988 |
|  |  | **99135634** |
| &nbsp;&nbsp;**Media & Entertainment 2.9%** | &nbsp;&nbsp;**Media & Entertainment 2.9%** | &nbsp;&nbsp;**Media & Entertainment 2.9%** |
| AMC Entertainment Holdings, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;82386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548691 |
| AMC Networks, Inc., Class A \* | &nbsp;&nbsp;&nbsp;107567 | &nbsp;&nbsp;&nbsp;&nbsp;2421333 |
| Audacy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;457674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158172 |
| Bumble, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;24870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631698 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 | &nbsp;&nbsp;&nbsp;&nbsp;1571897 |
| Cars.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;74178 | &nbsp;&nbsp;&nbsp;&nbsp;1029591 |
| Cinemark Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;218435 | &nbsp;&nbsp;&nbsp;&nbsp;2317595 |
| Clear Channel Outdoor Holdings, Inc. \* | 1271527 | &nbsp;&nbsp;&nbsp;&nbsp;1818284 |
| Gannett Co., Inc. \* | &nbsp;&nbsp;&nbsp;381005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552457 |
| Gray Television, Inc. | &nbsp;&nbsp;&nbsp;116034 | &nbsp;&nbsp;&nbsp;&nbsp;1641881 |
| IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;18230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887436 |
| iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;&nbsp;263664 | &nbsp;&nbsp;&nbsp;&nbsp;2183138 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;44192 | &nbsp;&nbsp;&nbsp;&nbsp;1864460 |
| Liberty Media Corp. - Liberty Formula One, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201473 |
| Liberty Media Corp. - Liberty Formula One, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;32270 | &nbsp;&nbsp;&nbsp;&nbsp;1862947 |
| Lions Gate Entertainment Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;70056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564651 |
| Lions Gate Entertainment Corp., Class B \* | &nbsp;&nbsp;&nbsp;138637 | &nbsp;&nbsp;&nbsp;&nbsp;1052255 |
| Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;13842 | &nbsp;&nbsp;&nbsp;&nbsp;1101962 |
| Madison Square Garden Entertainment Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;19408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951574 |
| Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766136 |
| Match Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;35560 | &nbsp;&nbsp;&nbsp;&nbsp;1536192 |
| Pinterest, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;35889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882869 |
| Roku, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340682 |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39528 | &nbsp;&nbsp;&nbsp;&nbsp;1507598 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354913 |
| Sinclair Broadcast Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76081 | &nbsp;&nbsp;&nbsp;&nbsp;1355003 |
| Sirius XM Holdings, Inc. *(a)* | &nbsp;&nbsp;&nbsp;537650 | &nbsp;&nbsp;&nbsp;&nbsp;3247406 |
| Spotify Technology S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;22002 | &nbsp;&nbsp;&nbsp;&nbsp;1772921 |
| The E.W. Scripps Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;55632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789418 |
| The Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642118 |
| The New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;72813 | &nbsp;&nbsp;&nbsp;&nbsp;2108665 |
| The Trade Desk, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445406 |
| TripAdvisor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;91259 | &nbsp;&nbsp;&nbsp;&nbsp;2155538 |
| WideOpenWest, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;33746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462658 |
| World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13572 | &nbsp;&nbsp;&nbsp;&nbsp;1070695 |
| Yelp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;68005 | &nbsp;&nbsp;&nbsp;&nbsp;2612072 |
| Ziff Davis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29368 | &nbsp;&nbsp;&nbsp;&nbsp;2272790 |
|  |  | **47684575** |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 2.4%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 2.4%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences 2.4%** |
| Alkermes plc \* | &nbsp;&nbsp;&nbsp;&nbsp;37346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847754 |
| Avantor, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;87332 | &nbsp;&nbsp;&nbsp;&nbsp;1761486 |
| Azenta, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681940 |
| BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;19134 | &nbsp;&nbsp;&nbsp;&nbsp;1657578 |
| Bio-Rad Laboratories, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984 | &nbsp;&nbsp;&nbsp;&nbsp;1752923 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827 | &nbsp;&nbsp;&nbsp;&nbsp;1430047 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33402 | &nbsp;&nbsp;&nbsp;&nbsp;2065580 |
| Catalent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;29955 | &nbsp;&nbsp;&nbsp;&nbsp;1968942 |
| Charles River Laboratories International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;12744 | &nbsp;&nbsp;&nbsp;&nbsp;2704914 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Corcept Therapeutics, Inc. \* | &nbsp;&nbsp;18885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540111 |
| Eagle Pharmaceuticals, Inc. \* | &nbsp;&nbsp;11265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354510 |
| Elanco Animal Health, Inc. \* | 151980 | &nbsp;&nbsp;&nbsp;&nbsp;2004616 |
| Emergent BioSolutions, Inc. \* | &nbsp;&nbsp;41966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875411 |
| Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;9741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338792 |
| Exelixis, Inc. \* | &nbsp;&nbsp;97522 | &nbsp;&nbsp;&nbsp;&nbsp;1616915 |
| Horizon Therapeutics plc \* | &nbsp;&nbsp;26734 | &nbsp;&nbsp;&nbsp;&nbsp;1666063 |
| Incyte Corp. \* | &nbsp;&nbsp;31728 | &nbsp;&nbsp;&nbsp;&nbsp;2358660 |
| Ionis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528190 |
| Ligand Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615040 |
| Medpace Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6152 | &nbsp;&nbsp;&nbsp;&nbsp;1365621 |
| Myriad Genetics, Inc. \* | &nbsp;&nbsp;55699 | &nbsp;&nbsp;&nbsp;&nbsp;1155197 |
| Prestige Consumer Healthcare, Inc. \* | &nbsp;&nbsp;30309 | &nbsp;&nbsp;&nbsp;&nbsp;1651234 |
| Royalty Pharma plc, Class A | &nbsp;&nbsp;56870 | &nbsp;&nbsp;&nbsp;&nbsp;2406738 |
| Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678271 |
| Supernus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;19073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653632 |
| Syneos Health, Inc. \* | &nbsp;&nbsp;50087 | &nbsp;&nbsp;&nbsp;&nbsp;2523383 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;11294 | &nbsp;&nbsp;&nbsp;&nbsp;2598749 |
|  |  | **38802297** |
| &nbsp;&nbsp;**Real Estate 8.1%** | &nbsp;&nbsp;**Real Estate 8.1%** | &nbsp;&nbsp;**Real Estate 8.1%** |
| Acadia Realty Trust | &nbsp;&nbsp;60305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842461 |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613148 |
| Alexander & Baldwin, Inc. | &nbsp;&nbsp;93134 | &nbsp;&nbsp;&nbsp;&nbsp;1814250 |
| American Assets Trust, Inc. | &nbsp;&nbsp;32859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902965 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;72007 | &nbsp;&nbsp;&nbsp;&nbsp;2299904 |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;99316 | &nbsp;&nbsp;&nbsp;&nbsp;2408413 |
| Apartment Income REIT Corp. | &nbsp;&nbsp;81449 | &nbsp;&nbsp;&nbsp;&nbsp;3130085 |
| Apartment Investment & Management Co., Class A | &nbsp;&nbsp;68400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543096 |
| Apple Hospitality REIT, Inc. | 257339 | &nbsp;&nbsp;&nbsp;&nbsp;4405644 |
| Ashford Hospitality Trust, Inc. \* | &nbsp;&nbsp;72504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588732 |
| Brandywine Realty Trust | 237099 | &nbsp;&nbsp;&nbsp;&nbsp;1555369 |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;26387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452273 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;39453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736982 |
| Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;8928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618710 |
| Chatham Lodging Trust \* | &nbsp;&nbsp;68572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889379 |
| Corporate Office Properties Trust | &nbsp;&nbsp;90629 | &nbsp;&nbsp;&nbsp;&nbsp;2415263 |
| Cousins Properties, Inc. | &nbsp;&nbsp;70737 | &nbsp;&nbsp;&nbsp;&nbsp;1680711 |
| CubeSmart | &nbsp;&nbsp;62085 | &nbsp;&nbsp;&nbsp;&nbsp;2599499 |
| Cushman & Wakefield plc \* | &nbsp;&nbsp;94446 | &nbsp;&nbsp;&nbsp;&nbsp;1090851 |
| DiamondRock Hospitality Co. | 234286 | &nbsp;&nbsp;&nbsp;&nbsp;2188231 |
| Douglas Emmett, Inc. | 116869 | &nbsp;&nbsp;&nbsp;&nbsp;2055726 |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;42710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742727 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8555 | &nbsp;&nbsp;&nbsp;&nbsp;1340483 |
| Elme Communities | &nbsp;&nbsp;69599 | &nbsp;&nbsp;&nbsp;&nbsp;1328645 |
| Empire State Realty Trust, Inc., Class A | 213104 | &nbsp;&nbsp;&nbsp;&nbsp;1570576 |
| EPR Properties | &nbsp;&nbsp;57295 | &nbsp;&nbsp;&nbsp;&nbsp;2211587 |
| Equity Commonwealth | &nbsp;&nbsp;51786 | &nbsp;&nbsp;&nbsp;&nbsp;1354722 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;49060 | &nbsp;&nbsp;&nbsp;&nbsp;3137878 |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;19591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421598 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;35708 | &nbsp;&nbsp;&nbsp;&nbsp;1700772 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;21155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541991 |
| Getty Realty Corp. | &nbsp;&nbsp;16278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512594 |
| Global Net Lease, Inc. | &nbsp;&nbsp;94608 | &nbsp;&nbsp;&nbsp;&nbsp;1158948 |
| Healthcare Realty Trust, Inc. | 188575 | &nbsp;&nbsp;&nbsp;&nbsp;3833730 |
| Hersha Hospitality Trust | &nbsp;&nbsp;82204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752167 |
| Highwoods Properties, Inc. | &nbsp;&nbsp;88863 | &nbsp;&nbsp;&nbsp;&nbsp;2508603 |
| HomeBanc Corp. *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Hudson Pacific Properties, Inc. | 131772 | &nbsp;&nbsp;&nbsp;&nbsp;1454763 |
| Industrial Logistics Properties Trust | &nbsp;&nbsp;66433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310906 |
| iStar, Inc. | &nbsp;&nbsp;72538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760198 |
| JBG SMITH Properties | &nbsp;&nbsp;84259 | &nbsp;&nbsp;&nbsp;&nbsp;1658217 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;92360 | &nbsp;&nbsp;&nbsp;&nbsp;1534100 |
| Kilroy Realty Corp. | &nbsp;&nbsp;59203 | &nbsp;&nbsp;&nbsp;&nbsp;2530336 |
| Kite Realty Group Trust | 110698 | &nbsp;&nbsp;&nbsp;&nbsp;2174109 |
| Life Storage, Inc. | &nbsp;&nbsp;22091 | &nbsp;&nbsp;&nbsp;&nbsp;2443486 |

---

<sub>41</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| LTC Properties, Inc. | &nbsp;&nbsp;23468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907508 |
| LXP Industrial Trust | 153524 | &nbsp;&nbsp;&nbsp;&nbsp;1486112 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;18532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682719 |
| National Health Investors, Inc. | &nbsp;&nbsp;24892 | &nbsp;&nbsp;&nbsp;&nbsp;1411376 |
| National Retail Properties, Inc. | &nbsp;&nbsp;70710 | &nbsp;&nbsp;&nbsp;&nbsp;2971941 |
| National Storage Affiliates Trust | &nbsp;&nbsp;11626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495965 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp;91165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746641 |
| Office Properties Income Trust | &nbsp;&nbsp;90841 | &nbsp;&nbsp;&nbsp;&nbsp;1389867 |
| Outfront Media, Inc. | 158810 | &nbsp;&nbsp;&nbsp;&nbsp;2866521 |
| Paramount Group, Inc. | 308466 | &nbsp;&nbsp;&nbsp;&nbsp;1995775 |
| Pebblebrook Hotel Trust | 113716 | &nbsp;&nbsp;&nbsp;&nbsp;1824005 |
| Physicians Realty Trust | 107134 | &nbsp;&nbsp;&nbsp;&nbsp;1613438 |
| Piedmont Office Realty Trust, Inc., Class A | 185890 | &nbsp;&nbsp;&nbsp;&nbsp;1942551 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;42277 | &nbsp;&nbsp;&nbsp;&nbsp;1880904 |
| Rayonier, Inc. | &nbsp;&nbsp;73943 | &nbsp;&nbsp;&nbsp;&nbsp;2491879 |
| Retail Opportunity Investments Corp. | &nbsp;&nbsp;72126 | &nbsp;&nbsp;&nbsp;&nbsp;1044384 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;16147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892606 |
| RLJ Lodging Trust | 305800 | &nbsp;&nbsp;&nbsp;&nbsp;3721586 |
| RPT Realty | &nbsp;&nbsp;88116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819479 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;28388 | &nbsp;&nbsp;&nbsp;&nbsp;2524261 |
| Sabra Health Care REIT, Inc. | 184978 | &nbsp;&nbsp;&nbsp;&nbsp;2526799 |
| SITE Centers Corp. | 169192 | &nbsp;&nbsp;&nbsp;&nbsp;2094597 |
| Spirit Realty Capital, Inc. | &nbsp;&nbsp;54446 | &nbsp;&nbsp;&nbsp;&nbsp;2114138 |
| STAG Industrial, Inc. | &nbsp;&nbsp;49920 | &nbsp;&nbsp;&nbsp;&nbsp;1576973 |
| STORE Capital Corp. | &nbsp;&nbsp;86738 | &nbsp;&nbsp;&nbsp;&nbsp;2758268 |
| Summit Hotel Properties, Inc. | 142281 | &nbsp;&nbsp;&nbsp;&nbsp;1229308 |
| Sunstone Hotel Investors, Inc. | 273494 | &nbsp;&nbsp;&nbsp;&nbsp;3049458 |
| Tanger Factory Outlet Centers, Inc. | 120123 | &nbsp;&nbsp;&nbsp;&nbsp;2163415 |
| Terreno Realty Corp. | &nbsp;&nbsp;11991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685166 |
| The Howard Hughes Corp. \* | &nbsp;&nbsp;15038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922581 |
| The Necessity Retail REIT, Inc. | 101032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691059 |
| Uniti Group, Inc. | 304664 | &nbsp;&nbsp;&nbsp;&nbsp;2364193 |
| Urban Edge Properties | &nbsp;&nbsp;94367 | &nbsp;&nbsp;&nbsp;&nbsp;1332462 |
| Veris Residential, Inc. \* | &nbsp;&nbsp;94970 | &nbsp;&nbsp;&nbsp;&nbsp;1503375 |
| Xenia Hotels & Resorts, Inc. | 154006 | &nbsp;&nbsp;&nbsp;&nbsp;2630423 |
| Zillow Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221923 |
| Zillow Group, Inc., Class C \* | &nbsp;&nbsp;20134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621335 |
|  |  | **132009819** |
| &nbsp;&nbsp;**Retailing 4.2%** | &nbsp;&nbsp;**Retailing 4.2%** | &nbsp;&nbsp;**Retailing 4.2%** |
| 1-800-Flowers.com, Inc., Class A \* | &nbsp;&nbsp;44355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323348 |
| Abercrombie & Fitch Co., Class A \* | 104226 | &nbsp;&nbsp;&nbsp;&nbsp;1832293 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;64640 | &nbsp;&nbsp;&nbsp;&nbsp;2846099 |
| America's Car-Mart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518100 |
| Arko Corp. | &nbsp;&nbsp;63550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651387 |
| Barnes & Noble Education, Inc. \* | 238006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664037 |
| Big 5 Sporting Goods Corp. *(a)* | &nbsp;&nbsp;47249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609040 |
| Boot Barn Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553062 |
| Caleres, Inc. | &nbsp;&nbsp;59530 | &nbsp;&nbsp;&nbsp;&nbsp;1626955 |
| Camping World Holdings, Inc., Class A *(a)* | &nbsp;&nbsp;15844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440938 |
| Chico's FAS, Inc. \* | 371886 | &nbsp;&nbsp;&nbsp;&nbsp;2186690 |
| Citi Trends, Inc. \* | &nbsp;&nbsp;21262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480734 |
| Conn's, Inc. \* | &nbsp;&nbsp;57850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474948 |
| Designer Brands, Inc., Class A | 145756 | &nbsp;&nbsp;&nbsp;&nbsp;2219864 |
| Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8778 | &nbsp;&nbsp;&nbsp;&nbsp;2886119 |
| Etsy, Inc. \* | &nbsp;&nbsp;15892 | &nbsp;&nbsp;&nbsp;&nbsp;1492418 |
| Express, Inc. \* | 300276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366337 |
| Five Below, Inc. \* | &nbsp;&nbsp;12576 | &nbsp;&nbsp;&nbsp;&nbsp;1840498 |
| Floor & Decor Holdings, Inc., Class A \* | &nbsp;&nbsp;18302 | &nbsp;&nbsp;&nbsp;&nbsp;1342818 |
| GameStop Corp., Class A *\*(a)* | 114636 | &nbsp;&nbsp;&nbsp;&nbsp;3245345 |
| Genesco, Inc. \* | &nbsp;&nbsp;31260 | &nbsp;&nbsp;&nbsp;&nbsp;1470470 |
| Groupon, Inc. *\*(a)* | &nbsp;&nbsp;79609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586718 |
| Guess?, Inc. *(a)* | &nbsp;&nbsp;77468 | &nbsp;&nbsp;&nbsp;&nbsp;1315407 |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;41951 | &nbsp;&nbsp;&nbsp;&nbsp;1115058 |
| Hibbett, Inc. | &nbsp;&nbsp;25928 | &nbsp;&nbsp;&nbsp;&nbsp;1618426 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| MarineMax, Inc. \* | &nbsp;&nbsp;30368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981190 |
| MercadoLibre, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;1293825 |
| Monro, Inc. | &nbsp;&nbsp;32895 | &nbsp;&nbsp;&nbsp;&nbsp;1570736 |
| National Vision Holdings, Inc. \* | &nbsp;&nbsp;43411 | &nbsp;&nbsp;&nbsp;&nbsp;1607943 |
| Ollie's Bargain Outlet Holdings, Inc. \* | &nbsp;&nbsp;40131 | &nbsp;&nbsp;&nbsp;&nbsp;2247336 |
| Overstock.com, Inc. \* | &nbsp;&nbsp;32139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747232 |
| Party City Holdco, Inc. \* | 447434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756163 |
| PetMed Express, Inc. | &nbsp;&nbsp;29182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622160 |
| Rent-A-Center, Inc. | &nbsp;&nbsp;64697 | &nbsp;&nbsp;&nbsp;&nbsp;1348932 |
| RH \* | &nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;1102310 |
| Sally Beauty Holdings, Inc. \* | 211670 | &nbsp;&nbsp;&nbsp;&nbsp;2690326 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;28638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686739 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;54258 | &nbsp;&nbsp;&nbsp;&nbsp;3539792 |
| Sleep Number Corp. \* | &nbsp;&nbsp;37856 | &nbsp;&nbsp;&nbsp;&nbsp;1050125 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp;58447 | &nbsp;&nbsp;&nbsp;&nbsp;2732397 |
| Sportsman's Warehouse Holdings, Inc. \* | &nbsp;&nbsp;54884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492858 |
| Stitch Fix, Inc., Class A \* | &nbsp;&nbsp;99704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398816 |
| The Aaron's Co., Inc. | &nbsp;&nbsp;71010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739924 |
| The Buckle, Inc. | &nbsp;&nbsp;37132 | &nbsp;&nbsp;&nbsp;&nbsp;1460402 |
| The Children's Place, Inc. \* | &nbsp;&nbsp;21060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852509 |
| TravelCenters of America, Inc. \* | &nbsp;&nbsp;42465 | &nbsp;&nbsp;&nbsp;&nbsp;2699925 |
| Urban Outfitters, Inc. \* | 148572 | &nbsp;&nbsp;&nbsp;&nbsp;3544928 |
| Victoria's Secret & Co. \* | &nbsp;&nbsp;61625 | &nbsp;&nbsp;&nbsp;&nbsp;2317100 |
| Wayfair, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283035 |
| Zumiez, Inc. \* | &nbsp;&nbsp;30125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675704 |
|  |  | **69149516** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.0%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 2.0%** |
| Ambarella, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336699 |
| Amkor Technology, Inc. | 129511 | &nbsp;&nbsp;&nbsp;&nbsp;2692534 |
| Axcelis Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467248 |
| Cirrus Logic, Inc. \* | &nbsp;&nbsp;47075 | &nbsp;&nbsp;&nbsp;&nbsp;3159674 |
| Diodes, Inc. \* | &nbsp;&nbsp;26467 | &nbsp;&nbsp;&nbsp;&nbsp;1896890 |
| Entegris, Inc. | &nbsp;&nbsp;32189 | &nbsp;&nbsp;&nbsp;&nbsp;2553875 |
| First Solar, Inc. \* | &nbsp;&nbsp;47402 | &nbsp;&nbsp;&nbsp;&nbsp;6900309 |
| FormFactor, Inc. \* | &nbsp;&nbsp;25825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521923 |
| Ichor Holdings Ltd. \* | &nbsp;&nbsp;17651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449041 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;34218 | &nbsp;&nbsp;&nbsp;&nbsp;1435103 |
| Lattice Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375807 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;&nbsp;1141231 |
| Onto Innovation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525964 |
| Photronics, Inc. \* | &nbsp;&nbsp;71540 | &nbsp;&nbsp;&nbsp;&nbsp;1160379 |
| Power Integrations, Inc. | &nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp;&nbsp;1042677 |
| Semtech Corp. \* | &nbsp;&nbsp;21103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584342 |
| Silicon Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9467 | &nbsp;&nbsp;&nbsp;&nbsp;1087948 |
| SMART Global Holdings, Inc. \* | &nbsp;&nbsp;24507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331580 |
| SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp;1085282 |
| Synaptics, Inc. \* | &nbsp;&nbsp;14304 | &nbsp;&nbsp;&nbsp;&nbsp;1267334 |
| Ultra Clean Holdings, Inc. \* | &nbsp;&nbsp;27966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870022 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711389 |
| Wolfspeed, Inc. \* | &nbsp;&nbsp;18731 | &nbsp;&nbsp;&nbsp;&nbsp;1475066 |
|  |  | **32072317** |
| &nbsp;&nbsp;**Software & Services 5.0%** | &nbsp;&nbsp;**Software & Services 5.0%** | &nbsp;&nbsp;**Software & Services 5.0%** |
| ACI Worldwide, Inc. \* | &nbsp;&nbsp;66463 | &nbsp;&nbsp;&nbsp;&nbsp;1617045 |
| Adeia, Inc. | &nbsp;&nbsp;76437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854566 |
| Alarm.com Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425237 |
| Aspen Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9985 | &nbsp;&nbsp;&nbsp;&nbsp;2410878 |
| Avaya Holdings Corp. *\*(a)* | 282461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446288 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;24692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871134 |
| Black Knight, Inc. \* | &nbsp;&nbsp;43707 | &nbsp;&nbsp;&nbsp;&nbsp;2642962 |
| Blackbaud, Inc. \* | &nbsp;&nbsp;15405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842654 |
| Block, Inc. \* | &nbsp;&nbsp;20618 | &nbsp;&nbsp;&nbsp;&nbsp;1238523 |
| Cerence, Inc. \* | &nbsp;&nbsp;32111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552309 |
| Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;8141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538853 |
| CommVault Systems, Inc. \* | &nbsp;&nbsp;20157 | &nbsp;&nbsp;&nbsp;&nbsp;1227360 |

---

<sub>42</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Concentrix Corp. | &nbsp;&nbsp;19396 | &nbsp;&nbsp;&nbsp;&nbsp;2370773 |
| Conduent, Inc. \* | 463318 | &nbsp;&nbsp;&nbsp;&nbsp;1908870 |
| Consensus Cloud Solutions, Inc. \* | &nbsp;&nbsp;14397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808248 |
| CSG Systems International, Inc. | &nbsp;&nbsp;25985 | &nbsp;&nbsp;&nbsp;&nbsp;1680450 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;32802 | &nbsp;&nbsp;&nbsp;&nbsp;2192486 |
| Dropbox, Inc., Class A \* | &nbsp;&nbsp;83930 | &nbsp;&nbsp;&nbsp;&nbsp;1825477 |
| Ebix, Inc. | &nbsp;&nbsp;35633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705177 |
| Envestnet, Inc. \* | &nbsp;&nbsp;14496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714798 |
| EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;7505 | &nbsp;&nbsp;&nbsp;&nbsp;2626750 |
| Euronet Worldwide, Inc. \* | &nbsp;&nbsp;30688 | &nbsp;&nbsp;&nbsp;&nbsp;2578099 |
| EVERTEC, Inc. | &nbsp;&nbsp;27466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983557 |
| ExlService Holdings, Inc. \* | &nbsp;&nbsp;11367 | &nbsp;&nbsp;&nbsp;&nbsp;2067089 |
| Fair Isaac Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6349 | &nbsp;&nbsp;&nbsp;&nbsp;3040155 |
| Fortinet, Inc. \* | &nbsp;&nbsp;62512 | &nbsp;&nbsp;&nbsp;&nbsp;3573186 |
| Gartner, Inc. \* | &nbsp;&nbsp;13111 | &nbsp;&nbsp;&nbsp;&nbsp;3958473 |
| Globant S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;3977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750380 |
| GoDaddy, Inc., Class A \* | &nbsp;&nbsp;34898 | &nbsp;&nbsp;&nbsp;&nbsp;2805799 |
| Guidewire Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582277 |
| InterDigital, Inc. | &nbsp;&nbsp;33737 | &nbsp;&nbsp;&nbsp;&nbsp;1682464 |
| LiveRamp Holdings, Inc. \* | &nbsp;&nbsp;71487 | &nbsp;&nbsp;&nbsp;&nbsp;1312501 |
| Manhattan Associates, Inc. \* | &nbsp;&nbsp;14871 | &nbsp;&nbsp;&nbsp;&nbsp;1809355 |
| MicroStrategy, Inc., Class A *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612865 |
| Pagseguro Digital Ltd., Class A \* | &nbsp;&nbsp;79724 | &nbsp;&nbsp;&nbsp;&nbsp;1090624 |
| Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp;1377772 |
| Paysafe Ltd. \* | 592706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865351 |
| Pegasystems, Inc. | &nbsp;&nbsp;13265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493591 |
| Perficient, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606012 |
| Progress Software Corp. | &nbsp;&nbsp;27805 | &nbsp;&nbsp;&nbsp;&nbsp;1418889 |
| PTC, Inc. \* | &nbsp;&nbsp;12912 | &nbsp;&nbsp;&nbsp;&nbsp;1521421 |
| Qualys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638526 |
| RingCentral, Inc., Class A \* | &nbsp;&nbsp;26379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936982 |
| Sabre Corp. \* | 543053 | &nbsp;&nbsp;&nbsp;&nbsp;3155138 |
| ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;3766 | &nbsp;&nbsp;&nbsp;&nbsp;1584507 |
| Splunk, Inc. \* | &nbsp;&nbsp;15227 | &nbsp;&nbsp;&nbsp;&nbsp;1265516 |
| StoneCo Ltd., Class A \* | &nbsp;&nbsp;74356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780738 |
| Teradata Corp. \* | &nbsp;&nbsp;88435 | &nbsp;&nbsp;&nbsp;&nbsp;2793662 |
| TTEC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392225 |
| Twilio, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644044 |
| Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;4992 | &nbsp;&nbsp;&nbsp;&nbsp;1614063 |
| Unisys Corp. \* | &nbsp;&nbsp;85626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727821 |
| Verint Systems, Inc. \* | &nbsp;&nbsp;17160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607979 |
| Verra Mobility Corp. \* | &nbsp;&nbsp;29227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498905 |
| WEX, Inc. \* | &nbsp;&nbsp;15347 | &nbsp;&nbsp;&nbsp;&nbsp;2519057 |
| Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;6706 | &nbsp;&nbsp;&nbsp;&nbsp;1044929 |
| Xperi, Inc. \* | &nbsp;&nbsp;30684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428655 |
| Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;8190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683374 |
|  |  | **81946819** |
| &nbsp;&nbsp;**Technology Hardware & Equipment 4.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 4.7%** | &nbsp;&nbsp;**Technology Hardware & Equipment 4.7%** |
| ADTRAN Holdings, Inc. | &nbsp;&nbsp;61371 | &nbsp;&nbsp;&nbsp;&nbsp;1378393 |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;17672 | &nbsp;&nbsp;&nbsp;&nbsp;1389903 |
| Arista Networks, Inc. \* | &nbsp;&nbsp;31163 | &nbsp;&nbsp;&nbsp;&nbsp;3766360 |
| Badger Meter, Inc. | &nbsp;&nbsp;10456 | &nbsp;&nbsp;&nbsp;&nbsp;1176091 |
| Belden, Inc. | &nbsp;&nbsp;43069 | &nbsp;&nbsp;&nbsp;&nbsp;2998894 |
| Benchmark Electronics, Inc. | 131136 | &nbsp;&nbsp;&nbsp;&nbsp;3722951 |
| Cognex Corp. | &nbsp;&nbsp;47420 | &nbsp;&nbsp;&nbsp;&nbsp;2192227 |
| Coherent Corp. \* | &nbsp;&nbsp;46662 | &nbsp;&nbsp;&nbsp;&nbsp;1568310 |
| CommScope Holding Co., Inc. \* | 393768 | &nbsp;&nbsp;&nbsp;&nbsp;5213488 |
| Comtech Telecommunications Corp. | &nbsp;&nbsp;55364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611772 |
| CTS Corp. | &nbsp;&nbsp;22318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882007 |
| ePlus, Inc. \* | &nbsp;&nbsp;34814 | &nbsp;&nbsp;&nbsp;&nbsp;1696138 |
| Fabrinet \* | &nbsp;&nbsp;21346 | &nbsp;&nbsp;&nbsp;&nbsp;2441982 |
| IPG Photonics Corp. \* | &nbsp;&nbsp;23479 | &nbsp;&nbsp;&nbsp;&nbsp;2011211 |
| Itron, Inc. \* | &nbsp;&nbsp;32602 | &nbsp;&nbsp;&nbsp;&nbsp;1593912 |
| Kimball Electronics, Inc. \* | &nbsp;&nbsp;45516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940816 |
| Knowles Corp. \* | &nbsp;&nbsp;75369 | &nbsp;&nbsp;&nbsp;&nbsp;1036324 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Littelfuse, Inc. | &nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp;&nbsp;2367688 |
| Lumentum Holdings, Inc. \* | &nbsp;&nbsp;19961 | &nbsp;&nbsp;&nbsp;&nbsp;1486096 |
| Methode Electronics, Inc. | &nbsp;&nbsp;38418 | &nbsp;&nbsp;&nbsp;&nbsp;1583974 |
| National Instruments Corp. | &nbsp;&nbsp;86995 | &nbsp;&nbsp;&nbsp;&nbsp;3321469 |
| NETGEAR, Inc. \* | &nbsp;&nbsp;57682 | &nbsp;&nbsp;&nbsp;&nbsp;1133451 |
| NetScout Systems, Inc. \* | &nbsp;&nbsp;83917 | &nbsp;&nbsp;&nbsp;&nbsp;3014299 |
| Novanta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847693 |
| OSI Systems, Inc. \* | &nbsp;&nbsp;17501 | &nbsp;&nbsp;&nbsp;&nbsp;1438232 |
| PC Connection, Inc. | &nbsp;&nbsp;30133 | &nbsp;&nbsp;&nbsp;&nbsp;1601268 |
| Plexus Corp. \* | &nbsp;&nbsp;38406 | &nbsp;&nbsp;&nbsp;&nbsp;3779150 |
| Pure Storage, Inc., Class A \* | &nbsp;&nbsp;17855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551005 |
| Rogers Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6178 | &nbsp;&nbsp;&nbsp;&nbsp;1453869 |
| ScanSource, Inc. \* | &nbsp;&nbsp;90418 | &nbsp;&nbsp;&nbsp;&nbsp;2801150 |
| Stratasys Ltd. \* | &nbsp;&nbsp;39788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575732 |
| Super Micro Computer, Inc. \* | &nbsp;&nbsp;57146 | &nbsp;&nbsp;&nbsp;&nbsp;3976790 |
| TD SYNNEX Corp. | &nbsp;&nbsp;35191 | &nbsp;&nbsp;&nbsp;&nbsp;3220328 |
| TTM Technologies, Inc. \* | 214822 | &nbsp;&nbsp;&nbsp;&nbsp;3288925 |
| ViaSat, Inc. \* | &nbsp;&nbsp;59008 | &nbsp;&nbsp;&nbsp;&nbsp;2416968 |
| Viavi Solutions, Inc. \* | &nbsp;&nbsp;86151 | &nbsp;&nbsp;&nbsp;&nbsp;1300880 |
| Vontier Corp. | 121477 | &nbsp;&nbsp;&nbsp;&nbsp;2320211 |
|  |  | **77099957** |
| &nbsp;&nbsp;**Telecommunication Services 0.5%** | &nbsp;&nbsp;**Telecommunication Services 0.5%** | &nbsp;&nbsp;**Telecommunication Services 0.5%** |
| ATN International, Inc. | &nbsp;&nbsp;19114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824196 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;20366 | &nbsp;&nbsp;&nbsp;&nbsp;1069419 |
| Consolidated Communications Holdings, Inc. \* | 265939 | &nbsp;&nbsp;&nbsp;&nbsp;1374904 |
| EchoStar Corp., Class A \* | &nbsp;&nbsp;72696 | &nbsp;&nbsp;&nbsp;&nbsp;1371773 |
| Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;38257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895979 |
| Iridium Communications, Inc. \* | &nbsp;&nbsp;31557 | &nbsp;&nbsp;&nbsp;&nbsp;1626132 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;42836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970664 |
|  |  | &nbsp;&nbsp;&nbsp;**8133067** |
| &nbsp;&nbsp;**Transportation 2.5%** | &nbsp;&nbsp;**Transportation 2.5%** | &nbsp;&nbsp;**Transportation 2.5%** |
| Air Transport Services Group, Inc. \* | &nbsp;&nbsp;54235 | &nbsp;&nbsp;&nbsp;&nbsp;1583662 |
| Alaska Air Group, Inc. \* | &nbsp;&nbsp;47567 | &nbsp;&nbsp;&nbsp;&nbsp;2114829 |
| Allegiant Travel Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;4816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361441 |
| AMERCO | &nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp;3466670 |
| ArcBest Corp. | &nbsp;&nbsp;36002 | &nbsp;&nbsp;&nbsp;&nbsp;2859639 |
| Atlas Air Worldwide Holdings, Inc. \* | &nbsp;&nbsp;36826 | &nbsp;&nbsp;&nbsp;&nbsp;3724582 |
| Atlas Corp. *(a)* | &nbsp;&nbsp;67984 | &nbsp;&nbsp;&nbsp;&nbsp;1005483 |
| Costamare, Inc. | &nbsp;&nbsp;52617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496704 |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;21565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816020 |
| Danaos Corp. *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;5620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318654 |
| Daseke, Inc. \* | 217700 | &nbsp;&nbsp;&nbsp;&nbsp;1297492 |
| Forward Air Corp. | &nbsp;&nbsp;21651 | &nbsp;&nbsp;&nbsp;&nbsp;2292191 |
| Golden Ocean Group Ltd. *(a)* | &nbsp;&nbsp;41864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348727 |
| Hawaiian Holdings, Inc. \* | &nbsp;&nbsp;41504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598903 |
| Heartland Express, Inc. | &nbsp;&nbsp;68055 | &nbsp;&nbsp;&nbsp;&nbsp;1012658 |
| Hub Group, Inc., Class A \* | &nbsp;&nbsp;48924 | &nbsp;&nbsp;&nbsp;&nbsp;3796502 |
| JetBlue Airways Corp. \* | 204558 | &nbsp;&nbsp;&nbsp;&nbsp;1644646 |
| Kirby Corp. \* | &nbsp;&nbsp;57006 | &nbsp;&nbsp;&nbsp;&nbsp;3976169 |
| Lyft, Inc., Class A \* | &nbsp;&nbsp;42501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622215 |
| Marten Transport Ltd. | &nbsp;&nbsp;70402 | &nbsp;&nbsp;&nbsp;&nbsp;1321446 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381880 |
| Saia, Inc. \* | &nbsp;&nbsp;10310 | &nbsp;&nbsp;&nbsp;&nbsp;2050247 |
| Schneider National, Inc., Class B | &nbsp;&nbsp;91830 | &nbsp;&nbsp;&nbsp;&nbsp;2042299 |
| SkyWest, Inc. \* | &nbsp;&nbsp;40210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710913 |
| Spirit Airlines, Inc. | &nbsp;&nbsp;37895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833690 |
| Yellow Corp. \* | 142159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629764 |
|  |  | **40307426** |
| &nbsp;&nbsp;**Utilities 3.6%** | &nbsp;&nbsp;**Utilities 3.6%** | &nbsp;&nbsp;**Utilities 3.6%** |
| ALLETE, Inc. | &nbsp;&nbsp;55820 | &nbsp;&nbsp;&nbsp;&nbsp;3140991 |
| American States Water Co. | &nbsp;&nbsp;14510 | &nbsp;&nbsp;&nbsp;&nbsp;1312575 |

---

<sub>43</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Atlantica Sustainable Infrastructure plc | 54367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506510 |
| Avangrid, Inc. | 51281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086111 |
| Avista Corp. | 78909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237636 |
| California Water Service Group | 24208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502349 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;7882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980363 |
| Clearway Energy, Inc., Class A | 16162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522518 |
| Clearway Energy, Inc., Class C | 38095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323420 |
| Essential Utilities, Inc. | 74341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287359 |
| Hawaiian Electric Industries, Inc. | 99663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791181 |
| IDACORP, Inc. | 34072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567338 |
| MGE Energy, Inc. | 18980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292348 |
| National Fuel Gas Co. | 57086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852734 |
| New Jersey Resources Corp. | 75894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387908 |
| Northwest Natural Holding Co. | 30678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475305 |
| NorthWestern Corp. | 57249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024465 |
| ONE Gas, Inc. | 45493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524798 |
| Ormat Technologies, Inc. | 20765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878194 |
| Otter Tail Corp. | 25627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727772 |
| PNM Resources, Inc. | 71080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303088 |
| SJW Group | 14230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005776 |
| South Jersey Industries, Inc. | 80730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798909 |
| Spire, Inc. | 51394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587815 |
| Unitil Corp. | 16655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57995348** |
| **Total Common Stocks<br> (Cost $1,290,324,185)** | **Total Common Stocks<br> (Cost $1,290,324,185)** | **1629421752** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 1.4% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 1.4% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 1.4% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 1.4%** | &nbsp;&nbsp;**Money Market Funds 1.4%** | &nbsp;&nbsp;**Money Market Funds 1.4%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)* | &nbsp;&nbsp;8951488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8951488 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | 14043476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14043476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22994964** |
| **Total Short-Term Investments<br> (Cost $22,994,964)** | **Total Short-Term Investments<br> (Cost $22,994,964)** | &nbsp;&nbsp;&nbsp;&nbsp;**22994964** |
| **Total Investments in Securities<br> (Cost $1,313,319,149)** | **Total Investments in Securities<br> (Cost $1,313,319,149)** | **1652416716** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70241** |

---

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $13,510,408.

*(b)* Fair-valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

REIT — Real Estate Investment Trust

<sub>44</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;$1497411933 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1497411933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132009819 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132009819 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22994964 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22994964 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70241 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70241 |
| **Total** | **$1652486957** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$0\*** | &nbsp;&nbsp;&nbsp;**$1652486957** |

---

\* Level 3 amount shown includes securities determined to have no value at October 31, 2022.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>45</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $1,313,319,149) including securities on loan of $13,510,408 |  | &nbsp;&nbsp;$1652416716 |
| Foreign currency, at value (cost $34) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577500 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on future contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**1655588399** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14043476 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304866 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24392346** |
| **Net assets** |  | **$1631196053** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$1271011958 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360184095 |
| **Net assets** |  | **$1631196053** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $1631196053 |  | 107153100 |  | $15.22 |

---

<sub>46</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $9,568) |  | &nbsp;&nbsp;&nbsp;&nbsp;$27256470 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612429 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**27873195** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347447 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80160 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4427607** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**23445588** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78234626 |
| Net realized gains on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;131614958 |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2215825) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**207633759** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(445702431) |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35606) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(445738040)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(238104281)** |
| **Decrease in net assets resulting from operations** |  | **($214658693)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>47</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental US Small Company Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$23445588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19643245 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;207633759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312627403 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(445738040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540665132 |
| **Increase (decrease) in net assets resulting from operations** |  | **($214658693)** | &nbsp;&nbsp;&nbsp;**$872935780** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($209192167)** | &nbsp;&nbsp;&nbsp;&nbsp;**($24462415)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;39427994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$631702221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33185229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$573288196 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;8654231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148679691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17218482 |
| Shares redeemed | + | &nbsp;&nbsp;(41616527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670809902) | &nbsp;&nbsp;&nbsp;&nbsp;(50160481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887504519) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6465698** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$109572010** | &nbsp;&nbsp;&nbsp;&nbsp;**(15817318)** | &nbsp;&nbsp;&nbsp;&nbsp;**($296997841)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;100687402 | &nbsp;&nbsp;&nbsp;&nbsp;$1945474903 | &nbsp;&nbsp;&nbsp;&nbsp;116504720 | &nbsp;&nbsp;&nbsp;&nbsp;$1393999379 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;6465698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314278850) | &nbsp;&nbsp;&nbsp;&nbsp;(15817318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551475524 |
| **End of period** |  | **107153100** | &nbsp;&nbsp;&nbsp;**$1631196053** | &nbsp;&nbsp;&nbsp;**100687402** | &nbsp;&nbsp;&nbsp;**$1945474903** |

---

<sub>48</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp;$10.56 | &nbsp;&nbsp;&nbsp;&nbsp;$7.51 | &nbsp;&nbsp;&nbsp;$8.98 | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 | &nbsp;&nbsp;&nbsp;&nbsp;$9.55 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.41 | &nbsp;&nbsp;$10.56 | &nbsp;&nbsp;&nbsp;$7.51 | &nbsp;&nbsp;&nbsp;&nbsp;$8.98 | &nbsp;&nbsp;&nbsp;&nbsp;$8.69 |
| Total return | &nbsp;&nbsp;&nbsp;(17.25%) | &nbsp;&nbsp;&nbsp;&nbsp;44.03% | &nbsp;&nbsp;(13.29%) | &nbsp;&nbsp;&nbsp;&nbsp;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;(6.53%) |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.25% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3.56% | &nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;&nbsp;3.51% | &nbsp;&nbsp;&nbsp;&nbsp;3.10% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp;$1565 | &nbsp;&nbsp;$1406 | &nbsp;&nbsp;&nbsp;&nbsp;$966 | &nbsp;&nbsp;$1327 | &nbsp;&nbsp;$1349 |

---

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

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

<sub>49</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 98.0% OF NET ASSETS** | **COMMON STOCKS 98.0% OF NET ASSETS** | **COMMON STOCKS 98.0% OF NET ASSETS** |
| &nbsp;&nbsp;**Australia 5.4%** | &nbsp;&nbsp;**Australia 5.4%** | &nbsp;&nbsp;**Australia 5.4%** |
| AGL Energy Ltd. | 339825 | &nbsp;&nbsp;&nbsp;1480545 |
| Amcor plc | 111021 | &nbsp;&nbsp;&nbsp;1289313 |
| AMP Ltd. \* | 992825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800642 |
| Ampol Ltd. | &nbsp;&nbsp;56529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985968 |
| APA Group | &nbsp;&nbsp;87465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588848 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;20450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485400 |
| Aurizon Holdings Ltd. | 323030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748579 |
| Australia & New Zealand Banking Group Ltd. | 336158 | &nbsp;&nbsp;&nbsp;5507525 |
| BGP Holdings plc *\*(a)* | 453854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
| BHP Group Ltd. | 498138 | 11965376 |
| BlueScope Steel Ltd. | &nbsp;&nbsp;96374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970484 |
| Brambles Ltd. | 153306 | &nbsp;&nbsp;&nbsp;1147761 |
| Coles Group Ltd. | 145528 | &nbsp;&nbsp;&nbsp;1521591 |
| Commonwealth Bank of Australia | 119148 | &nbsp;&nbsp;&nbsp;7988485 |
| Computershare Ltd. | &nbsp;&nbsp;28641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463642 |
| CSL Ltd. | &nbsp;&nbsp;10616 | &nbsp;&nbsp;&nbsp;1900428 |
| Downer EDI Ltd. | 148261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426092 |
| Fortescue Metals Group Ltd. | 134756 | &nbsp;&nbsp;&nbsp;1269537 |
| Goodman Group | &nbsp;&nbsp;32712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355930 |
| Incitec Pivot Ltd. | 210834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507045 |
| Insurance Australia Group Ltd. | 309578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971745 |
| James Hardie Industries plc | &nbsp;&nbsp;13842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302212 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp;12907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353806 |
| Lendlease Corp., Ltd. | 147108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818032 |
| Macquarie Group Ltd. | &nbsp;&nbsp;16514 | &nbsp;&nbsp;&nbsp;1791485 |
| Medibank Pvt Ltd. | 318781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574019 |
| Metcash Ltd. | 206617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542396 |
| Mirvac Group | 323667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428848 |
| National Australia Bank Ltd. | 270408 | &nbsp;&nbsp;&nbsp;5616926 |
| Newcrest Mining Ltd. | &nbsp;&nbsp;65947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730381 |
| Orica Ltd. | &nbsp;&nbsp;47577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423209 |
| Origin Energy Ltd. | 268467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959119 |
| Orora Ltd. | 153374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297626 |
| Qantas Airways Ltd. \* | 123392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461087 |
| QBE Insurance Group Ltd. | 109550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858320 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp;11240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421603 |
| Rio Tinto Ltd. | &nbsp;&nbsp;51271 | &nbsp;&nbsp;&nbsp;2909608 |
| Santos Ltd. | 144878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707245 |
| Scentre Group | 439143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817254 |
| Sims Ltd. | &nbsp;&nbsp;36486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285260 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;31213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653459 |
| South32 Ltd. | 480214 | &nbsp;&nbsp;&nbsp;1101739 |
| Stockland | 255590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588905 |
| Suncorp Group Ltd. | 197175 | &nbsp;&nbsp;&nbsp;1442337 |
| Tabcorp Holdings Ltd. | 184993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114211 |
| Telstra Group Ltd. | 683263 | &nbsp;&nbsp;&nbsp;1713233 |
| The Lottery Corp., Ltd. \* | 115370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316502 |
| Transurban Group | 104773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888784 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp;49792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412615 |
| Vicinity Ltd. | 317418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395713 |
| Viva Energy Group Ltd. | 240496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436557 |
| Wesfarmers Ltd. | 110190 | &nbsp;&nbsp;&nbsp;3197606 |
| Westpac Banking Corp. | 430626 | &nbsp;&nbsp;&nbsp;6649279 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Woodside Energy Group Ltd. | 155139 | &nbsp;&nbsp;&nbsp;&nbsp;3586573 |
| Woolworths Group Ltd. | 125702 | &nbsp;&nbsp;&nbsp;&nbsp;2654547 |
| Worley Ltd. | &nbsp;&nbsp;46586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425522 |
|  |  | **85251680** |
| &nbsp;&nbsp;**Austria 0.3%** | &nbsp;&nbsp;**Austria 0.3%** | &nbsp;&nbsp;**Austria 0.3%** |
| BAWAG Group AG \* | &nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404503 |
| Erste Group Bank AG | &nbsp;&nbsp;40808 | &nbsp;&nbsp;&nbsp;&nbsp;1005710 |
| OMV AG | &nbsp;&nbsp;27204 | &nbsp;&nbsp;&nbsp;&nbsp;1252563 |
| Raiffeisen Bank International AG | &nbsp;&nbsp;29150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405395 |
| Voestalpine AG | &nbsp;&nbsp;37443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812898 |
| Wienerberger AG | &nbsp;&nbsp;16385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374542 |
|  |  | &nbsp;&nbsp;&nbsp;**4255611** |
| &nbsp;&nbsp;**Belgium 0.8%** | &nbsp;&nbsp;**Belgium 0.8%** | &nbsp;&nbsp;**Belgium 0.8%** |
| Ageas S.A./N.V. | &nbsp;&nbsp;27020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935383 |
| Anheuser-Busch InBev S.A./N.V. | 100412 | &nbsp;&nbsp;&nbsp;&nbsp;5022647 |
| Etablissements Franz Colruyt N.V. | &nbsp;&nbsp;13867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334252 |
| Groupe Bruxelles Lambert N.V. | &nbsp;&nbsp;14557 | &nbsp;&nbsp;&nbsp;&nbsp;1073235 |
| KBC Group N.V. | &nbsp;&nbsp;25667 | &nbsp;&nbsp;&nbsp;&nbsp;1286321 |
| Proximus SADP | &nbsp;&nbsp;36733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385099 |
| Solvay S.A. | &nbsp;&nbsp;12537 | &nbsp;&nbsp;&nbsp;&nbsp;1131349 |
| UCB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692479 |
| Umicore S.A. | &nbsp;&nbsp;26362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869047 |
|  |  | **11729812** |
| &nbsp;&nbsp;**Canada 7.6%** | &nbsp;&nbsp;**Canada 7.6%** | &nbsp;&nbsp;**Canada 7.6%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp;22617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994925 |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp;31321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346696 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp;88147 | &nbsp;&nbsp;&nbsp;&nbsp;3946832 |
| AltaGas Ltd. | &nbsp;&nbsp;20605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371611 |
| Atco Ltd., Class I | &nbsp;&nbsp;14093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437578 |
| Bank of Montreal | &nbsp;&nbsp;38698 | &nbsp;&nbsp;&nbsp;&nbsp;3564585 |
| Barrick Gold Corp. | 133859 | &nbsp;&nbsp;&nbsp;&nbsp;2013264 |
| Bausch Health Cos., Inc. \* | &nbsp;&nbsp;69541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452258 |
| BCE, Inc. | &nbsp;&nbsp;32802 | &nbsp;&nbsp;&nbsp;&nbsp;1479563 |
| Brookfield Asset Management, Inc., Class A | &nbsp;&nbsp;91480 | &nbsp;&nbsp;&nbsp;&nbsp;3622671 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;64452 | &nbsp;&nbsp;&nbsp;&nbsp;2927034 |
| Canadian National Railway Co. | &nbsp;&nbsp;31426 | &nbsp;&nbsp;&nbsp;&nbsp;3723093 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp;78318 | &nbsp;&nbsp;&nbsp;&nbsp;4697298 |
| Canadian Pacific Railway Ltd. | &nbsp;&nbsp;31158 | &nbsp;&nbsp;&nbsp;&nbsp;2322756 |
| Canadian Tire Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917137 |
| Canadian Utilities Ltd., Class A | &nbsp;&nbsp;13336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354850 |
| CCL Industries, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;9492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445912 |
| Cenovus Energy, Inc. | &nbsp;&nbsp;62909 | &nbsp;&nbsp;&nbsp;&nbsp;1271710 |
| CGI, Inc. \* | &nbsp;&nbsp;19049 | &nbsp;&nbsp;&nbsp;&nbsp;1534435 |
| CI Financial Corp. | &nbsp;&nbsp;40184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402327 |
| Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380285 |
| Crescent Point Energy Corp. | &nbsp;&nbsp;87856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686803 |
| Dollarama, Inc. | &nbsp;&nbsp;11047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656406 |
| Emera, Inc. | &nbsp;&nbsp;20924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775464 |
| Enbridge, Inc. | 154786 | &nbsp;&nbsp;&nbsp;&nbsp;6030786 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2474 | &nbsp;&nbsp;&nbsp;&nbsp;1215054 |
| Finning International, Inc. | &nbsp;&nbsp;21534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457915 |

---

<sub>50</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| First Quantum Minerals Ltd. | &nbsp;&nbsp;26105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460457 |
| Fortis, Inc. | &nbsp;&nbsp;37426 | &nbsp;&nbsp;&nbsp;&nbsp;1460118 |
| Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329778 |
| George Weston Ltd. | &nbsp;&nbsp;11859 | &nbsp;&nbsp;&nbsp;&nbsp;1305286 |
| Gildan Activewear, Inc. | &nbsp;&nbsp;18142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572485 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp;24489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566949 |
| Hydro One Ltd. | &nbsp;&nbsp;24779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621317 |
| iA Financial Corp., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461704 |
| Imperial Oil Ltd. | &nbsp;&nbsp;24784 | &nbsp;&nbsp;&nbsp;&nbsp;1348216 |
| Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792575 |
| Keyera Corp. | &nbsp;&nbsp;22071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473060 |
| Kinross Gold Corp. | 186017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674514 |
| Linamar Corp. | &nbsp;&nbsp;11062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473465 |
| Loblaw Cos., Ltd. | &nbsp;&nbsp;19416 | &nbsp;&nbsp;&nbsp;&nbsp;1590791 |
| Lundin Mining Corp. | &nbsp;&nbsp;57249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300039 |
| Magna International, Inc. | &nbsp;&nbsp;68593 | &nbsp;&nbsp;&nbsp;&nbsp;3822498 |
| Manulife Financial Corp. | 179225 | &nbsp;&nbsp;&nbsp;&nbsp;2970529 |
| Methanex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329239 |
| Metro, Inc. | &nbsp;&nbsp;25035 | &nbsp;&nbsp;&nbsp;&nbsp;1311519 |
| National Bank of Canada | &nbsp;&nbsp;18889 | &nbsp;&nbsp;&nbsp;&nbsp;1286119 |
| Nutrien Ltd. | &nbsp;&nbsp;46103 | &nbsp;&nbsp;&nbsp;&nbsp;3895413 |
| Onex Corp. | &nbsp;&nbsp;31388 | &nbsp;&nbsp;&nbsp;&nbsp;1579825 |
| Open Text Corp. | &nbsp;&nbsp;15052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435976 |
| Parkland Corp. | &nbsp;&nbsp;22613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457123 |
| Pembina Pipeline Corp. | &nbsp;&nbsp;36647 | &nbsp;&nbsp;&nbsp;&nbsp;1209955 |
| Power Corp. of Canada | &nbsp;&nbsp;50420 | &nbsp;&nbsp;&nbsp;&nbsp;1252034 |
| Quebecor, Inc., Class B | &nbsp;&nbsp;20180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380389 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp;14462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859323 |
| RioCan Real Estate Investment Trust | &nbsp;&nbsp;25498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363281 |
| Royal Bank of Canada | &nbsp;&nbsp;86318 | &nbsp;&nbsp;&nbsp;&nbsp;7986482 |
| Saputo, Inc. | &nbsp;&nbsp;32395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788504 |
| Shaw Communications, Inc., Class B | &nbsp;&nbsp;37188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955120 |
| SNC-Lavalin Group, Inc. | &nbsp;&nbsp;27211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471177 |
| Sun Life Financial, Inc. | &nbsp;&nbsp;43029 | &nbsp;&nbsp;&nbsp;&nbsp;1827473 |
| Suncor Energy, Inc. | 205068 | &nbsp;&nbsp;&nbsp;&nbsp;7053611 |
| TC Energy Corp. | &nbsp;&nbsp;70400 | &nbsp;&nbsp;&nbsp;&nbsp;3092257 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp;49544 | &nbsp;&nbsp;&nbsp;&nbsp;1508122 |
| TELUS Corp. | &nbsp;&nbsp;38585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805772 |
| TFI International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442025 |
| The Bank of Nova Scotia | 102415 | &nbsp;&nbsp;&nbsp;&nbsp;4950290 |
| The Toronto-Dominion Bank | 109089 | &nbsp;&nbsp;&nbsp;&nbsp;6981664 |
| Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939629 |
| Tourmaline Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506756 |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7695 | &nbsp;&nbsp;&nbsp;&nbsp;1015626 |
| West Fraser Timber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557570 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp;10739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351332 |
| WSP Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692325 |
|  |  | **118538960** |
| &nbsp;&nbsp;**Denmark 0.9%** | &nbsp;&nbsp;**Denmark 0.9%** | &nbsp;&nbsp;**Denmark 0.9%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768263 |
| AP Moller - Maersk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;1115617 |
| Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;7490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881915 |
| Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486010 |
| Danske Bank A/S | 111643 | &nbsp;&nbsp;&nbsp;&nbsp;1800911 |
| DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;6951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939276 |
| ISS A/S \* | &nbsp;&nbsp;36918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678000 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp;42779 | &nbsp;&nbsp;&nbsp;&nbsp;4651414 |
| Novozymes A/S, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;9014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473150 |
| Orsted A/S | &nbsp;&nbsp;&nbsp;&nbsp;9298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767139 |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;8942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470380 |
| Vestas Wind Systems A/S | &nbsp;&nbsp;64201 | &nbsp;&nbsp;&nbsp;&nbsp;1265637 |
|  |  | &nbsp;&nbsp;&nbsp;**14297712** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Finland 1.1%** | &nbsp;&nbsp;**Finland 1.1%** | &nbsp;&nbsp;**Finland 1.1%** |
| Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;9914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479107 |
| Fortum Oyj | &nbsp;&nbsp;61918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871451 |
| Huhtamaki Oyj | &nbsp;&nbsp;10617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381568 |
| Kesko Oyj, B Shares | &nbsp;&nbsp;29186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567979 |
| Kone Oyj, B Shares | &nbsp;&nbsp;27502 | &nbsp;&nbsp;&nbsp;&nbsp;1126091 |
| Neste Oyj | &nbsp;&nbsp;31588 | &nbsp;&nbsp;&nbsp;&nbsp;1384453 |
| Nokia Oyj | 502441 | &nbsp;&nbsp;&nbsp;&nbsp;2232804 |
| Nokian Renkaat Oyj | &nbsp;&nbsp;29845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336557 |
| Nordea Bank Abp | 345138 | &nbsp;&nbsp;&nbsp;&nbsp;3298384 |
| Outokumpu Oyj | &nbsp;&nbsp;96631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387816 |
| Sampo Oyj, A Shares | &nbsp;&nbsp;36432 | &nbsp;&nbsp;&nbsp;&nbsp;1665953 |
| Stora Enso Oyj, R Shares | &nbsp;&nbsp;72216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941610 |
| UPM-Kymmene Oyj | &nbsp;&nbsp;70337 | &nbsp;&nbsp;&nbsp;&nbsp;2364550 |
| Wartsila Oyj Abp | &nbsp;&nbsp;63649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433913 |
|  |  | **16472236** |
| &nbsp;&nbsp;**France 8.6%** | &nbsp;&nbsp;**France 8.6%** | &nbsp;&nbsp;**France 8.6%** |
| Air France-KLM \* | 248883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327259 |
| Air Liquide S.A. | &nbsp;&nbsp;32261 | &nbsp;&nbsp;&nbsp;&nbsp;4220180 |
| Airbus SE | &nbsp;&nbsp;20517 | &nbsp;&nbsp;&nbsp;&nbsp;2220016 |
| ALD S.A. | &nbsp;&nbsp;25121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268018 |
| Alstom S.A. | &nbsp;&nbsp;31306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644316 |
| Arkema S.A. | &nbsp;&nbsp;10216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808474 |
| Atos SE *\*(b)* | &nbsp;&nbsp;51896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506417 |
| AXA S.A. | 219958 | &nbsp;&nbsp;&nbsp;&nbsp;5431836 |
| BNP Paribas S.A. | 163657 | &nbsp;&nbsp;&nbsp;&nbsp;7674512 |
| Bollore SE | 112511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562728 |
| Bouygues S.A. | &nbsp;&nbsp;59741 | &nbsp;&nbsp;&nbsp;&nbsp;1704479 |
| Bureau Veritas S.A. | &nbsp;&nbsp;15660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387433 |
| Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;8796 | &nbsp;&nbsp;&nbsp;&nbsp;1441583 |
| Carrefour S.A. | 185505 | &nbsp;&nbsp;&nbsp;&nbsp;2985786 |
| Casino Guichard Perrachon S.A. *\*(b)* | &nbsp;&nbsp;40664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391123 |
| Cie de Saint-Gobain | &nbsp;&nbsp;83367 | &nbsp;&nbsp;&nbsp;&nbsp;3408120 |
| Cie Generale des Etablissements Michelin S.C.A. | 118956 | &nbsp;&nbsp;&nbsp;&nbsp;3031480 |
| Credit Agricole S.A. | 165052 | &nbsp;&nbsp;&nbsp;&nbsp;1497625 |
| Danone S.A. | &nbsp;&nbsp;67517 | &nbsp;&nbsp;&nbsp;&nbsp;3355560 |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;9585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321277 |
| Edenred | &nbsp;&nbsp;&nbsp;&nbsp;8299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425458 |
| Eiffage S.A. | &nbsp;&nbsp;13957 | &nbsp;&nbsp;&nbsp;&nbsp;1262017 |
| Electricite de France S.A. | 172722 | &nbsp;&nbsp;&nbsp;&nbsp;2039838 |
| Elis S.A. | &nbsp;&nbsp;33705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385986 |
| Engie S.A. | 322452 | &nbsp;&nbsp;&nbsp;&nbsp;4189732 |
| EssilorLuxottica S.A. | &nbsp;&nbsp;10857 | &nbsp;&nbsp;&nbsp;&nbsp;1716797 |
| Euroapi S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61334 |
| Eutelsat Communications S.A. | &nbsp;&nbsp;44049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442170 |
| Faurecia SE \* | &nbsp;&nbsp;52243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779938 |
| Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640721 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3243 | &nbsp;&nbsp;&nbsp;&nbsp;1485167 |
| Klepierre S.A. \* | &nbsp;&nbsp;21373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429560 |
| Legrand S.A. | &nbsp;&nbsp;14311 | &nbsp;&nbsp;&nbsp;&nbsp;1090564 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;8734 | &nbsp;&nbsp;&nbsp;&nbsp;2742512 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;7433 | &nbsp;&nbsp;&nbsp;&nbsp;4690183 |
| Orange S.A. | 559612 | &nbsp;&nbsp;&nbsp;&nbsp;5331934 |
| Pernod-Ricard S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9055 | &nbsp;&nbsp;&nbsp;&nbsp;1589254 |
| Publicis Groupe S.A. | &nbsp;&nbsp;23626 | &nbsp;&nbsp;&nbsp;&nbsp;1323159 |
| Renault S.A. \* | 112554 | &nbsp;&nbsp;&nbsp;&nbsp;3465448 |
| Rexel S.A. \* | &nbsp;&nbsp;66973 | &nbsp;&nbsp;&nbsp;&nbsp;1195153 |
| Rubis S.C.A. | &nbsp;&nbsp;22453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509893 |
| Safran S.A. | &nbsp;&nbsp;22082 | &nbsp;&nbsp;&nbsp;&nbsp;2459270 |
| Sanofi | 100843 | &nbsp;&nbsp;&nbsp;&nbsp;8678326 |
| Schneider Electric SE | &nbsp;&nbsp;34170 | &nbsp;&nbsp;&nbsp;&nbsp;4321012 |
| SCOR SE | &nbsp;&nbsp;33673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506379 |
| SEB S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226358 |
| SES S.A. | &nbsp;&nbsp;94632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671220 |

---

<sub>51</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Societe Generale S.A. | 191837 | &nbsp;&nbsp;&nbsp;&nbsp;4400169 |
| Sodexo S.A. | &nbsp;&nbsp;11896 | &nbsp;&nbsp;&nbsp;&nbsp;1053775 |
| STMicroelectronics N.V. | &nbsp;&nbsp;28013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871035 |
| Teleperformance | &nbsp;&nbsp;&nbsp;&nbsp;2114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566404 |
| Thales S.A. | &nbsp;&nbsp;&nbsp;&nbsp;7357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935663 |
| TotalEnergies SE | 433721 | &nbsp;&nbsp;&nbsp;&nbsp;23660934 |
| Valeo S.A. | &nbsp;&nbsp;79395 | &nbsp;&nbsp;&nbsp;&nbsp;1307872 |
| Veolia Environnement S.A. | &nbsp;&nbsp;74038 | &nbsp;&nbsp;&nbsp;&nbsp;1652233 |
| Vinci S.A. | &nbsp;&nbsp;51151 | &nbsp;&nbsp;&nbsp;&nbsp;4707782 |
| Vivendi SE | &nbsp;&nbsp;41935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343237 |
| Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;5678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444598 |
|  |  | **133791307** |
| &nbsp;&nbsp;**Germany 7.0%** | &nbsp;&nbsp;**Germany 7.0%** | &nbsp;&nbsp;**Germany 7.0%** |
| adidas AG | &nbsp;&nbsp;15351 | &nbsp;&nbsp;&nbsp;&nbsp;1498489 |
| Allianz SE | &nbsp;&nbsp;50061 | &nbsp;&nbsp;&nbsp;&nbsp;9006195 |
| Aurubis AG | &nbsp;&nbsp;12227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771527 |
| BASF SE | 202458 | &nbsp;&nbsp;&nbsp;&nbsp;9084419 |
| Bayer AG | 120135 | &nbsp;&nbsp;&nbsp;&nbsp;6316822 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;79961 | &nbsp;&nbsp;&nbsp;&nbsp;6276288 |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;5490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527014 |
| Brenntag SE | &nbsp;&nbsp;18112 | &nbsp;&nbsp;&nbsp;&nbsp;1098969 |
| Commerzbank AG \* | 197183 | &nbsp;&nbsp;&nbsp;&nbsp;1575433 |
| Continental AG | &nbsp;&nbsp;32857 | &nbsp;&nbsp;&nbsp;&nbsp;1701850 |
| Covestro AG | &nbsp;&nbsp;53770 | &nbsp;&nbsp;&nbsp;&nbsp;1825277 |
| Daimler Truck Holding AG \* | &nbsp;&nbsp;51455 | &nbsp;&nbsp;&nbsp;&nbsp;1372437 |
| Deutsche Bank AG | 186482 | &nbsp;&nbsp;&nbsp;&nbsp;1777498 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992630 |
| Deutsche Lufthansa AG \* | 190466 | &nbsp;&nbsp;&nbsp;&nbsp;1302217 |
| Deutsche Post AG | 119965 | &nbsp;&nbsp;&nbsp;&nbsp;4240737 |
| Deutsche Telekom AG | 583541 | &nbsp;&nbsp;&nbsp;&nbsp;11014620 |
| E.ON SE | 253841 | &nbsp;&nbsp;&nbsp;&nbsp;2125660 |
| Evonik Industries AG | &nbsp;&nbsp;35992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663034 |
| Freenet AG | &nbsp;&nbsp;20564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404210 |
| Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;38395 | &nbsp;&nbsp;&nbsp;&nbsp;1062028 |
| Fresenius SE & Co. KGaA | 104507 | &nbsp;&nbsp;&nbsp;&nbsp;2405034 |
| GEA Group AG | &nbsp;&nbsp;14513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507294 |
| Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;5438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884893 |
| HeidelbergCement AG | &nbsp;&nbsp;36373 | &nbsp;&nbsp;&nbsp;&nbsp;1672677 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;14744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865548 |
| Infineon Technologies AG | &nbsp;&nbsp;55721 | &nbsp;&nbsp;&nbsp;&nbsp;1352096 |
| K+S AG | &nbsp;&nbsp;24643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544093 |
| KION Group AG | &nbsp;&nbsp;10154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225117 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;6366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286602 |
| LANXESS AG | &nbsp;&nbsp;19395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655896 |
| Mercedes-Benz Group AG | 143466 | &nbsp;&nbsp;&nbsp;&nbsp;8304034 |
| Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;5133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836499 |
| METRO AG \* | &nbsp;&nbsp;64522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492199 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545643 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;14008 | &nbsp;&nbsp;&nbsp;&nbsp;3697772 |
| ProSiebenSat.1 Media SE | &nbsp;&nbsp;41090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279232 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;5156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838116 |
| RWE AG | &nbsp;&nbsp;51284 | &nbsp;&nbsp;&nbsp;&nbsp;1974184 |
| Salzgitter AG | &nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294777 |
| SAP SE | &nbsp;&nbsp;62120 | &nbsp;&nbsp;&nbsp;&nbsp;5979222 |
| Siemens AG | &nbsp;&nbsp;65460 | &nbsp;&nbsp;&nbsp;&nbsp;7148818 |
| Siemens Energy AG | &nbsp;&nbsp;69115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805716 |
| Siemens Healthineers AG | &nbsp;&nbsp;11289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517178 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;4842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494235 |
| Telefonica Deutschland Holding AG | 158886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346197 |
| ThyssenKrupp AG \* | 125063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658323 |
| Uniper SE | &nbsp;&nbsp;61792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184971 |
| United Internet AG | &nbsp;&nbsp;19325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361244 |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;8073 | &nbsp;&nbsp;&nbsp;&nbsp;1379932 |
| Vonovia SE | &nbsp;&nbsp;38182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844227 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Zalando SE \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212804 |
|  |  | **110231927** |
| &nbsp;&nbsp;**Hong Kong 1.6%** | &nbsp;&nbsp;**Hong Kong 1.6%** | &nbsp;&nbsp;**Hong Kong 1.6%** |
| AAC Technologies Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;157500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288505 |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;504200 | &nbsp;&nbsp;&nbsp;&nbsp;3819209 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;1059591 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;1376613 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;655088 | &nbsp;&nbsp;&nbsp;&nbsp;3260916 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;1234972 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584787 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801026 |
| Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262698 |
| Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;680676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524644 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408931 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378101 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24946 | &nbsp;&nbsp;&nbsp;&nbsp;1149212 |
| Lenovo Group Ltd. | &nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935073 |
| Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470485 |
| MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500051 |
| New World Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;302422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618596 |
| Noble Group Ltd. *\*(a)* | 18617693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197277 |
| PCCW Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336205 |
| Sands China Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;278400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486706 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;180064 | &nbsp;&nbsp;&nbsp;&nbsp;1935025 |
| Swire Pacific Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;206800 | &nbsp;&nbsp;&nbsp;&nbsp;1371810 |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390170 |
| The Wharf Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503975 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;461374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303070 |
| WH Group Ltd. | &nbsp;&nbsp;2609999 | &nbsp;&nbsp;&nbsp;&nbsp;1318078 |
| Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496447 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;336500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342102 |
|  |  | &nbsp;&nbsp;&nbsp;**25354275** |
| &nbsp;&nbsp;**Ireland 0.1%** | &nbsp;&nbsp;**Ireland 0.1%** | &nbsp;&nbsp;**Ireland 0.1%** |
| Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602116 |
| Kerry Group plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710733 |
| Kingspan Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1623063** |
| &nbsp;&nbsp;**Israel 0.2%** | &nbsp;&nbsp;**Israel 0.2%** | &nbsp;&nbsp;**Israel 0.2%** |
| Bank Hapoalim B.M. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668887 |
| Bank Leumi Le-Israel B.M. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831446 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428327 |
| Israel Discount Bank Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389610 |
| Teva Pharmaceutical Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;119654 | &nbsp;&nbsp;&nbsp;&nbsp;1069816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3388086** |
| &nbsp;&nbsp;**Italy 2.7%** | &nbsp;&nbsp;**Italy 2.7%** | &nbsp;&nbsp;**Italy 2.7%** |
| A2A S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;281050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311639 |
| Assicurazioni Generali S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;173570 | &nbsp;&nbsp;&nbsp;&nbsp;2604782 |
| Atlantia S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62642 | &nbsp;&nbsp;&nbsp;&nbsp;1397387 |
| Banco BPM S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;195819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592453 |
| CNH Industrial N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94831 | &nbsp;&nbsp;&nbsp;&nbsp;1226836 |
| Enel S.p.A. | &nbsp;&nbsp;1379698 | &nbsp;&nbsp;&nbsp;&nbsp;6163590 |
| Eni S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;610019 | &nbsp;&nbsp;&nbsp;&nbsp;8011818 |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521628 |
| Hera S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;117994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281142 |
| Intesa Sanpaolo S.p.A. | &nbsp;&nbsp;2522624 | &nbsp;&nbsp;&nbsp;&nbsp;4809452 |
| Leonardo S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779797 |
| Mediobanca Banca di Credito Finanziario S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531200 |
| Pirelli & C S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301108 |
| Poste Italiane S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445456 |

---

<sub>52</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Prysmian S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;22925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746165 |
| Snam S.p.A. | &nbsp;&nbsp;&nbsp;162559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722820 |
| Stellantis N.V. | &nbsp;&nbsp;&nbsp;395124 | &nbsp;&nbsp;&nbsp;&nbsp;5330842 |
| Telecom Italia S.p.A. \* | 7306211 | &nbsp;&nbsp;&nbsp;&nbsp;1429400 |
| Tenaris S.A. | &nbsp;&nbsp;&nbsp;&nbsp;45588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713504 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;85938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569912 |
| UniCredit S.p.A. | &nbsp;&nbsp;&nbsp;356136 | &nbsp;&nbsp;&nbsp;&nbsp;4416537 |
| Unipol Gruppo S.p.A. | &nbsp;&nbsp;&nbsp;104971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451778 |
|  |  | **42359246** |
| &nbsp;&nbsp;**Japan 25.7%** | &nbsp;&nbsp;**Japan 25.7%** | &nbsp;&nbsp;**Japan 25.7%** |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352699 |
| Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;2238070 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp;1240864 |
| Air Water, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473388 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;1617193 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp;1113880 |
| Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998166 |
| Alps Alpine Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;86400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742225 |
| Amada Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434675 |
| ANA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559835 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51200 | &nbsp;&nbsp;&nbsp;&nbsp;1432613 |
| Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;291400 | &nbsp;&nbsp;&nbsp;&nbsp;1868432 |
| Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;163800 | &nbsp;&nbsp;&nbsp;&nbsp;2260142 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978322 |
| Bic Camera, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358413 |
| Bridgestone Corp. | &nbsp;&nbsp;&nbsp;110676 | &nbsp;&nbsp;&nbsp;&nbsp;4002758 |
| Brother Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856906 |
| Canon, Inc. | &nbsp;&nbsp;&nbsp;182500 | &nbsp;&nbsp;&nbsp;&nbsp;3868540 |
| Casio Computer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302473 |
| Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp;3091231 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;274185 | &nbsp;&nbsp;&nbsp;&nbsp;2231844 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502829 |
| Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464396 |
| COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380083 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp;&nbsp;126400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385674 |
| Cosmo Energy Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875818 |
| Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp;1175804 |
| Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475865 |
| Daido Steel Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368164 |
| Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283347 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;133100 | &nbsp;&nbsp;&nbsp;&nbsp;2113993 |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70260 | &nbsp;&nbsp;&nbsp;&nbsp;2249076 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;2516425 |
| Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;1356626 |
| Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;151881 | &nbsp;&nbsp;&nbsp;&nbsp;3059997 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;156200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609441 |
| Daiwabo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382842 |
| Denka Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449421 |
| Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62100 | &nbsp;&nbsp;&nbsp;&nbsp;3081148 |
| Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656312 |
| DIC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542329 |
| Dowa Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329269 |
| East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;70218 | &nbsp;&nbsp;&nbsp;&nbsp;3741592 |
| Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376909 |
| EDION Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393685 |
| Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp;1429185 |
| Electric Power Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;65300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908172 |
| ENEOS Holdings, Inc. | 1436950 | &nbsp;&nbsp;&nbsp;&nbsp;4740003 |
| Exeo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348722 |
| FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;1465538 |
| Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;1225711 |
| Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583841 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp;&nbsp;&nbsp;1848295 |
| Fujikura Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463613 |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;2945498 |
| Furukawa Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478263 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| GS Yuasa Corp. | &nbsp;&nbsp;21019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319995 |
| H2O Retailing Corp. | &nbsp;&nbsp;62900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529330 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455833 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879142 |
| Hanwa Co., Ltd. | &nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575578 |
| Haseko Corp. | &nbsp;&nbsp;74500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767217 |
| Hino Motors Ltd. \* | 119865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498132 |
| Hitachi Construction Machinery Co., Ltd. | &nbsp;&nbsp;20350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398128 |
| Hitachi Ltd. | 141100 | &nbsp;&nbsp;&nbsp;6402244 |
| Hitachi Metals Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92006 |
| Hokkaido Electric Power Co., Inc. | 126600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385240 |
| Hokuriku Electric Power Co. \* | &nbsp;&nbsp;89402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299332 |
| Honda Motor Co., Ltd. | 539900 | 12311055 |
| Hoya Corp. | &nbsp;&nbsp;11350 | &nbsp;&nbsp;&nbsp;1055111 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;81969 | &nbsp;&nbsp;&nbsp;1793501 |
| IHI Corp. | &nbsp;&nbsp;29300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653507 |
| Iida Group Holdings Co., Ltd. | &nbsp;&nbsp;43600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605402 |
| Inpex Corp. | 168500 | &nbsp;&nbsp;&nbsp;1700569 |
| Isetan Mitsukoshi Holdings Ltd. | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977035 |
| Isuzu Motors Ltd. | 116000 | &nbsp;&nbsp;&nbsp;1364120 |
| ITOCHU Corp. | 178800 | &nbsp;&nbsp;&nbsp;4621003 |
| Itoham Yonekyu Holdings, Inc. | &nbsp;&nbsp;70861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316877 |
| Iwatani Corp. | &nbsp;&nbsp;11551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425324 |
| J. Front Retailing Co., Ltd. | &nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440525 |
| Japan Airlines Co., Ltd. \* | &nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608907 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331173 |
| Japan Post Holdings Co., Ltd. | 452500 | &nbsp;&nbsp;&nbsp;3042871 |
| Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;41500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614331 |
| Japan Tobacco, Inc. | 181200 | &nbsp;&nbsp;&nbsp;3034634 |
| JFE Holdings, Inc. | 200300 | &nbsp;&nbsp;&nbsp;1834972 |
| JGC Holdings Corp. | &nbsp;&nbsp;50100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602581 |
| JSR Corp. | &nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332518 |
| JTEKT Corp. | 105100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741988 |
| Kajima Corp. | 133600 | &nbsp;&nbsp;&nbsp;1257601 |
| Kaneka Corp. | &nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535621 |
| Kanematsu Corp. | &nbsp;&nbsp;33567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332121 |
| Kao Corp. | &nbsp;&nbsp;52047 | &nbsp;&nbsp;&nbsp;1944056 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785742 |
| KDDI Corp. | 245900 | &nbsp;&nbsp;&nbsp;7268059 |
| Keio Corp. | &nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406702 |
| Kewpie Corp. | &nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399419 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;1128179 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498548 |
| Kinden Corp. | &nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354102 |
| Kintetsu Group Holdings Co., Ltd. | &nbsp;&nbsp;21700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733349 |
| Kirin Holdings Co., Ltd. | 121700 | &nbsp;&nbsp;&nbsp;1788982 |
| Kobe Steel Ltd. | 212100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869799 |
| Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600526 |
| Komatsu Ltd. | 145100 | &nbsp;&nbsp;&nbsp;2842536 |
| Konica Minolta, Inc. | 248900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758387 |
| K's Holdings Corp. | &nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452945 |
| Kubota Corp. | 117000 | &nbsp;&nbsp;&nbsp;1632102 |
| Kuraray Co., Ltd. | 105300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724099 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353348 |
| Kyocera Corp. | &nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;1874103 |
| Kyushu Electric Power Co., Inc. | 220200 | &nbsp;&nbsp;&nbsp;1090226 |
| Kyushu Railway Co. | &nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573036 |
| Lion Corp. | &nbsp;&nbsp;32421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327669 |
| Lixil Corp. | &nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717501 |
| Makita Corp. | &nbsp;&nbsp;28990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529749 |
| Marubeni Corp. | 289600 | &nbsp;&nbsp;&nbsp;2535133 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629870 |
| Mazda Motor Corp. | 285700 | &nbsp;&nbsp;&nbsp;1923607 |
| Medipal Holdings Corp. | &nbsp;&nbsp;65172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808006 |
| MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;1098681 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701975 |
| MISUMI Group, Inc. | &nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372740 |
| Mitsubishi Chemical Group Corp. | 389500 | &nbsp;&nbsp;&nbsp;1759508 |

---

<sub>53</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;206700 | 5599271 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;451700 | 3974331 |
| Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;115800 | 1456219 |
| Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43687 | &nbsp;&nbsp;&nbsp;&nbsp;555140 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;81500 | 2807191 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61400 | &nbsp;&nbsp;&nbsp;&nbsp;802527 |
| Mitsubishi Motors Corp. \* | &nbsp;&nbsp;&nbsp;201000 | &nbsp;&nbsp;&nbsp;&nbsp;677116 |
| Mitsubishi Shokuhin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12214 | &nbsp;&nbsp;&nbsp;&nbsp;247227 |
| Mitsubishi UFJ Financial Group, Inc. | 1465134 | 6921072 |
| Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;223500 | 4945870 |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;&nbsp;&nbsp;853261 |
| Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;102000 | 1953133 |
| Mitsui Mining & Smelting Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;343359 |
| Mitsui O.S.K. Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp;694811 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;369321 | 3994377 |
| Morinaga Milk Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10134 | &nbsp;&nbsp;&nbsp;&nbsp;287505 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68690 | 1818994 |
| Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41900 | 1983522 |
| Nagase & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43100 | &nbsp;&nbsp;&nbsp;&nbsp;587208 |
| Nagoya Railroad Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;553016 |
| NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50800 | 1681525 |
| NGK Insulators Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp;&nbsp;503974 |
| NGK Spark Plug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;675030 |
| NH Foods Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;860316 |
| NHK Spring Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61800 | &nbsp;&nbsp;&nbsp;&nbsp;342378 |
| Nichirei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp;371703 |
| Nidec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19800 | 1088683 |
| Nikon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63700 | &nbsp;&nbsp;&nbsp;&nbsp;616051 |
| Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51500 | 2090853 |
| Nippon Electric Glass Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp;327265 |
| Nippon Light Metal Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31020 | &nbsp;&nbsp;&nbsp;&nbsp;302306 |
| Nippon Paper Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71100 | &nbsp;&nbsp;&nbsp;&nbsp;413919 |
| Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;237700 | 3260892 |
| Nippon Steel Trading Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;406003 |
| Nippon Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;87957 | &nbsp;&nbsp;&nbsp;&nbsp;313318 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;234237 | 6460419 |
| Nippon Yusen K.K. | &nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp;784356 |
| Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7864 | &nbsp;&nbsp;&nbsp;&nbsp;354001 |
| Nissan Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;920100 | 2932638 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52330 | &nbsp;&nbsp;&nbsp;&nbsp;565458 |
| Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;375427 |
| Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;570887 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21200 | 1116937 |
| NOK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58300 | &nbsp;&nbsp;&nbsp;&nbsp;476905 |
| Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;397200 | 1285323 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp;436253 |
| NSK Ltd. | &nbsp;&nbsp;&nbsp;152900 | &nbsp;&nbsp;&nbsp;&nbsp;808111 |
| NTT Data Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp;884963 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;221402 | 1421105 |
| Odakyu Electric Railway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp;347128 |
| Oji Holdings Corp. | &nbsp;&nbsp;&nbsp;275100 | &nbsp;&nbsp;&nbsp;&nbsp;953696 |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp;849705 |
| Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17683 | &nbsp;&nbsp;&nbsp;&nbsp;824706 |
| Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;604812 |
| Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;482139 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;132300 | 1943181 |
| Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;91100 | 1348981 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;453487 |
| Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51400 | 1647601 |
| PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;332348 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;475911 |
| Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;572350 | 4076626 |
| Penta-Ocean Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76414 | &nbsp;&nbsp;&nbsp;&nbsp;380022 |
| Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp;468523 |
| Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59300 | 1824730 |
| Renesas Electronics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;44500 | &nbsp;&nbsp;&nbsp;&nbsp;372276 |
| Rengo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68517 | &nbsp;&nbsp;&nbsp;&nbsp;380654 |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;271058 | 1021604 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ricoh Co., Ltd. | 163200 | &nbsp;&nbsp;&nbsp;1195895 |
| Rinnai Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314462 |
| Rohm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590222 |
| Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;40200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378283 |
| Sankyu, Inc. | &nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408489 |
| Santen Pharmaceutical Co., Ltd. | &nbsp;&nbsp;44400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303829 |
| Sanwa Holdings Corp. | &nbsp;&nbsp;37430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322426 |
| SBI Holdings, Inc. | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433537 |
| Secom Co., Ltd. | &nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;1219168 |
| Sega Sammy Holdings, Inc. | &nbsp;&nbsp;21747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278173 |
| Seiko Epson Corp. | &nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727682 |
| Seino Holdings Co., Ltd. | &nbsp;&nbsp;59300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455650 |
| Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;72300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902884 |
| Sekisui House Ltd. | 118783 | &nbsp;&nbsp;&nbsp;1972130 |
| Seven & i Holdings Co., Ltd. | 116900 | &nbsp;&nbsp;&nbsp;4363685 |
| SG Holdings Co., Ltd. | &nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548595 |
| Shikoku Electric Power Co., Inc. | &nbsp;&nbsp;66300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318959 |
| Shimadzu Corp. | &nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424120 |
| Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485204 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557075 |
| Shimizu Corp. | 184200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919156 |
| Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp;2691785 |
| Shionogi & Co., Ltd. | &nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808008 |
| Shiseido Co., Ltd. | &nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787448 |
| Showa Denko K.K. | &nbsp;&nbsp;47300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690511 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;1003505 |
| Softbank Corp. | 404800 | &nbsp;&nbsp;&nbsp;3993104 |
| SoftBank Group Corp. | 274400 | 11778951 |
| Sohgo Security Services Co., Ltd. | &nbsp;&nbsp;11701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291675 |
| Sojitz Corp. | &nbsp;&nbsp;62460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920783 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;1834461 |
| Sony Group Corp. | &nbsp;&nbsp;67707 | &nbsp;&nbsp;&nbsp;4565797 |
| Stanley Electric Co., Ltd. | &nbsp;&nbsp;28775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489189 |
| Subaru Corp. | 203900 | &nbsp;&nbsp;&nbsp;3187124 |
| SUMCO Corp. | &nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348558 |
| Sumitomo Chemical Co., Ltd. | 407100 | &nbsp;&nbsp;&nbsp;1370811 |
| Sumitomo Corp. | 228400 | &nbsp;&nbsp;&nbsp;2903824 |
| Sumitomo Electric Industries Ltd. | 265600 | &nbsp;&nbsp;&nbsp;2775604 |
| Sumitomo Forestry Co., Ltd. | &nbsp;&nbsp;31600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494337 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701325 |
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779257 |
| Sumitomo Mitsui Financial Group, Inc. | 189710 | &nbsp;&nbsp;&nbsp;5327352 |
| Sumitomo Mitsui Trust Holdings, Inc. | &nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;1260083 |
| Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;40100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919650 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651996 |
| Sundrug Co., Ltd. | &nbsp;&nbsp;17462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406043 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585492 |
| Suzuken Co., Ltd. | &nbsp;&nbsp;35630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793257 |
| Suzuki Motor Corp. | &nbsp;&nbsp;98800 | &nbsp;&nbsp;&nbsp;3340409 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430591 |
| T&D Holdings, Inc. | &nbsp;&nbsp;63850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631489 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp;57542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781944 |
| Taisei Corp. | &nbsp;&nbsp;45300 | &nbsp;&nbsp;&nbsp;1234000 |
| Taiyo Yuden Co., Ltd. | &nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280278 |
| Takashimaya Co., Ltd. | &nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649446 |
| Takeda Pharmaceutical Co., Ltd. | 161021 | &nbsp;&nbsp;&nbsp;4252403 |
| TDK Corp. | &nbsp;&nbsp;44600 | &nbsp;&nbsp;&nbsp;1393231 |
| Teijin Ltd. | &nbsp;&nbsp;80700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732675 |
| Terumo Corp. | &nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901365 |
| The Chugoku Electric Power Co., Inc. | 110900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520296 |
| The Kansai Electric Power Co., Inc. | 257800 | &nbsp;&nbsp;&nbsp;1952903 |
| The Yokohama Rubber Co., Ltd. | &nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491005 |
| TIS, Inc. | &nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579677 |
| Tobu Railway Co., Ltd. | &nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626890 |
| Toho Gas Co., Ltd. | &nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378225 |
| Toho Holdings Co., Ltd. | &nbsp;&nbsp;32200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437902 |
| Tohoku Electric Power Co., Inc. | 313200 | &nbsp;&nbsp;&nbsp;1315567 |

---

<sub>54</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;189200 | &nbsp;&nbsp;&nbsp;&nbsp;3425496 |
| Tokuyama Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309875 |
| Tokyo Electric Power Co. Holdings, Inc. \* | 1230200 | &nbsp;&nbsp;&nbsp;&nbsp;4007456 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;1578579 |
| Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;112100 | &nbsp;&nbsp;&nbsp;&nbsp;2003394 |
| Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776003 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;113500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575850 |
| Toppan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78900 | &nbsp;&nbsp;&nbsp;&nbsp;1176728 |
| Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;383200 | &nbsp;&nbsp;&nbsp;&nbsp;1861336 |
| Toshiba Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;&nbsp;1946756 |
| Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870358 |
| TOTO Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507703 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669090 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496990 |
| Toyoda Gosei Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418852 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp;1025153 |
| Toyota Motor Corp. | 1589690 | &nbsp;&nbsp;&nbsp;&nbsp;22056312 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59100 | &nbsp;&nbsp;&nbsp;&nbsp;1983744 |
| TS Tech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428766 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505432 |
| UBE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540418 |
| Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559202 |
| West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;42163 | &nbsp;&nbsp;&nbsp;&nbsp;1671618 |
| Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498590 |
| Yamada Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;335900 | &nbsp;&nbsp;&nbsp;&nbsp;1082442 |
| Yamaha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513458 |
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71700 | &nbsp;&nbsp;&nbsp;&nbsp;1480071 |
| Yamato Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78100 | &nbsp;&nbsp;&nbsp;&nbsp;1156604 |
| Yamazaki Baking Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448330 |
| Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431953 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508322 |
| Z Holdings Corp. | &nbsp;&nbsp;&nbsp;138600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357693 |
|  |  | **401701466** |
| &nbsp;&nbsp;**Netherlands 2.5%** | &nbsp;&nbsp;**Netherlands 2.5%** | &nbsp;&nbsp;**Netherlands 2.5%** |
| Aalberts N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322216 |
| ABN AMRO Bank N.V., GDR | &nbsp;&nbsp;&nbsp;&nbsp;98760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970873 |
| Aegon N.V. | &nbsp;&nbsp;&nbsp;320382 | &nbsp;&nbsp;&nbsp;&nbsp;1483099 |
| Akzo Nobel N.V. | &nbsp;&nbsp;&nbsp;&nbsp;32286 | &nbsp;&nbsp;&nbsp;&nbsp;1993190 |
| APERAM S.A. | &nbsp;&nbsp;&nbsp;&nbsp;10414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271924 |
| ArcelorMittal S.A. | &nbsp;&nbsp;&nbsp;167246 | &nbsp;&nbsp;&nbsp;&nbsp;3738558 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp;2534475 |
| ASR Nederland N.V. | &nbsp;&nbsp;&nbsp;&nbsp;20515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903334 |
| EXOR N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;50280 | &nbsp;&nbsp;&nbsp;&nbsp;3378865 |
| Heineken Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;14114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963057 |
| Heineken N.V. | &nbsp;&nbsp;&nbsp;&nbsp;17022 | &nbsp;&nbsp;&nbsp;&nbsp;1421919 |
| ING Groep N.V. | &nbsp;&nbsp;&nbsp;507582 | &nbsp;&nbsp;&nbsp;&nbsp;4994396 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;231617 | &nbsp;&nbsp;&nbsp;&nbsp;6459396 |
| Koninklijke DSM N.V. | &nbsp;&nbsp;&nbsp;&nbsp;10949 | &nbsp;&nbsp;&nbsp;&nbsp;1287935 |
| Koninklijke KPN N.V. | &nbsp;&nbsp;&nbsp;405589 | &nbsp;&nbsp;&nbsp;&nbsp;1134475 |
| Koninklijke Philips N.V. | &nbsp;&nbsp;&nbsp;125475 | &nbsp;&nbsp;&nbsp;&nbsp;1591635 |
| NN Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;47187 | &nbsp;&nbsp;&nbsp;&nbsp;1998013 |
| Randstad N.V. | &nbsp;&nbsp;&nbsp;&nbsp;27148 | &nbsp;&nbsp;&nbsp;&nbsp;1353034 |
| SBM Offshore N.V. | &nbsp;&nbsp;&nbsp;&nbsp;28131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380709 |
| Signify N.V. | &nbsp;&nbsp;&nbsp;&nbsp;24208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670687 |
| SNS Reaal N.V. *\*(a)* | &nbsp;&nbsp;&nbsp;124822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Unibail-Rodamco-Westfield \* | &nbsp;&nbsp;&nbsp;&nbsp;16020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757098 |
| Wolters Kluwer N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9910 | &nbsp;&nbsp;&nbsp;&nbsp;1053022 |
|  |  | &nbsp;&nbsp;&nbsp;**39661910** |
| &nbsp;&nbsp;**New Zealand 0.1%** | &nbsp;&nbsp;**New Zealand 0.1%** | &nbsp;&nbsp;**New Zealand 0.1%** |
| Fletcher Building Ltd. | &nbsp;&nbsp;&nbsp;160593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479520 |
| Spark New Zealand Ltd. | &nbsp;&nbsp;&nbsp;205138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1090167** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Norway 0.7%** | &nbsp;&nbsp;**Norway 0.7%** | &nbsp;&nbsp;**Norway 0.7%** |
| DNB Bank A.S.A. | &nbsp;&nbsp;88111 | &nbsp;&nbsp;&nbsp;&nbsp;1558409 |
| Equinor A.S.A. | 116327 | &nbsp;&nbsp;&nbsp;&nbsp;4238225 |
| Mowi A.S.A. | &nbsp;&nbsp;41249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615673 |
| Norsk Hydro A.S.A. | 169309 | &nbsp;&nbsp;&nbsp;&nbsp;1074489 |
| Orkla A.S.A. | &nbsp;&nbsp;84860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572394 |
| Subsea 7 S.A. | &nbsp;&nbsp;70225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700627 |
| Telenor A.S.A. | 119388 | &nbsp;&nbsp;&nbsp;&nbsp;1084982 |
| Yara International A.S.A. | &nbsp;&nbsp;27070 | &nbsp;&nbsp;&nbsp;&nbsp;1208173 |
|  |  | **11052972** |
| &nbsp;&nbsp;**Poland 0.3%** | &nbsp;&nbsp;**Poland 0.3%** | &nbsp;&nbsp;**Poland 0.3%** |
| Bank Polska Kasa Opieki S.A. | &nbsp;&nbsp;18815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308368 |
| KGHM Polska Miedz S.A. | &nbsp;&nbsp;20878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417403 |
| PGE Polska Grupa Energetyczna S.A. \* | 254173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289693 |
| Polski Koncern Naftowy Orlen S.A. | 181496 | &nbsp;&nbsp;&nbsp;&nbsp;2084214 |
| Polskie Gornictwo Naftowe i Gazownictwo S.A. *\*(a)* | 444720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470667 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;68493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373244 |
| Powszechny Zaklad Ubezpieczen S.A. | 106729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597929 |
|  |  | &nbsp;&nbsp;&nbsp;**4541518** |
| &nbsp;&nbsp;**Portugal 0.2%** | &nbsp;&nbsp;**Portugal 0.2%** | &nbsp;&nbsp;**Portugal 0.2%** |
| EDP - Energias de Portugal S.A. | 401268 | &nbsp;&nbsp;&nbsp;&nbsp;1753266 |
| Galp Energia, SGPS, S.A. | 113252 | &nbsp;&nbsp;&nbsp;&nbsp;1149859 |
| Jeronimo Martins, SGPS, S.A. | &nbsp;&nbsp;26788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554324 |
|  |  | &nbsp;&nbsp;&nbsp;**3457449** |
| &nbsp;&nbsp;**Republic of Korea 5.3%** | &nbsp;&nbsp;**Republic of Korea 5.3%** | &nbsp;&nbsp;**Republic of Korea 5.3%** |
| Amorepacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221334 |
| BNK Financial Group, Inc. | &nbsp;&nbsp;83736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376301 |
| CJ CheilJedang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568779 |
| CJ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485324 |
| Coway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294929 |
| DB Insurance Co., Ltd. | &nbsp;&nbsp;13499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532751 |
| Doosan Enerbility Co., Ltd. \* | &nbsp;&nbsp;23984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222533 |
| E-MART, Inc. | &nbsp;&nbsp;10334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612627 |
| GS Engineering & Construction Corp. | &nbsp;&nbsp;17934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272503 |
| GS Holdings Corp. | &nbsp;&nbsp;27472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886124 |
| Hana Financial Group, Inc. | &nbsp;&nbsp;53150 | &nbsp;&nbsp;&nbsp;&nbsp;1536639 |
| Hankook Tire & Technology Co., Ltd. | &nbsp;&nbsp;22603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578959 |
| Hanwha Corp. | &nbsp;&nbsp;29496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524827 |
| Hanwha Solutions Corp. \* | &nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502339 |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp;21971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937926 |
| Hyundai Engineering & Construction Co., Ltd. | &nbsp;&nbsp;23328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570308 |
| Hyundai Glovis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622234 |
| Hyundai Marine & Fire Insurance Co., Ltd. | &nbsp;&nbsp;23301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544151 |
| Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;18710 | &nbsp;&nbsp;&nbsp;&nbsp;2869727 |
| Hyundai Motor Co. | &nbsp;&nbsp;30610 | &nbsp;&nbsp;&nbsp;&nbsp;3527449 |
| Hyundai Steel Co. | &nbsp;&nbsp;40548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797896 |
| Industrial Bank of Korea | &nbsp;&nbsp;61829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453121 |
| KB Financial Group, Inc. | &nbsp;&nbsp;51732 | &nbsp;&nbsp;&nbsp;&nbsp;1740733 |
| Kia Corp. | &nbsp;&nbsp;53417 | &nbsp;&nbsp;&nbsp;&nbsp;2482330 |
| Korea Electric Power Corp. \* | 183744 | &nbsp;&nbsp;&nbsp;&nbsp;2154673 |
| Korea Gas Corp. | &nbsp;&nbsp;13992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341462 |
| Korea Shipbuilding & Offshore Engineering Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473959 |
| Korea Zinc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692859 |
| Korean Air Lines Co., Ltd. \* | &nbsp;&nbsp;23181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375394 |
| KT&G Corp. | &nbsp;&nbsp;16933 | &nbsp;&nbsp;&nbsp;&nbsp;1137246 |
| LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3954 | &nbsp;&nbsp;&nbsp;&nbsp;1735168 |

---

<sub>55</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544805 |
| LG Display Co., Ltd. | &nbsp;&nbsp;&nbsp;110490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986045 |
| LG Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29068 | &nbsp;&nbsp;&nbsp;&nbsp;1660371 |
| LG H&H Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333343 |
| LG Innotek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319495 |
| LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645819 |
| Lotte Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646164 |
| Lotte Shopping Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450135 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319320 |
| NCSoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262252 |
| POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26328 | &nbsp;&nbsp;&nbsp;&nbsp;4588726 |
| Posco International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420118 |
| Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13295 | &nbsp;&nbsp;&nbsp;&nbsp;1103639 |
| Samsung Electro-Mechanics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575394 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;649508 | &nbsp;&nbsp;27032408 |
| Samsung Fire & Marine Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7480 | &nbsp;&nbsp;&nbsp;&nbsp;1049065 |
| Samsung Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655229 |
| Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858998 |
| Samsung SDS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451449 |
| Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82513 | &nbsp;&nbsp;&nbsp;&nbsp;2097196 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67816 | &nbsp;&nbsp;&nbsp;&nbsp;3925971 |
| SK Innovation Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;14168 | &nbsp;&nbsp;&nbsp;&nbsp;1715578 |
| SK Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432630 |
| SK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13873 | &nbsp;&nbsp;&nbsp;&nbsp;2078851 |
| S-Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495384 |
| Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812731 |
|  |  | **83533721** |
| &nbsp;&nbsp;**Singapore 0.8%** | &nbsp;&nbsp;**Singapore 0.8%** | &nbsp;&nbsp;**Singapore 0.8%** |
| ComfortDelGro Corp., Ltd. | &nbsp;&nbsp;&nbsp;477600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428738 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;112544 | &nbsp;&nbsp;&nbsp;&nbsp;2720898 |
| Golden Agri-Resources Ltd. | 2044646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419272 |
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514590 |
| Keppel Corp., Ltd. | &nbsp;&nbsp;&nbsp;141400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695973 |
| Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;260744 | &nbsp;&nbsp;&nbsp;&nbsp;2238248 |
| Singapore Airlines Ltd. \* | &nbsp;&nbsp;&nbsp;138370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513257 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp;&nbsp;937486 | &nbsp;&nbsp;&nbsp;&nbsp;1650673 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;92152 | &nbsp;&nbsp;&nbsp;&nbsp;1807910 |
| Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385990 |
| Wilmar International Ltd. | &nbsp;&nbsp;&nbsp;407966 | &nbsp;&nbsp;&nbsp;&nbsp;1117644 |
|  |  | **12493193** |
| &nbsp;&nbsp;**Spain 3.0%** | &nbsp;&nbsp;**Spain 3.0%** | &nbsp;&nbsp;**Spain 3.0%** |
| Acciona S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423145 |
| Acerinox S.A. | &nbsp;&nbsp;&nbsp;&nbsp;37601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329537 |
| ACS, Actividades de Construccion y Servicios S.A. | &nbsp;&nbsp;&nbsp;&nbsp;60526 | &nbsp;&nbsp;&nbsp;&nbsp;1553173 |
| Aena SME S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567912 |
| Amadeus IT Group S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;18844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982814 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1277204 | &nbsp;&nbsp;&nbsp;&nbsp;6588825 |
| Banco De Sabadell S.A. | 1626639 | &nbsp;&nbsp;&nbsp;&nbsp;1279846 |
| Banco Santander S.A. *(b)* | 4374694 | &nbsp;&nbsp;11345662 |
| CaixaBank S.A. | &nbsp;&nbsp;&nbsp;332301 | &nbsp;&nbsp;&nbsp;&nbsp;1101924 |
| Enagas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;25413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412552 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;50954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851341 |
| Ferrovial S.A. | &nbsp;&nbsp;&nbsp;&nbsp;23130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565259 |
| Grifols S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;28933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246150 |
| Iberdrola S.A. | &nbsp;&nbsp;&nbsp;642768 | &nbsp;&nbsp;&nbsp;&nbsp;6536483 |
| Industria de Diseno Textil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;82242 | &nbsp;&nbsp;&nbsp;&nbsp;1866745 |
| Mapfre S.A. | &nbsp;&nbsp;&nbsp;238108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408401 |
| Naturgy Energy Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;40503 | &nbsp;&nbsp;&nbsp;&nbsp;1039409 |
| Red Electrica Corp. S.A. | &nbsp;&nbsp;&nbsp;&nbsp;35873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580271 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;352031 | &nbsp;&nbsp;&nbsp;&nbsp;4789194 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Telefonica S.A. | 1783291 | &nbsp;&nbsp;&nbsp;&nbsp;6147348 |
|  |  | **47615991** |
| &nbsp;&nbsp;**Sweden 1.9%** | &nbsp;&nbsp;**Sweden 1.9%** | &nbsp;&nbsp;**Sweden 1.9%** |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;18131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446300 |
| Alleima AB \* | &nbsp;&nbsp;&nbsp;&nbsp;14611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49783 |
| Assa Abloy AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;51805 | &nbsp;&nbsp;&nbsp;&nbsp;1046050 |
| Atlas Copco AB, A Shares | &nbsp;&nbsp;&nbsp;118335 | &nbsp;&nbsp;&nbsp;&nbsp;1263019 |
| Atlas Copco AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;67398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651817 |
| Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;33799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982905 |
| Electrolux AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;40628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501235 |
| Epiroc AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;25065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383706 |
| Epiroc AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;14864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199582 |
| Essity AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;56722 | &nbsp;&nbsp;&nbsp;&nbsp;1198442 |
| H & M Hennes & Mauritz AB, B Shares *(b)* | &nbsp;&nbsp;&nbsp;141217 | &nbsp;&nbsp;&nbsp;&nbsp;1422359 |
| Hexagon AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;58616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579471 |
| Husqvarna AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;45744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271589 |
| Industrivarden AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;14859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336525 |
| Industrivarden AB, C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202795 |
| Investor AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;33145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563623 |
| Investor AB, B Shares | &nbsp;&nbsp;&nbsp;108561 | &nbsp;&nbsp;&nbsp;&nbsp;1771782 |
| Orron Energy AB | &nbsp;&nbsp;&nbsp;&nbsp;93607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194184 |
| Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;79658 | &nbsp;&nbsp;&nbsp;&nbsp;1244795 |
| Securitas AB, B Shares *(b)* | &nbsp;&nbsp;&nbsp;&nbsp;85748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700630 |
| Skandinaviska Enskilda Banken AB, A Shares | &nbsp;&nbsp;&nbsp;106115 | &nbsp;&nbsp;&nbsp;&nbsp;1118812 |
| Skanska AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;62516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972208 |
| SKF AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;58304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843986 |
| SSAB AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;49048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235924 |
| SSAB AB, B Shares | &nbsp;&nbsp;&nbsp;135580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629962 |
| Svenska Cellulosa AB, S.C.A., B Shares | &nbsp;&nbsp;&nbsp;&nbsp;32058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378213 |
| Svenska Handelsbanken AB, A Shares | &nbsp;&nbsp;&nbsp;133683 | &nbsp;&nbsp;&nbsp;&nbsp;1242053 |
| Swedbank AB, A Shares | &nbsp;&nbsp;&nbsp;119273 | &nbsp;&nbsp;&nbsp;&nbsp;1778128 |
| Swedish Match AB | &nbsp;&nbsp;&nbsp;&nbsp;72658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747279 |
| Tele2 AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;44365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363616 |
| Telefonaktiebolaget LM Ericsson, B Shares | &nbsp;&nbsp;&nbsp;216266 | &nbsp;&nbsp;&nbsp;&nbsp;1202297 |
| Telia Co. AB | &nbsp;&nbsp;&nbsp;456224 | &nbsp;&nbsp;&nbsp;&nbsp;1208886 |
| Trelleborg AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;23916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526608 |
| Volvo AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;28392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484982 |
| Volvo AB, B Shares | &nbsp;&nbsp;&nbsp;204074 | &nbsp;&nbsp;&nbsp;&nbsp;3340064 |
|  |  | **29083610** |
| &nbsp;&nbsp;**Switzerland 5.0%** | &nbsp;&nbsp;**Switzerland 5.0%** | &nbsp;&nbsp;**Switzerland 5.0%** |
| ABB Ltd. | &nbsp;&nbsp;&nbsp;107513 | &nbsp;&nbsp;&nbsp;&nbsp;2985668 |
| Accelleron Industries AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88143 |
| Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;50595 | &nbsp;&nbsp;&nbsp;&nbsp;1583419 |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16763 | &nbsp;&nbsp;&nbsp;&nbsp;1020621 |
| Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534602 |
| Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378382 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388755 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355090 |
| Cie Financiere Richemont S.A., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23416 | &nbsp;&nbsp;&nbsp;&nbsp;2288528 |
| Clariant AG \* | &nbsp;&nbsp;&nbsp;&nbsp;21204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340765 |
| Credit Suisse Group AG *(b)* | &nbsp;&nbsp;&nbsp;286478 | &nbsp;&nbsp;&nbsp;&nbsp;1186724 |
| DKSH Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411634 |
| Dufry AG \* | &nbsp;&nbsp;&nbsp;&nbsp;10341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341124 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689033 |
| Georg Fischer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435823 |
| Givaudan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908030 |
| Holcim AG \* | &nbsp;&nbsp;&nbsp;&nbsp;85362 | &nbsp;&nbsp;&nbsp;&nbsp;3878193 |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615809 |
| Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607946 |
| Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363292 |

---

<sub>56</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796371 |
| Nestle S.A. | &nbsp;&nbsp;&nbsp;146998 | &nbsp;&nbsp;16002026 |
| Novartis AG | &nbsp;&nbsp;&nbsp;120837 | &nbsp;&nbsp;&nbsp;&nbsp;9774591 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451484 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;39559 | &nbsp;&nbsp;13125602 |
| Roche Holding AG, Bearer Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570276 |
| Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180089 |
| Schindler Holding AG, Participation Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455443 |
| SGS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756147 |
| SIG Group AG \* | &nbsp;&nbsp;&nbsp;&nbsp;17348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333482 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811713 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345327 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp;1221208 |
| Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407580 |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;31218 | &nbsp;&nbsp;&nbsp;&nbsp;2319022 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;1390016 |
| The Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274946 |
| The Swatch Group AG, Bearer Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837042 |
| UBS Group AG | &nbsp;&nbsp;&nbsp;256306 | &nbsp;&nbsp;&nbsp;&nbsp;4063514 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;12188 | &nbsp;&nbsp;&nbsp;&nbsp;5194207 |
|  |  | **78711667** |
| &nbsp;&nbsp;**United Kingdom 16.2%** | &nbsp;&nbsp;**United Kingdom 16.2%** | &nbsp;&nbsp;**United Kingdom 16.2%** |
| 3i Group plc | &nbsp;&nbsp;&nbsp;&nbsp;54819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730099 |
| abrdn plc | &nbsp;&nbsp;&nbsp;606001 | &nbsp;&nbsp;&nbsp;&nbsp;1104243 |
| Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp;13746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317885 |
| Anglo American plc | &nbsp;&nbsp;&nbsp;116833 | &nbsp;&nbsp;&nbsp;&nbsp;3499639 |
| Antofagasta plc | &nbsp;&nbsp;&nbsp;&nbsp;30178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406661 |
| Ashtead Group plc | &nbsp;&nbsp;&nbsp;&nbsp;23746 | &nbsp;&nbsp;&nbsp;&nbsp;1237001 |
| Associated British Foods plc | &nbsp;&nbsp;&nbsp;&nbsp;62609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970394 |
| AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;52324 | &nbsp;&nbsp;&nbsp;&nbsp;6139286 |
| Aviva plc | &nbsp;&nbsp;&nbsp;438924 | &nbsp;&nbsp;&nbsp;&nbsp;2105353 |
| B&M European Value Retail S.A. | &nbsp;&nbsp;&nbsp;&nbsp;74212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274257 |
| BAE Systems plc | &nbsp;&nbsp;&nbsp;293780 | &nbsp;&nbsp;&nbsp;&nbsp;2747890 |
| Balfour Beatty plc | &nbsp;&nbsp;&nbsp;146885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502985 |
| Barclays plc | 2156742 | &nbsp;&nbsp;&nbsp;&nbsp;3664848 |
| Barratt Developments plc | &nbsp;&nbsp;&nbsp;195650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843855 |
| Bellway plc | &nbsp;&nbsp;&nbsp;&nbsp;25891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550628 |
| Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;16585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659873 |
| BP plc | 4683633 | &nbsp;&nbsp;25912674 |
| British American Tobacco plc | &nbsp;&nbsp;&nbsp;256424 | &nbsp;&nbsp;10127068 |
| BT Group plc | 2034669 | &nbsp;&nbsp;&nbsp;&nbsp;3032126 |
| Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;26353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858725 |
| Burberry Group plc | &nbsp;&nbsp;&nbsp;&nbsp;34840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725964 |
| Centrica plc | 1914835 | &nbsp;&nbsp;&nbsp;&nbsp;1682587 |
| Coca-Cola HBC AG \* | &nbsp;&nbsp;&nbsp;&nbsp;19983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436495 |
| Compass Group plc | &nbsp;&nbsp;&nbsp;143076 | &nbsp;&nbsp;&nbsp;&nbsp;3013440 |
| CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;92544 | &nbsp;&nbsp;&nbsp;&nbsp;3324426 |
| Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363332 |
| Currys plc | &nbsp;&nbsp;&nbsp;790522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590423 |
| DCC plc | &nbsp;&nbsp;&nbsp;&nbsp;17884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992577 |
| Diageo plc | &nbsp;&nbsp;&nbsp;&nbsp;84727 | &nbsp;&nbsp;&nbsp;&nbsp;3486725 |
| Direct Line Insurance Group plc | &nbsp;&nbsp;&nbsp;297033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686276 |
| Drax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;47969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286452 |
| DS Smith plc | &nbsp;&nbsp;&nbsp;219170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730915 |
| Entain plc | &nbsp;&nbsp;&nbsp;&nbsp;22328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323009 |
| Experian plc | &nbsp;&nbsp;&nbsp;&nbsp;31330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998965 |
| Ferguson plc | &nbsp;&nbsp;&nbsp;&nbsp;17554 | &nbsp;&nbsp;&nbsp;&nbsp;1914416 |
| FirstGroup plc | &nbsp;&nbsp;&nbsp;384108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461152 |
| Flutter Entertainment plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511211 |
| Glencore plc | 2550160 | &nbsp;&nbsp;14620242 |
| GSK plc | &nbsp;&nbsp;&nbsp;346545 | &nbsp;&nbsp;&nbsp;&nbsp;5676788 |
| Haleon plc \* | &nbsp;&nbsp;&nbsp;433430 | &nbsp;&nbsp;&nbsp;&nbsp;1329092 |
| Hays plc | &nbsp;&nbsp;&nbsp;359578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453359 |
| HSBC Holdings plc | 2204250 | &nbsp;&nbsp;11312320 |
| IMI plc | &nbsp;&nbsp;&nbsp;&nbsp;20863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293894 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Imperial Brands plc | &nbsp;&nbsp;&nbsp;&nbsp;173928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236724 |
| Inchcape plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695464 |
| Informa plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541900 |
| InterContinental Hotels Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391428 |
| International Consolidated Airlines Group S.A. *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;307667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428007 |
| International Distributions Services plc | &nbsp;&nbsp;&nbsp;&nbsp;337700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781228 |
| Intertek Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442557 |
| ITV plc | &nbsp;&nbsp;&nbsp;&nbsp;681376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524630 |
| J Sainsbury plc | &nbsp;&nbsp;&nbsp;&nbsp;565733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261071 |
| John Wood Group plc \* | &nbsp;&nbsp;&nbsp;&nbsp;257096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413377 |
| Johnson Matthey plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159558 |
| Kingfisher plc | &nbsp;&nbsp;&nbsp;&nbsp;556621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398473 |
| Land Securities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296565 |
| Legal & General Group plc | &nbsp;&nbsp;&nbsp;&nbsp;607693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625737 |
| Lloyds Banking Group plc | 10554477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068967 |
| London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475537 |
| M&G plc | &nbsp;&nbsp;&nbsp;&nbsp;929878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868705 |
| Marks & Spencer Group plc \* | &nbsp;&nbsp;&nbsp;&nbsp;631823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765185 |
| Melrose Industries plc | &nbsp;&nbsp;&nbsp;&nbsp;391596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525280 |
| Micro Focus International plc | &nbsp;&nbsp;&nbsp;&nbsp;109846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654970 |
| Mondi plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297546 |
| National Grid plc | &nbsp;&nbsp;&nbsp;&nbsp;366541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993507 |
| NatWest Group plc | &nbsp;&nbsp;&nbsp;&nbsp;327034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880801 |
| Next plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523623 |
| Pearson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981859 |
| Pennon Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294547 |
| Persimmon plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911449 |
| Phoenix Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328644 |
| Prudential plc | &nbsp;&nbsp;&nbsp;&nbsp;172644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603804 |
| Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189546 |
| RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996647 |
| Rentokil Initial plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618937 |
| Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;148892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7781337 |
| Severn Trent plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531949 |
| Shell plc | &nbsp;&nbsp;1821714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50464364 |
| Smith & Nephew plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872749 |
| Smiths Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642093 |
| Smurfit Kappa Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988596 |
| Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380590 |
| SSE plc | &nbsp;&nbsp;&nbsp;&nbsp;134092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396342 |
| St. James's Place plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298462 |
| Standard Chartered plc | &nbsp;&nbsp;&nbsp;&nbsp;276500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652014 |
| Tate & Lyle plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459010 |
| Taylor Wimpey plc | &nbsp;&nbsp;&nbsp;&nbsp;743729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799604 |
| Tesco plc | &nbsp;&nbsp;1540257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804251 |
| The Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512719 |
| The Weir Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329101 |
| Travis Perkins plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470693 |
| TUI AG *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;311017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469380 |
| Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;202928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9223958 |
| United Utilities Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628381 |
| Vodafone Group plc | &nbsp;&nbsp;7847134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9160758 |
| Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509057 |
| WPP plc | &nbsp;&nbsp;&nbsp;&nbsp;161365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**252871267** |
| **Total Common Stocks<br> (Cost $1,526,849,595)** | **Total Common Stocks<br> (Cost $1,526,849,595)** | **1533108846** |
| **PREFERRED STOCKS 1.0% OF NET ASSETS** | **PREFERRED STOCKS 1.0% OF NET ASSETS** | **PREFERRED STOCKS 1.0% OF NET ASSETS** |
| &nbsp;&nbsp;**Germany 0.6%** | &nbsp;&nbsp;**Germany 0.6%** | &nbsp;&nbsp;**Germany 0.6%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960661 |
| FUCHS PETROLUB SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414865 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448652 |

---

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------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;47603 | &nbsp;&nbsp;&nbsp;&nbsp;6093248 |
|  |  | &nbsp;&nbsp;&nbsp;**8917426** |
| &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** |
| Telecom Italia S.p.A. - RSP \* | 4198504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**802545** |
| &nbsp;&nbsp;**Republic of Korea 0.3%** | &nbsp;&nbsp;**Republic of Korea 0.3%** | &nbsp;&nbsp;**Republic of Korea 0.3%** |
| Amorepacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26473 |
| Hyundai Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277208 |
| Hyundai Motor Co., Ltd. 2nd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418077 |
| LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165591 |
| LG Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150234 |
| LG H&H Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56846 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;111979 | &nbsp;&nbsp;&nbsp;&nbsp;4184867 |
| Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556 |
|  |  | &nbsp;&nbsp;&nbsp;**5288852** |
| &nbsp;&nbsp;**Spain 0.0%** | &nbsp;&nbsp;**Spain 0.0%** | &nbsp;&nbsp;**Spain 0.0%** |
| Grifols S.A., B Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;26192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**163803** |
| **Total Preferred Stocks<br> (Cost $17,782,126)** | **Total Preferred Stocks<br> (Cost $17,782,126)** | **15172626** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 0.9% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.9% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.9% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | 14379445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14379445** |
| **Total Short-Term Investments<br> (Cost $14,379,445)** | **Total Short-Term Investments<br> (Cost $14,379,445)** | &nbsp;&nbsp;&nbsp;&nbsp;**14379445** |
| **Total Investments in Securities<br> (Cost $1,559,011,166)** | **Total Investments in Securities<br> (Cost $1,559,011,166)** | **1562660917** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15276330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**383407** |

---

\* Non-income producing security.

*(a)* Fair-valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $13,489,921.

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

GDR — Global Depositary Receipt <br> REIT — Real Estate Investment Trust <br> RSP — Risparmio (Savings Shares)

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Schwab Fundamental International Large Company Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$899093959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$899093959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83537721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85251680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;118538960 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118538960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25156998 | &nbsp;&nbsp;&nbsp;&nbsp;197277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25354275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36283045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39661910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | &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;4070851 | &nbsp;&nbsp;&nbsp;&nbsp;470667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4541518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29033827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29083610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78623524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78711667 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252368282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252871267 |
| Preferred Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15172626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15172626 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14379445 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14379445 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383407 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383407 |
| **Total** | **$139034821** | &nbsp;&nbsp;&nbsp;**$1423340833** | &nbsp;&nbsp;&nbsp;**$668670** | &nbsp;&nbsp;&nbsp;**$1563044324** |

---

\* Level 3 amount shown includes securities determined to have no value at October 31, 2022.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>59</sub>

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------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $1,559,011,166) including securities on loan of $13,489,921 |  | &nbsp;&nbsp;$1562660917 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11762006 |
| Foreign currency, at value (cost $502,124) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506474 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578778 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**1587058061** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14379445 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123349 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22380667** |
| **Net assets** |  | **$1564677394** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$1693643991 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;(128966597) |
| **Net assets** |  | **$1564677394** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $1564677394 |  | 185965173 |  | $8.41 |

---

<sub>60</sub>

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $6,197,543) |  | &nbsp;&nbsp;&nbsp;&nbsp;$56917060 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10352 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139341 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**57066753** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735441 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66510 |
| Professional fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 <sup>2</sup> |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3803819** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 <sup>2</sup> |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3801951** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**53264802** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;(22542589) |
| Net realized losses on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4440362) |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1084210) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(28067161)** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(318647397) |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281387 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363227) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(318729237)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(346796398)** |
| **Decrease in net assets resulting from operations** |  | **($293531596)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sup>2</sup> Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund. (see financial notes 2(d) and 4 for additional information).

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Large Company Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$53264802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39731647 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;(28067161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16057904 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(318729237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361058807 |
| **Increase (decrease) in net assets resulting from operations** |  | **($293531596)** | &nbsp;&nbsp;&nbsp;**$416848358** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($52079126)** | &nbsp;&nbsp;&nbsp;&nbsp;**($28299152)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;82237833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$778069159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38348007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$385853692 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;3235712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31904115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15210744 |
| Shares redeemed | + | &nbsp;&nbsp;(32691719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305948761) | &nbsp;&nbsp;&nbsp;&nbsp;(35535906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349380700) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**52781826** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$504024513** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4472662** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51683736** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;133183347 | &nbsp;&nbsp;&nbsp;&nbsp;$1406263603 | &nbsp;&nbsp;&nbsp;&nbsp;128710685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966030661 |
| Total increase | + | &nbsp;&nbsp;&nbsp;52781826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158413791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440232942 |
| **End of period** |  | **185965173** | &nbsp;&nbsp;&nbsp;**$1564677394** | &nbsp;&nbsp;&nbsp;**133183347** | &nbsp;&nbsp;&nbsp;**$1406263603** |

---

<sub>62</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$15.42 | &nbsp;&nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;&nbsp;$12.57 | &nbsp;&nbsp;&nbsp;&nbsp;$12.67 | &nbsp;&nbsp;&nbsp;&nbsp;$14.58 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.66 | &nbsp;&nbsp;&nbsp;&nbsp;$15.42 | &nbsp;&nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;&nbsp;$12.57 | &nbsp;&nbsp;&nbsp;&nbsp;$12.67 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26.61%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.28%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.79%) |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$530184 | &nbsp;&nbsp;$708349 | &nbsp;&nbsp;$576948 | &nbsp;&nbsp;$775258 | &nbsp;&nbsp;$762630 |

---

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

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

<sub>63</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 99.1% OF NET ASSETS** | **COMMON STOCKS 99.1% OF NET ASSETS** | **COMMON STOCKS 99.1% OF NET ASSETS** |
| &nbsp;&nbsp;**Australia 5.4%** | &nbsp;&nbsp;**Australia 5.4%** | &nbsp;&nbsp;**Australia 5.4%** |
| 29Metals Ltd. | &nbsp;&nbsp;84025 | &nbsp;&nbsp;&nbsp;99485 |
| Adbri Ltd. | 219888 | 221689 |
| ALS Ltd. | &nbsp;&nbsp;55744 | 407768 |
| Ansell Ltd. | &nbsp;&nbsp;40987 | 739942 |
| ARB Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5678 | 105424 |
| ASX Ltd. | &nbsp;&nbsp;10752 | 465868 |
| Austal Ltd. | 173233 | 275811 |
| Bank of Queensland Ltd. | 143191 | 674327 |
| Bapcor Ltd. | &nbsp;&nbsp;61257 | 259034 |
| Beach Energy Ltd. | 451094 | 461271 |
| Bega Cheese Ltd. | &nbsp;&nbsp;86420 | 177490 |
| Bendigo & Adelaide Bank Ltd. | 137409 | 793209 |
| Blackmores Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2721 | 118256 |
| Boral Ltd. | 192913 | 355456 |
| Breville Group Ltd. | &nbsp;&nbsp;13434 | 170225 |
| carsales.com Ltd. | &nbsp;&nbsp;17528 | 227055 |
| Challenger Ltd. | 102705 | 461487 |
| Champion Iron Ltd. | &nbsp;&nbsp;37221 | 111958 |
| Charter Hall Group | &nbsp;&nbsp;23966 | 198938 |
| Charter Hall Retail REIT | &nbsp;&nbsp;52066 | 134068 |
| Cleanaway Waste Management Ltd. | 190550 | 329600 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3672 | 469074 |
| Collins Foods Ltd. | &nbsp;&nbsp;21545 | 129362 |
| Coronado Global Resources, Inc. | 213030 | 254173 |
| Costa Group Holdings Ltd. | 104351 | 169802 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;67163 |
| Cromwell Property Group | 254501 | 114140 |
| CSR Ltd. | 190259 | 563599 |
| Dexus | 108641 | 541369 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4345 | 177161 |
| Eagers Automotive Ltd. | &nbsp;&nbsp;47031 | 372849 |
| Eclipx Group Ltd. \* | 157520 | 188399 |
| Elders Ltd. | &nbsp;&nbsp;29776 | 248252 |
| Endeavour Group Ltd. | 166086 | 760226 |
| Event Hospitality & Entertainment Ltd. | &nbsp;&nbsp;23897 | 228150 |
| Evolution Mining Ltd. | 343104 | 455144 |
| Flight Centre Travel Group Ltd. \* | &nbsp;&nbsp;34772 | 370090 |
| G.U.D. Holdings Ltd. | &nbsp;&nbsp;20118 | 103478 |
| G8 Education Ltd. | 365095 | 225368 |
| Genworth Mortgage Insurance Australia Ltd. | 150730 | 261644 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp;91676 | 492834 |
| GWA Group Ltd. | &nbsp;&nbsp;98535 | 127927 |
| Harvey Norman Holdings Ltd. | 174006 | 462906 |
| Healius Ltd. | 116380 | 254944 |
| Humm Group Ltd. | 299959 | &nbsp;&nbsp;&nbsp;91963 |
| IGO Ltd. | &nbsp;&nbsp;33044 | 323168 |
| Iluka Resources Ltd. | &nbsp;&nbsp;30500 | 168986 |
| Inghams Group Ltd. | &nbsp;&nbsp;67196 | 108711 |
| Insignia Financial Ltd. | 171676 | 346082 |
| InvoCare Ltd. | &nbsp;&nbsp;18622 | 121780 |
| IRESS Ltd. | &nbsp;&nbsp;29659 | 192508 |
| Link Administration Holdings Ltd. | 109258 | 238937 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp;27184 | 172369 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp;22020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184530 |
| Mineral Resources Ltd. \* | &nbsp;&nbsp;14157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663705 |
| Monadelphous Group Ltd. | &nbsp;&nbsp;47587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416016 |
| Myer Holdings Ltd. | 771718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313148 |
| nib Holdings Ltd. | &nbsp;&nbsp;92796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397078 |
| Nine Entertainment Co. Holdings Ltd. | 231583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305832 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;94281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526192 |
| NRW Holdings Ltd. | 278426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454354 |
| Nufarm Ltd. | 113411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404183 |
| oOh!media Ltd. | 130141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105265 |
| OZ Minerals Ltd. | &nbsp;&nbsp;35297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546540 |
| Pact Group Holdings Ltd. | &nbsp;&nbsp;70553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64725 |
| Pendal Group Ltd. | 113163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355451 |
| Perenti Global Ltd. \* | 616481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377802 |
| Perpetual Ltd. | &nbsp;&nbsp;14565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232096 |
| Perseus Mining Ltd. | &nbsp;&nbsp;83679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97461 |
| Platinum Asset Management Ltd. | 162281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185786 |
| Premier Investments Ltd. | &nbsp;&nbsp;12822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205337 |
| Qube Holdings Ltd. | 218691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380731 |
| Ramelius Resources Ltd. | 124430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 |
| REA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164700 |
| Reece Ltd. | &nbsp;&nbsp;27090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 |
| Regis Resources Ltd. \* | 285578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278443 |
| Reliance Worldwide Corp., Ltd. | 100127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205721 |
| Sandfire Resources Ltd. | &nbsp;&nbsp;79278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176559 |
| SEEK Ltd. | &nbsp;&nbsp;30253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416459 |
| Service Stream Ltd. \* | 183030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85982 |
| Seven Group Holdings Ltd. | &nbsp;&nbsp;20945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245610 |
| Shopping Centres Australasia Property Group | &nbsp;&nbsp;96304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167734 |
| Sierra Rutile Holdings Ltd. \* | &nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 |
| Silver Lake Resources Ltd. \* | &nbsp;&nbsp;86201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61044 |
| Southern Cross Media Group Ltd. | 163377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100885 |
| St. Barbara Ltd. \* | 404654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131740 |
| Steadfast Group Ltd. | &nbsp;&nbsp;58906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190840 |
| Super Retail Group Ltd. | &nbsp;&nbsp;55265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363379 |
| Tassal Group Ltd. | &nbsp;&nbsp;70563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234309 |
| The GPT Group | 203870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563408 |
| The Star Entertainment Grp Ltd. \* | 339709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639037 |
| United Malt Grp Ltd. | &nbsp;&nbsp;72473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144195 |
| Virgin Australia Holdings Pty. Ltd. *(a)* | 176214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Washington H Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;17908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320483 |
| Waypoint REIT Ltd. | &nbsp;&nbsp;52054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90886 |
| Webjet Ltd. \* | &nbsp;&nbsp;24919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84151 |
| Whitehaven Coal Ltd. | 305535 | &nbsp;&nbsp;&nbsp;&nbsp;1774790 |
|  |  | **28578943** |
| &nbsp;&nbsp;**Austria 0.7%** | &nbsp;&nbsp;**Austria 0.7%** | &nbsp;&nbsp;**Austria 0.7%** |
| ANDRITZ AG | &nbsp;&nbsp;18464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858143 |
| AT&S Austria Technologie & Systemtechnik AG | &nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147661 |
| CA Immobilien Anlagen AG \* | &nbsp;&nbsp;&nbsp;&nbsp;4827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152458 |
| EVN AG | &nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161655 |
| IMMOFINANZ AG \* | &nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64976 |
| Lenzing AG | &nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217595 |
| Mayr Melnhof Karton AG | &nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393456 |
| Oesterreichische Post AG | &nbsp;&nbsp;12018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341950 |

---

<sub>64</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| S IMMO AG | &nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62034 |
| Strabag SE | &nbsp;&nbsp;&nbsp;&nbsp;8468 | &nbsp;&nbsp;&nbsp;&nbsp;325116 |
| UNIQA Insurance Group AG | &nbsp;&nbsp;35430 | &nbsp;&nbsp;&nbsp;&nbsp;229616 |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;4078 | &nbsp;&nbsp;&nbsp;&nbsp;319449 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp;13798 | &nbsp;&nbsp;&nbsp;&nbsp;308604 |
|  |  | **3582713** |
| &nbsp;&nbsp;**Belgium 1.3%** | &nbsp;&nbsp;**Belgium 1.3%** | &nbsp;&nbsp;**Belgium 1.3%** |
| Ackermans & van Haaren N.V. | &nbsp;&nbsp;&nbsp;&nbsp;5094 | &nbsp;&nbsp;&nbsp;&nbsp;709703 |
| Aedifica S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70543 |
| AGFA-Gevaert N.V. \* | &nbsp;&nbsp;68895 | &nbsp;&nbsp;&nbsp;&nbsp;208292 |
| Barco N.V. | &nbsp;&nbsp;15078 | &nbsp;&nbsp;&nbsp;&nbsp;325538 |
| Bekaert S.A. | &nbsp;&nbsp;17160 | &nbsp;&nbsp;&nbsp;&nbsp;478205 |
| bpost S.A. | &nbsp;&nbsp;90543 | &nbsp;&nbsp;&nbsp;&nbsp;447562 |
| Cie d'Entreprises CFE \* | &nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28528 |
| Cofinimmo S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;2747 | &nbsp;&nbsp;&nbsp;&nbsp;227824 |
| Deme Group NV \* | &nbsp;&nbsp;&nbsp;&nbsp;2578 | &nbsp;&nbsp;&nbsp;&nbsp;287215 |
| D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;3788 | &nbsp;&nbsp;&nbsp;&nbsp;630429 |
| Elia Group S.A./N.V. | &nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp;466282 |
| Euronav N.V. | &nbsp;&nbsp;55491 | &nbsp;&nbsp;&nbsp;&nbsp;967418 |
| Fagron | &nbsp;&nbsp;&nbsp;&nbsp;6490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80795 |
| KBC Ancora \* | &nbsp;&nbsp;&nbsp;&nbsp;4237 | &nbsp;&nbsp;&nbsp;&nbsp;150616 |
| Melexis N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp;171046 |
| Ontex Group N.V. \* | &nbsp;&nbsp;82684 | &nbsp;&nbsp;&nbsp;&nbsp;487669 |
| Recticel S.A. | &nbsp;&nbsp;&nbsp;&nbsp;7591 | &nbsp;&nbsp;&nbsp;&nbsp;104901 |
| Sofina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;297373 |
| Telenet Group Holding N.V. | &nbsp;&nbsp;30647 | &nbsp;&nbsp;&nbsp;&nbsp;467251 |
| Tessenderlo Group S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;9272 | &nbsp;&nbsp;&nbsp;&nbsp;281034 |
| Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;&nbsp;&nbsp;143062 |
|  |  | **7031286** |
| &nbsp;&nbsp;**Canada 8.2%** | &nbsp;&nbsp;**Canada 8.2%** | &nbsp;&nbsp;**Canada 8.2%** |
| Aecon Group, Inc. | &nbsp;&nbsp;37676 | &nbsp;&nbsp;&nbsp;&nbsp;267149 |
| Ag Growth International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6141 | &nbsp;&nbsp;&nbsp;&nbsp;157317 |
| Air Canada \* | &nbsp;&nbsp;59771 | &nbsp;&nbsp;&nbsp;&nbsp;860358 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp;49846 | &nbsp;&nbsp;&nbsp;&nbsp;393324 |
| Allied Properties Real Estate Investment Trust | &nbsp;&nbsp;13579 | &nbsp;&nbsp;&nbsp;&nbsp;263038 |
| Altus Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;143949 |
| ARC Resources Ltd. | 102831 | &nbsp;&nbsp;1447718 |
| Aritzia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2789 | &nbsp;&nbsp;&nbsp;&nbsp;108174 |
| Artis Real Estate Investment Trust | &nbsp;&nbsp;32607 | &nbsp;&nbsp;&nbsp;&nbsp;228573 |
| ATS Automation Tooling Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp;196463 |
| AutoCanada, Inc. \* | &nbsp;&nbsp;10013 | &nbsp;&nbsp;&nbsp;&nbsp;156257 |
| B2Gold Corp. | 192184 | &nbsp;&nbsp;&nbsp;&nbsp;586843 |
| Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8162 | &nbsp;&nbsp;&nbsp;&nbsp;172424 |
| Birchcliff Energy Ltd. | &nbsp;&nbsp;42887 | &nbsp;&nbsp;&nbsp;&nbsp;333375 |
| BlackBerry Ltd. \* | &nbsp;&nbsp;35049 | &nbsp;&nbsp;&nbsp;&nbsp;162851 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;5647 | &nbsp;&nbsp;&nbsp;&nbsp;200952 |
| Bombardier, Inc., Class B \* | &nbsp;&nbsp;16759 | &nbsp;&nbsp;&nbsp;&nbsp;492174 |
| Boralex, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6842 | &nbsp;&nbsp;&nbsp;&nbsp;194008 |
| Boyd Group Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2606 | &nbsp;&nbsp;&nbsp;&nbsp;370829 |
| Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp;739976 |
| Brookfield Renewable Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;116207 |
| BRP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4897 | &nbsp;&nbsp;&nbsp;&nbsp;327425 |
| CAE, Inc. \* | &nbsp;&nbsp;33846 | &nbsp;&nbsp;&nbsp;&nbsp;645940 |
| Cameco Corp. | &nbsp;&nbsp;31708 | &nbsp;&nbsp;&nbsp;&nbsp;751999 |
| Canaccord Genuity Group, Inc. | &nbsp;&nbsp;19879 | &nbsp;&nbsp;&nbsp;&nbsp;101850 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp;15544 | &nbsp;&nbsp;&nbsp;&nbsp;481375 |
| Canadian Western Bank | &nbsp;&nbsp;16534 | &nbsp;&nbsp;&nbsp;&nbsp;287632 |
| Canfor Corp. \* | &nbsp;&nbsp;24851 | &nbsp;&nbsp;&nbsp;&nbsp;373399 |
| Capital Power Corp. | &nbsp;&nbsp;21267 | &nbsp;&nbsp;&nbsp;&nbsp;711840 |
| Cargojet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80517 |
| Cascades, Inc. | &nbsp;&nbsp;81326 | &nbsp;&nbsp;&nbsp;&nbsp;527707 |
| Celestica, Inc. \* | &nbsp;&nbsp;80277 | &nbsp;&nbsp;&nbsp;&nbsp;880934 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Centerra Gold, Inc. | &nbsp;&nbsp;78918 | 366683 |
| Chartwell Retirement Residences | &nbsp;&nbsp;38368 | 222488 |
| Chemtrade Logistics Income Fund | &nbsp;&nbsp;59466 | 321697 |
| Choice Properties Real Estate Investment Trust | &nbsp;&nbsp;25458 | 244611 |
| Chorus Aviation, Inc. \* | 120670 | 228523 |
| Cineplex, Inc. \* | &nbsp;&nbsp;34529 | 234696 |
| Cogeco Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2922 | 149022 |
| Cogeco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7604 | 323840 |
| Colliers International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2437 | 228719 |
| Crombie Real Estate Investment Trust | &nbsp;&nbsp;13505 | 147803 |
| Doman Building Materials Group Ltd. | &nbsp;&nbsp;26931 | 109317 |
| Dream Industrial Real Estate Investment Trust | &nbsp;&nbsp;10045 | &nbsp;&nbsp;&nbsp;80737 |
| Dream Office Real Estate Investment Trust | &nbsp;&nbsp;14212 | 160757 |
| Dundee Precious Metals, Inc. | &nbsp;&nbsp;21618 | &nbsp;&nbsp;&nbsp;98065 |
| ECN Capital Corp. | &nbsp;&nbsp;27320 | &nbsp;&nbsp;&nbsp;82420 |
| Eldorado Gold Corp. \* | &nbsp;&nbsp;26692 | 149100 |
| Element Fleet Management Corp. | &nbsp;&nbsp;48352 | 644173 |
| Enerflex Ltd. | &nbsp;&nbsp;79882 | 412794 |
| Enerplus Corp. | &nbsp;&nbsp;38237 | 662941 |
| Enghouse Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;93715 |
| EQB, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;78001 |
| Exchange Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9841 | 328671 |
| Extendicare, Inc. | &nbsp;&nbsp;25179 | 129559 |
| Fiera Capital Corp. | &nbsp;&nbsp;13574 | &nbsp;&nbsp;&nbsp;86385 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp;44468 | 517354 |
| FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2023 | 252899 |
| Fortuna Silver Mines, Inc. \* | &nbsp;&nbsp;44919 | 124963 |
| Gibson Energy, Inc. | &nbsp;&nbsp;44696 | 762786 |
| goeasy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;81781 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;3207 | 163887 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp;77563 | 638222 |
| Hardwoods Distribution, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4042 | &nbsp;&nbsp;&nbsp;74262 |
| Home Capital Group, Inc. | &nbsp;&nbsp;13773 | 266290 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp;84472 | 320564 |
| IAMGOLD Corp. \* | 263338 | 386607 |
| IGM Financial, Inc. | &nbsp;&nbsp;19099 | 511279 |
| Innergex Renewable Energy, Inc. | &nbsp;&nbsp;14400 | 158550 |
| Interfor Corp. \* | &nbsp;&nbsp;20107 | 357169 |
| Killam Apartment Real Estate Investment Trust | &nbsp;&nbsp;11240 | 130275 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5293 | 109718 |
| Laurentian Bank of Canada | &nbsp;&nbsp;11286 | 251840 |
| Maple Leaf Foods, Inc. | &nbsp;&nbsp;25298 | 374916 |
| Martinrea International, Inc. | &nbsp;&nbsp;88064 | 564318 |
| MEG Energy Corp. \* | &nbsp;&nbsp;56121 | 839127 |
| Mullen Group Ltd. | &nbsp;&nbsp;35139 | 353105 |
| NFI Group, Inc. | &nbsp;&nbsp;39052 | 252254 |
| Northland Power, Inc. | &nbsp;&nbsp;25475 | 741240 |
| NorthWest Healthcare Properties Real Estate Investment Trust | &nbsp;&nbsp;21831 | 172103 |
| NuVista Energy Ltd. \* | &nbsp;&nbsp;28414 | 281773 |
| Obsidian Energy Ltd. \* | &nbsp;&nbsp;12731 | 115783 |
| OceanaGold Corp. \* | 250474 | 364032 |
| Pan American Silver Corp. | &nbsp;&nbsp;27702 | 442264 |
| Parex Resources, Inc. | &nbsp;&nbsp;34590 | 527603 |
| Pason Systems, Inc. | &nbsp;&nbsp;17360 | 184387 |
| Peyto Exploration & Development Corp. | &nbsp;&nbsp;49034 | 457821 |
| PrairieSky Royalty Ltd. | &nbsp;&nbsp;18092 | 281005 |
| Precision Drilling Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;7733 | 570460 |
| Premium Brands Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5423 | 319923 |
| Primo Water Corp. | &nbsp;&nbsp;34440 | 502058 |
| Richelieu Hardware Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9491 | 254770 |
| Ritchie Bros. Auctioneers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8545 | 558230 |
| Russel Metals, Inc. | &nbsp;&nbsp;30287 | 627371 |
| Secure Energy Services, Inc. | &nbsp;&nbsp;80952 | 424859 |
| ShawCor Ltd. \* | &nbsp;&nbsp;63777 | 465331 |

---

<sub>65</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Shopify, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;7331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251353 |
| Sienna Senior Living, Inc. | &nbsp;&nbsp;16192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139653 |
| Sierra Wireless, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;5309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157709 |
| Silvercorp Metals, Inc. | &nbsp;&nbsp;33339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81246 |
| Sleep Country Canada Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124727 |
| SmartCentres Real Estate Investment Trust | &nbsp;&nbsp;22050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432147 |
| SSR Mining, Inc. | &nbsp;&nbsp;17583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242124 |
| Stantec, Inc. | &nbsp;&nbsp;15541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760424 |
| Stelco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166494 |
| Stella-Jones, Inc. | &nbsp;&nbsp;19817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596830 |
| Superior Plus Corp. | &nbsp;&nbsp;54241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412476 |
| The Descartes Systems Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182432 |
| The North West Co., Inc. | &nbsp;&nbsp;14087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366561 |
| TMX Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416971 |
| Torex Gold Resources, Inc. \* | &nbsp;&nbsp;33472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228003 |
| Toromont Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708426 |
| TransAlta Corp. | &nbsp;&nbsp;75311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663363 |
| TransAlta Renewables, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88026 |
| Transcontinental, Inc., Class A | &nbsp;&nbsp;46028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525368 |
| Trican Well Service Ltd. \* | &nbsp;&nbsp;44146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117304 |
| Tricon Residential, Inc. | &nbsp;&nbsp;13033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109824 |
| Turquoise Hill Resources Ltd. \* | &nbsp;&nbsp;12879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362637 |
| Uni-Select, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;9365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254000 |
| Vermilion Energy, Inc. | &nbsp;&nbsp;55674 | &nbsp;&nbsp;&nbsp;&nbsp;1299135 |
| Wajax Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130861 |
| Western Forest Products, Inc. | 156796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141564 |
| Westshore Terminals Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139492 |
| Whitecap Resources, Inc. | &nbsp;&nbsp;50737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393278 |
| Winpak Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230678 |
| Yamana Gold, Inc. | 158148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694187 |
|  |  | **43547766** |
| &nbsp;&nbsp;**Denmark 1.6%** | &nbsp;&nbsp;**Denmark 1.6%** | &nbsp;&nbsp;**Denmark 1.6%** |
| Alm Brand A/S | &nbsp;&nbsp;96530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131920 |
| Chr. Hansen Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;9099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505368 |
| D/S Norden A/S | &nbsp;&nbsp;10764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557091 |
| Demant A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;9862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269304 |
| Dfds A/S | &nbsp;&nbsp;10259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311330 |
| FLSmidth & Co. A/S | &nbsp;&nbsp;22883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528902 |
| Genmab A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530816 |
| GN Store Nord A/S | &nbsp;&nbsp;15702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333688 |
| H Lundbeck A/S | &nbsp;&nbsp;72065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269645 |
| H Lundbeck A/S, Class A \* | &nbsp;&nbsp;19805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67293 |
| Jyske Bank A/S \* | &nbsp;&nbsp;12538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676665 |
| Matas A/S | &nbsp;&nbsp;11888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113780 |
| NKT A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;5685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283722 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;9895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276455 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201102 |
| Rockwool A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292956 |
| Royal Unibrew A/S | &nbsp;&nbsp;&nbsp;&nbsp;6451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368508 |
| Scandinavian Tobacco Group A/S, Class A | &nbsp;&nbsp;19418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325265 |
| Schouw & Co. A/S | &nbsp;&nbsp;&nbsp;&nbsp;5239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332389 |
| SimCorp A/S | &nbsp;&nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236872 |
| Solar A/S, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130767 |
| Spar Nord Bank A/S | &nbsp;&nbsp;10983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132979 |
| Sydbank A/S | &nbsp;&nbsp;16234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494331 |
| Topdanmark A/S | &nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256750 |
| Tryg A/S | &nbsp;&nbsp;26914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582129 |
|  |  | &nbsp;&nbsp;&nbsp;**8210027** |
| &nbsp;&nbsp;**Finland 1.1%** | &nbsp;&nbsp;**Finland 1.1%** | &nbsp;&nbsp;**Finland 1.1%** |
| Aktia Bank Oyj | &nbsp;&nbsp;14210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141273 |
| Cargotec Oyj, B Shares | &nbsp;&nbsp;17367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653166 |
| Finnair Oyj *\*(b)* | 418660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177273 |
| Kamux Corp. | &nbsp;&nbsp;13214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63909 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Kemira Oyj | &nbsp;&nbsp;41097 | &nbsp;&nbsp;&nbsp;&nbsp;542660 |
| Kojamo Oyj | &nbsp;&nbsp;15939 | &nbsp;&nbsp;&nbsp;&nbsp;207440 |
| Konecranes Oyj | &nbsp;&nbsp;24749 | &nbsp;&nbsp;&nbsp;&nbsp;622696 |
| Metsa Board Oyj, B Shares | &nbsp;&nbsp;40446 | &nbsp;&nbsp;&nbsp;&nbsp;304252 |
| Metso Outotec Oyj | &nbsp;&nbsp;35237 | &nbsp;&nbsp;&nbsp;&nbsp;267417 |
| Orion Oyj, B Shares | &nbsp;&nbsp;17749 | &nbsp;&nbsp;&nbsp;&nbsp;816777 |
| Sanoma Oyj | &nbsp;&nbsp;19297 | &nbsp;&nbsp;&nbsp;&nbsp;225899 |
| Terveystalo Oyj | &nbsp;&nbsp;12693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78505 |
| TietoEVRY Oyj | &nbsp;&nbsp;21594 | &nbsp;&nbsp;&nbsp;&nbsp;514784 |
| Tokmanni Group Corp. | &nbsp;&nbsp;13411 | &nbsp;&nbsp;&nbsp;&nbsp;162154 |
| Uponor Oyj | &nbsp;&nbsp;15801 | &nbsp;&nbsp;&nbsp;&nbsp;209876 |
| Valmet Oyj | &nbsp;&nbsp;33713 | &nbsp;&nbsp;&nbsp;&nbsp;766742 |
| YIT Oyj | &nbsp;&nbsp;91161 | &nbsp;&nbsp;&nbsp;&nbsp;228602 |
|  |  | **5983425** |
| &nbsp;&nbsp;**France 4.1%** | &nbsp;&nbsp;**France 4.1%** | &nbsp;&nbsp;**France 4.1%** |
| Accor S.A. \* | &nbsp;&nbsp;27080 | &nbsp;&nbsp;&nbsp;&nbsp;648876 |
| Aeroports de Paris \* | &nbsp;&nbsp;&nbsp;&nbsp;4757 | &nbsp;&nbsp;&nbsp;&nbsp;643292 |
| Altarea S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97778 |
| Alten S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp;546064 |
| Amundi S.A. | &nbsp;&nbsp;11448 | &nbsp;&nbsp;&nbsp;&nbsp;540116 |
| Beneteau S.A. | &nbsp;&nbsp;13310 | &nbsp;&nbsp;&nbsp;&nbsp;147505 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;4294 | &nbsp;&nbsp;&nbsp;&nbsp;379927 |
| Carmila S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83956 |
| CGG S.A. \* | 675124 | &nbsp;&nbsp;&nbsp;&nbsp;573503 |
| Cie Plastic Omnium S.A. | &nbsp;&nbsp;35145 | &nbsp;&nbsp;&nbsp;&nbsp;492451 |
| Coface S.A. | &nbsp;&nbsp;24169 | &nbsp;&nbsp;&nbsp;&nbsp;269053 |
| Covivio | &nbsp;&nbsp;&nbsp;&nbsp;9241 | &nbsp;&nbsp;&nbsp;&nbsp;494777 |
| Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp;476744 |
| Derichebourg S.A. | &nbsp;&nbsp;37055 | &nbsp;&nbsp;&nbsp;&nbsp;161807 |
| Elior Group S.A. *\*(b)* | 183362 | &nbsp;&nbsp;&nbsp;&nbsp;407022 |
| Eramet S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp;136199 |
| Eurazeo SE | &nbsp;&nbsp;11801 | &nbsp;&nbsp;&nbsp;&nbsp;673429 |
| Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;8327 | &nbsp;&nbsp;&nbsp;&nbsp;533051 |
| Euronext N.V. | &nbsp;&nbsp;&nbsp;&nbsp;6058 | &nbsp;&nbsp;&nbsp;&nbsp;384494 |
| Fnac Darty S.A. | &nbsp;&nbsp;13862 | &nbsp;&nbsp;&nbsp;&nbsp;428243 |
| Gaztransport Et Technigaz S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp;260017 |
| Gecina S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6093 | &nbsp;&nbsp;&nbsp;&nbsp;543216 |
| Getlink SE | &nbsp;&nbsp;44783 | &nbsp;&nbsp;&nbsp;&nbsp;708668 |
| ICADE | &nbsp;&nbsp;10008 | &nbsp;&nbsp;&nbsp;&nbsp;372286 |
| Imerys S.A. | &nbsp;&nbsp;20057 | &nbsp;&nbsp;&nbsp;&nbsp;820967 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;&nbsp;450020 |
| IPSOS | &nbsp;&nbsp;11916 | &nbsp;&nbsp;&nbsp;&nbsp;576820 |
| JCDecaux SE \* | &nbsp;&nbsp;25247 | &nbsp;&nbsp;&nbsp;&nbsp;318752 |
| Kaufman & Broad S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9356 | &nbsp;&nbsp;&nbsp;&nbsp;227338 |
| Korian S.A. | &nbsp;&nbsp;32462 | &nbsp;&nbsp;&nbsp;&nbsp;306728 |
| La Francaise des Jeux SAEM | &nbsp;&nbsp;&nbsp;&nbsp;9104 | &nbsp;&nbsp;&nbsp;&nbsp;296686 |
| Lagardere S.A. | &nbsp;&nbsp;26280 | &nbsp;&nbsp;&nbsp;&nbsp;459381 |
| Maisons du Monde S.A. | &nbsp;&nbsp;22414 | &nbsp;&nbsp;&nbsp;&nbsp;219710 |
| Mercialys S.A. | &nbsp;&nbsp;28386 | &nbsp;&nbsp;&nbsp;&nbsp;245803 |
| Mersen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5833 | &nbsp;&nbsp;&nbsp;&nbsp;188726 |
| Metropole Television S.A. | &nbsp;&nbsp;29790 | &nbsp;&nbsp;&nbsp;&nbsp;308104 |
| Nexans S.A. | &nbsp;&nbsp;&nbsp;&nbsp;7092 | &nbsp;&nbsp;&nbsp;&nbsp;662241 |
| Nexity S.A. | &nbsp;&nbsp;24478 | &nbsp;&nbsp;&nbsp;&nbsp;490301 |
| Orpea S.A. *\*(b)* | &nbsp;&nbsp;24281 | &nbsp;&nbsp;&nbsp;&nbsp;196916 |
| Quadient S.A. | &nbsp;&nbsp;26306 | &nbsp;&nbsp;&nbsp;&nbsp;370106 |
| Remy Cointreau S.A. | &nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;257089 |
| Rothschild & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5546 | &nbsp;&nbsp;&nbsp;&nbsp;196682 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;175171 |
| SMCP S.A. \* | &nbsp;&nbsp;19994 | &nbsp;&nbsp;&nbsp;&nbsp;125681 |
| Societe BIC S.A. | &nbsp;&nbsp;12661 | &nbsp;&nbsp;&nbsp;&nbsp;726819 |
| SOITEC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77723 |
| Sopra Steria Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4109 | &nbsp;&nbsp;&nbsp;&nbsp;543877 |
| SPIE S.A. | &nbsp;&nbsp;34811 | &nbsp;&nbsp;&nbsp;&nbsp;814353 |
| Technicolor Creative Studios S.A. \* | &nbsp;&nbsp;71592 | &nbsp;&nbsp;&nbsp;&nbsp;111574 |
| Technicolor S.A. \* | &nbsp;&nbsp;71592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53280 |
| Television Francaise 1 | &nbsp;&nbsp;63834 | &nbsp;&nbsp;&nbsp;&nbsp;405222 |

---

<sub>66</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Trigano S.A. | &nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226517 |
| UbiSoft Entertainment S.A. \* | &nbsp;&nbsp;17374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476671 |
| Verallia S.A. | &nbsp;&nbsp;15516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439644 |
| Vicat S.A. | &nbsp;&nbsp;11893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272626 |
| Virbac S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108556 |
| Worldline S.A. \* | &nbsp;&nbsp;14785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645313 |
|  |  | **21797871** |
| &nbsp;&nbsp;**Germany 3.8%** | &nbsp;&nbsp;**Germany 3.8%** | &nbsp;&nbsp;**Germany 3.8%** |
| 1&1 AG | &nbsp;&nbsp;20268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267007 |
| Aareal Bank AG, Tender Shares \* | &nbsp;&nbsp;22018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696297 |
| ADLER Group S.A. \* | &nbsp;&nbsp;36475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54083 |
| ADVA Optical Networking SE \* | &nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132029 |
| Aroundtown S.A. | 147890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293154 |
| Bechtle AG | &nbsp;&nbsp;14772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510322 |
| Befesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160394 |
| Bilfinger SE | &nbsp;&nbsp;15131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420927 |
| Borussia Dortmund GmbH & Co. KGaA \* | &nbsp;&nbsp;33259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122955 |
| CANCOM SE | &nbsp;&nbsp;&nbsp;&nbsp;9011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222679 |
| Carl Zeiss Meditec AG, Class B | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244628 |
| CECONOMY AG | 232363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378149 |
| Cewe Stiftung & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151650 |
| CompuGroup Medical SE & Co. KgaA | &nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69665 |
| CTS Eventim AG & Co., KGaA \* | &nbsp;&nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207033 |
| Deutsche Euroshop AG | &nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81392 |
| Deutsche Pfandbriefbank AG | &nbsp;&nbsp;54295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404396 |
| Deutsche Wohnen SE | &nbsp;&nbsp;11236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226632 |
| Deutz AG | &nbsp;&nbsp;91783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346518 |
| DIC Asset AG | &nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48297 |
| Duerr AG | &nbsp;&nbsp;19650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519403 |
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;9676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261604 |
| ElringKlinger AG | &nbsp;&nbsp;24432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174878 |
| Encavis AG | &nbsp;&nbsp;&nbsp;&nbsp;5362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99828 |
| Evotec SE \* | &nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74175 |
| Fielmann AG | &nbsp;&nbsp;&nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162946 |
| Fraport AG Frankfurt Airport Services Worldwide \* | &nbsp;&nbsp;10209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393313 |
| Gerresheimer AG | &nbsp;&nbsp;&nbsp;&nbsp;8370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479506 |
| Global Fashion Group S.A. \* | &nbsp;&nbsp;45177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76084 |
| Grand City Properties S.A. | &nbsp;&nbsp;18704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181945 |
| GRENKE AG | &nbsp;&nbsp;&nbsp;&nbsp;6633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135279 |
| Hamburger Hafen und Logistik AG | &nbsp;&nbsp;10474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122676 |
| Heidelberger Druckmaschinen AG \* | &nbsp;&nbsp;65465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90360 |
| Hella GmbH & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;6734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525714 |
| HelloFresh SE \* | &nbsp;&nbsp;&nbsp;&nbsp;7197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143862 |
| HOCHTIEF AG | &nbsp;&nbsp;11238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597007 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;5360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365367 |
| Hugo Boss AG | &nbsp;&nbsp;14736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678701 |
| Jenoptik AG | &nbsp;&nbsp;10203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223681 |
| JOST Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;4494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191781 |
| Kloeckner & Co. SE | &nbsp;&nbsp;80279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629160 |
| Kontron AG | &nbsp;&nbsp;&nbsp;&nbsp;9569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138496 |
| Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;4930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456584 |
| LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;7050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460260 |
| Leoni AG \* | &nbsp;&nbsp;41733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293729 |
| Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63124 |
| Nordex SE \* | &nbsp;&nbsp;22790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212452 |
| Norma Group SE | &nbsp;&nbsp;16164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256242 |
| PATRIZIA SE | &nbsp;&nbsp;&nbsp;&nbsp;7227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53043 |
| Puma SE | &nbsp;&nbsp;10887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481323 |
| QIAGEN N.V. \* | &nbsp;&nbsp;12414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536076 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149944 |
| RTL Group S.A. \* | &nbsp;&nbsp;18279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620498 |
| SAF-Holland SE | &nbsp;&nbsp;27071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200404 |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17392 |
| Scout24 SE | &nbsp;&nbsp;&nbsp;&nbsp;7727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395970 |
| Siltronic AG | &nbsp;&nbsp;&nbsp;&nbsp;5297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329410 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sixt SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286352 |
| Software AG | &nbsp;&nbsp;&nbsp;&nbsp;12111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264952 |
| Stabilus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348579 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204578 |
| Suedzucker AG | &nbsp;&nbsp;&nbsp;&nbsp;39213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499727 |
| Synlab AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87827 |
| TAG Immobilien AG | &nbsp;&nbsp;&nbsp;&nbsp;28271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177056 |
| Takkt AG | &nbsp;&nbsp;&nbsp;&nbsp;17666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228793 |
| Talanx AG \* | &nbsp;&nbsp;&nbsp;&nbsp;18699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702229 |
| Vantage Towers AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124957 |
| Vitesco Technologies Group AG, Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;16629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889794 |
| Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348112 |
| Wacker Neuson SE | &nbsp;&nbsp;&nbsp;&nbsp;10453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164797 |
|  |  | **20158177** |
| &nbsp;&nbsp;**Greece 0.0%** | &nbsp;&nbsp;**Greece 0.0%** | &nbsp;&nbsp;**Greece 0.0%** |
| TT Hellenic Postbank S.A. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;24275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| &nbsp;&nbsp;**Hong Kong 2.6%** | &nbsp;&nbsp;**Hong Kong 2.6%** | &nbsp;&nbsp;**Hong Kong 2.6%** |
| Asia Cement China Holdings Corp. | &nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144162 |
| ASMPT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432889 |
| BOC Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271023 |
| Brightoil Petroleum Holdings Ltd. *\*(a)* | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp;&nbsp;178500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375693 |
| Cathay Pacific Airways Ltd. \* | &nbsp;&nbsp;&nbsp;414363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375756 |
| Chow Sang Sang Holdings International Ltd. | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196440 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp;&nbsp;300200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513965 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203342 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171026 |
| Cowell e Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252051 |
| DFI Retail Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;161820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362784 |
| FIT Hon Teng Ltd. \* | 1034000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121022 |
| Fortune Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146174 |
| Haitong International Securities Group Ltd. \* | 1629929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118293 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474252 |
| HKBN Ltd. | &nbsp;&nbsp;&nbsp;172500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116506 |
| Huabao International Holdings Ltd. | &nbsp;&nbsp;&nbsp;248735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114623 |
| Hysan Development Co., Ltd. | &nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255013 |
| IGG, Inc. \* | &nbsp;&nbsp;&nbsp;802900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208737 |
| Jinchuan Group International Resources Co., Ltd. | 1757000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116372 |
| JS Global Lifestyle Co., Ltd. | &nbsp;&nbsp;&nbsp;146500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118008 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp;&nbsp;112500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178577 |
| Kerry Properties Ltd. | &nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509367 |
| L'Occitane International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116623 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp;&nbsp;181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393203 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp;&nbsp;263200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146861 |
| Melco International Development Ltd. \* | &nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394242 |
| MGM China Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93408 |
| MMG Ltd. \* | 1172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231103 |
| NagaCorp Ltd. | &nbsp;&nbsp;&nbsp;394149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179745 |
| Nexteer Automotive Group Ltd. | &nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280905 |
| NWS Holdings Ltd. | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503498 |
| Orient Overseas International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189971 |
| Pacific Basin Shipping Ltd. | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211840 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113050 |
| Powerlong Real Estate Holdings Ltd. | 2081000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169826 |
| Prada S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255127 |
| Samsonite International S.A. \* | &nbsp;&nbsp;&nbsp;296057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636063 |
| Singamas Container Holdings Ltd. | 1304989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99719 |
| Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;644746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688470 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186709 |
| SJM Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;923500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288178 |
| Sun Hung Kai & Co., Ltd. | &nbsp;&nbsp;&nbsp;258000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90093 |

---

<sub>67</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Swire Properties Ltd. | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355554 |
| Texhong Textile Group Ltd. | &nbsp;&nbsp;&nbsp;161500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104016 |
| The Bank of East Asia Ltd. | &nbsp;&nbsp;&nbsp;513990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492601 |
| Truly International Holdings Ltd. | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128327 |
| United Energy Group Ltd. | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102549 |
| Value Partners Group Ltd. | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101228 |
| Vitasoy International Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259559 |
| VSTECS Holdings Ltd. | &nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202908 |
| VTech Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436503 |
| Wynn Macau Ltd. \* | &nbsp;&nbsp;&nbsp;603200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240469 |
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408679 |
|  |  | **13877102** |
| &nbsp;&nbsp;**Ireland 0.3%** | &nbsp;&nbsp;**Ireland 0.3%** | &nbsp;&nbsp;**Ireland 0.3%** |
| AIB Group plc | &nbsp;&nbsp;&nbsp;230385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666484 |
| Dalata Hotel Group plc \* | &nbsp;&nbsp;&nbsp;&nbsp;43542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139690 |
| Glanbia plc | &nbsp;&nbsp;&nbsp;&nbsp;57444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663436 |
| Irish Continental Group plc | &nbsp;&nbsp;&nbsp;&nbsp;37869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153101 |
|  |  | &nbsp;&nbsp;&nbsp;**1622711** |
| &nbsp;&nbsp;**Israel 1.5%** | &nbsp;&nbsp;**Israel 1.5%** | &nbsp;&nbsp;**Israel 1.5%** |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75947 |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163655 |
| Bezeq The Israeli Telecommunication Corp., Ltd. | &nbsp;&nbsp;&nbsp;513092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908294 |
| Cellcom Israel Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;31208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156235 |
| Clal Insurance Enterprises Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112063 |
| Delek Automotive Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122104 |
| Delek Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449891 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572204 |
| FIBI Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173852 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88310 |
| G City Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;29655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95749 |
| Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224497 |
| Isracard Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124753 |
| Israel Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565305 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90098 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510812 |
| Nice Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568235 |
| Oil Refineries Ltd. | 1493980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556380 |
| Partner Communications Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;22341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168411 |
| Paz Oil Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576289 |
| Shikun & Binui Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;34288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136111 |
| Shufersal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222504 |
| Strauss Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162339 |
| The First International Bank of Israel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276620 |
| The Phoenix Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196137 |
| Tower Semiconductor Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;15608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667021 |
|  |  | &nbsp;&nbsp;&nbsp;**7963816** |
| &nbsp;&nbsp;**Italy 2.6%** | &nbsp;&nbsp;**Italy 2.6%** | &nbsp;&nbsp;**Italy 2.6%** |
| ACEA S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;12137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152932 |
| Alitalia - Linee Aeree Italiane S.p.A. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;14782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Amplifon S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191149 |
| Anima Holding S.p.A. | &nbsp;&nbsp;&nbsp;105108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325537 |
| Autogrill S.p.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;58473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365500 |
| Azimut Holding S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;25821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415771 |
| Banca Generali S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293586 |
| Banca IFIS S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;13150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155274 |
| Banca Mediolanum S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;52847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395396 |
| Banca Monte dei Paschi di Siena S.p.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6733 |
| Banca Popolare di Sondrio S.p.A. | &nbsp;&nbsp;&nbsp;127720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458139 |
| BFF Bank S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;35880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253118 |
| BPER Banca | &nbsp;&nbsp;&nbsp;434495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803945 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Brembo S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;42436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443642 |
| Buzzi Unicem S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;34253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568489 |
| Cementir Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;15642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91043 |
| Credito Emiliano S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;15441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91550 |
| Danieli & C Officine Meccaniche S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51026 |
| Davide Campari-Milano N.V. | &nbsp;&nbsp;&nbsp;&nbsp;33625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301963 |
| De'Longhi S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;16289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281047 |
| DiaSorin S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239246 |
| Enav S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;67090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259439 |
| ERG S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;11765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369031 |
| Esprinet S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;28576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190354 |
| Fincantieri S.p.A. \* | &nbsp;&nbsp;&nbsp;240780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122417 |
| FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;43622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587832 |
| Infrastrutture Wireless Italiane S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;18257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161139 |
| Interpump Group S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;10354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400860 |
| Iren S.p.A. | &nbsp;&nbsp;&nbsp;296660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440861 |
| Italgas S.p.A. | &nbsp;&nbsp;&nbsp;128958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664424 |
| Maire Tecnimont S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;56158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174247 |
| MARR S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;10891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114759 |
| MFE-MediaForEurope N.V., Class A | &nbsp;&nbsp;&nbsp;540350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189557 |
| MFE-MediaForEurope N.V., Class B | &nbsp;&nbsp;&nbsp;247811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123768 |
| Moncler S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;14726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635342 |
| Nexi S.p.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;16044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138708 |
| OVS S.p.A. | &nbsp;&nbsp;&nbsp;135423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252816 |
| Piaggio & C S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;63754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163793 |
| Recordati Industria Chimica e Farmaceutica S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;10775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404833 |
| Reply S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171210 |
| Salvatore Ferragamo S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;13390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196820 |
| Saras S.p.A. \* | 1067840 | &nbsp;&nbsp;&nbsp;&nbsp;1290592 |
| SOL S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112876 |
| Technogym S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;21082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144939 |
| Unieuro S.p.A. | &nbsp;&nbsp;&nbsp;&nbsp;12701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137077 |
| UnipolSai Assicurazioni S.p.A. | &nbsp;&nbsp;&nbsp;141004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317932 |
| Webuild S.p.A. | &nbsp;&nbsp;&nbsp;137137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186615 |
|  |  | **13837327** |
| &nbsp;&nbsp;**Japan 35.3%** | &nbsp;&nbsp;**Japan 35.3%** | &nbsp;&nbsp;**Japan 35.3%** |
| ABC-Mart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414526 |
| Acom Co., Ltd. | &nbsp;&nbsp;&nbsp;117300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256260 |
| Activia Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180685 |
| Adastria Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290343 |
| ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615957 |
| Advance Residence Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237473 |
| Aeon Delight Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227861 |
| AEON Financial Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541199 |
| Aeon Hokkaido Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106666 |
| Aeon Mall Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510530 |
| AEON REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185180 |
| Ahresty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155111 |
| Ai Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112499 |
| Aica Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477135 |
| Aichi Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297877 |
| Aida Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160354 |
| Aiful Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170495 |
| Ain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470511 |
| Aisan Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148357 |
| Akebono Brake Industry Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;88400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103401 |
| Alconix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146253 |
| Alpen Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153574 |
| Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439788 |
| Anritsu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319056 |
| AOKI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236355 |
| Aoyama Trading Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;91400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637601 |
| Aozora Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615823 |
| Arata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596394 |
| Arcland Sakamoto Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140839 |

---

<sub>68</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Arcs Co., Ltd. | &nbsp;&nbsp;48400 | 645136 |
| Ariake Japan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | 138577 |
| As One Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2880 | 122810 |
| Asahi Diamond Industrial Co., Ltd. | &nbsp;&nbsp;21100 | 105395 |
| Asahi Holdings, Inc. | &nbsp;&nbsp;19600 | 249965 |
| Asahi Intecc Co., Ltd. | &nbsp;&nbsp;11100 | 189090 |
| Asanuma Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9600 | 176614 |
| Asics Corp. | &nbsp;&nbsp;39600 | 606820 |
| ASKUL Corp. | &nbsp;&nbsp;15900 | 166055 |
| Autobacs Seven Co., Ltd. | &nbsp;&nbsp;42200 | 401390 |
| Avex, Inc. | &nbsp;&nbsp;20600 | 230916 |
| Axial Retailing, Inc. | &nbsp;&nbsp;14500 | 330197 |
| Azbil Corp. | &nbsp;&nbsp;25500 | 692980 |
| BayCurrent Consulting, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;84172 |
| Belc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5600 | 214216 |
| Bell System24 Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;87318 |
| Belluna Co., Ltd. | &nbsp;&nbsp;37300 | 179756 |
| Benesse Holdings, Inc. | &nbsp;&nbsp;33600 | 495683 |
| BIPROGY, Inc. | &nbsp;&nbsp;22100 | 477390 |
| BML, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7300 | 165020 |
| Bunka Shutter Co., Ltd. | &nbsp;&nbsp;36300 | 261003 |
| Calbee, Inc. | &nbsp;&nbsp;27900 | 560428 |
| Canon Electronics, Inc. | &nbsp;&nbsp;12500 | 131986 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp;28900 | 609848 |
| Capcom Co., Ltd. | &nbsp;&nbsp;13000 | 361594 |
| Cawachi Ltd. | &nbsp;&nbsp;15700 | 217287 |
| Central Glass Co., Ltd. | &nbsp;&nbsp;29300 | 691850 |
| Chudenko Corp. | &nbsp;&nbsp;16500 | 227740 |
| Chugin Financial Group, Inc. | &nbsp;&nbsp;47000 | 283315 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp;25800 | 158443 |
| Citizen Watch Co., Ltd. | 178500 | 749648 |
| CKD Corp. | &nbsp;&nbsp;20900 | 256325 |
| CMK Corp. | &nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp;99702 |
| Colowide Co., Ltd. | &nbsp;&nbsp;11300 | 138663 |
| Comforia Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;82795 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5070 | 490344 |
| Create SD Holdings Co., Ltd. | &nbsp;&nbsp;10100 | 215162 |
| Credit Saison Co., Ltd. | &nbsp;&nbsp;72700 | 777044 |
| CyberAgent, Inc. | &nbsp;&nbsp;53500 | 439512 |
| Daihen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8700 | 224345 |
| Daiho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8700 | 246716 |
| Daiichikosho Co., Ltd. | &nbsp;&nbsp;16700 | 478834 |
| Daiken Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9800 | 131215 |
| Daiki Aluminium Industry Co., Ltd. | &nbsp;&nbsp;14400 | 123992 |
| Daikokutenbussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;85404 |
| Daio Paper Corp. | &nbsp;&nbsp;40000 | 295119 |
| Daiseki Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6460 | 199610 |
| Daishi Hokuetsu Financial Group, Inc. | &nbsp;&nbsp;12300 | 217232 |
| Daito Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;85998 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | 266415 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;99210 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 101685 |
| DCM Holdings Co., Ltd. | &nbsp;&nbsp;73900 | 575807 |
| Dena Co., Ltd. | &nbsp;&nbsp;26086 | 340226 |
| Descente Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7852 | 188456 |
| Dexerials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6600 | 153719 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2975 | 711562 |
| DMG Mori Co., Ltd. | &nbsp;&nbsp;36100 | 417772 |
| Doshisha Co., Ltd. | &nbsp;&nbsp;18000 | 182962 |
| Doutor Nichires Holdings Co., Ltd. | &nbsp;&nbsp;22600 | 252129 |
| DTS Corp. | &nbsp;&nbsp;11400 | 271031 |
| Duskin Co., Ltd. | &nbsp;&nbsp;20900 | 400768 |
| DyDo Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5500 | 167828 |
| Eagle Industry Co., Ltd. | &nbsp;&nbsp;26300 | 195060 |
| Earth Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5500 | 190375 |
| Eizo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8850 | 215290 |
| Elecom Co., Ltd. | &nbsp;&nbsp;14527 | 134576 |
| en-japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | 104226 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| ESPEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;84636 |
| Exedy Corp. | &nbsp;&nbsp;42800 | 501762 |
| Ezaki Glico Co., Ltd. | &nbsp;&nbsp;25700 | 578198 |
| Fancl Corp. | &nbsp;&nbsp;11100 | 210291 |
| FCC Co., Ltd. | &nbsp;&nbsp;36400 | 353915 |
| Food & Life Cos., Ltd. | &nbsp;&nbsp;13800 | 232130 |
| Foster Electric Co., Ltd. | &nbsp;&nbsp;52998 | 276960 |
| FP Corp. | &nbsp;&nbsp;12460 | 296430 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | 127097 |
| Fudo Tetra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8577 | &nbsp;&nbsp;&nbsp;85181 |
| Fuji Co., Ltd. | &nbsp;&nbsp;19100 | 236213 |
| Fuji Corp. | &nbsp;&nbsp;29838 | 393986 |
| Fuji Media Holdings, Inc. | &nbsp;&nbsp;37100 | 258034 |
| Fuji Oil Co., Ltd. | &nbsp;&nbsp;61000 | 124399 |
| Fuji Oil Holdings, Inc. | &nbsp;&nbsp;25500 | 401464 |
| Fuji Seal International, Inc. | &nbsp;&nbsp;25900 | 303415 |
| Fuji Soft, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6200 | 337294 |
| Fujibo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5100 | 115481 |
| Fujimi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;83502 |
| Fujimori Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9300 | 194264 |
| Fujitec Co., Ltd. | &nbsp;&nbsp;21600 | 429049 |
| Fujitsu General Ltd. | &nbsp;&nbsp;17510 | 399613 |
| Fukuoka Financial Group, Inc. | &nbsp;&nbsp;41500 | 706148 |
| Fukuoka REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | 108557 |
| Fukuyama Transporting Co., Ltd. | &nbsp;&nbsp;15699 | 342530 |
| Furukawa Co., Ltd. | &nbsp;&nbsp;28300 | 248143 |
| Furuno Electric Co., Ltd. | &nbsp;&nbsp;18400 | 132697 |
| Fuso Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;74540 |
| Futaba Corp. | &nbsp;&nbsp;26000 | 105205 |
| Futaba Industrial Co., Ltd. | 144700 | 363196 |
| Fuyo General Lease Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4045 | 224806 |
| Gakken Holdings Co., Ltd. | &nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;89020 |
| Geo Holdings Corp. | &nbsp;&nbsp;40700 | 532506 |
| GLOBERIDE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;85965 |
| Glory Ltd. | &nbsp;&nbsp;40400 | 622913 |
| GLP J-REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | 224010 |
| GMO internet group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8900 | 153444 |
| Godo Steel Ltd. | &nbsp;&nbsp;13800 | 158527 |
| Goldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3800 | 198449 |
| Gree, Inc. | &nbsp;&nbsp;18200 | 102303 |
| GungHo Online Entertainment, Inc. | &nbsp;&nbsp;14350 | 212109 |
| Gunze Ltd. | &nbsp;&nbsp;12800 | 328792 |
| H.I.S. Co., Ltd. \* | &nbsp;&nbsp;16300 | 225838 |
| H.U. Group Holdings, Inc. | &nbsp;&nbsp;27500 | 511907 |
| Hakuto Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | 118498 |
| Hamakyorex Co., Ltd. | &nbsp;&nbsp;10800 | 241243 |
| Hamamatsu Photonics K.K. | &nbsp;&nbsp;11900 | 538371 |
| Hazama Ando Corp. | 123300 | 714601 |
| Heiwa Corp. | &nbsp;&nbsp;22600 | 364609 |
| Heiwa Real Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | 166372 |
| Heiwado Co., Ltd. | &nbsp;&nbsp;32500 | 411280 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5050 | 610012 |
| Hirata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4300 | 125790 |
| Hirose Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5039 | 653666 |
| Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp;21300 | 525507 |
| Hitachi Transport System Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;9300 | 556568 |
| Hitachi Zosen Corp. | &nbsp;&nbsp;87100 | 502132 |
| Hogy Medical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5800 | 128638 |
| Hokuetsu Corp. | &nbsp;&nbsp;93000 | 482434 |
| Hokuhoku Financial Group, Inc. | &nbsp;&nbsp;70800 | 425349 |
| Hokuto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;91644 |
| Horiba Ltd. | &nbsp;&nbsp;12100 | 496433 |
| Hoshizaki Corp. | &nbsp;&nbsp;22900 | 656084 |
| Hosiden Corp. | &nbsp;&nbsp;50400 | 531612 |
| Hosokawa Micron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;94355 |
| House Foods Group, Inc. | &nbsp;&nbsp;29700 | 555460 |
| Hulic Co., Ltd. | &nbsp;&nbsp;78500 | 570251 |
| Hulic REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | 108944 |

---

<sub>69</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ibiden Co., Ltd. | &nbsp;&nbsp;18700 | 630327 |
| Ichikoh Industries Ltd. | &nbsp;&nbsp;48100 | 137331 |
| Idec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | 104952 |
| IDOM, Inc. | &nbsp;&nbsp;28800 | 144176 |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp;35500 | 176673 |
| Inaba Denki Sangyo Co., Ltd. | &nbsp;&nbsp;34200 | 638405 |
| Inabata & Co., Ltd. | &nbsp;&nbsp;43400 | 717028 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;99277 |
| Ines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;79351 |
| INFRONEER Holdings, Inc. | &nbsp;&nbsp;88586 | 614106 |
| Intage Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;84718 |
| Internet Initiative Japan, Inc. | &nbsp;&nbsp;17200 | 269979 |
| Invincible Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | 130274 |
| Iriso Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5500 | 159346 |
| Iseki & Co., Ltd. | &nbsp;&nbsp;12865 | 106292 |
| Ishihara Sangyo Kaisha Ltd. | &nbsp;&nbsp;27700 | 190779 |
| Ito En Ltd. | &nbsp;&nbsp;11700 | 412078 |
| Itochu Enex Co., Ltd. | &nbsp;&nbsp;60700 | 417716 |
| Itochu Techno-Solutions Corp. | &nbsp;&nbsp;22100 | 512361 |
| Iyogin Holdings, Inc. | &nbsp;&nbsp;73300 | 343909 |
| Izumi Co., Ltd. | &nbsp;&nbsp;34700 | 700005 |
| Jaccs Co., Ltd. | &nbsp;&nbsp;11900 | 288565 |
| JAFCO Group Co., Ltd. | &nbsp;&nbsp;18000 | 276179 |
| Japan Airport Terminal Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;6100 | 261085 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp;26000 | 404661 |
| Japan Display, Inc. \* | 465500 | 155866 |
| Japan Excellent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | 150734 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | 181239 |
| Japan Lifeline Co., Ltd. | &nbsp;&nbsp;21800 | 147004 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | 111409 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | 486978 |
| Japan Petroleum Exploration Co., Ltd. | &nbsp;&nbsp;19200 | 498872 |
| Japan Post Bank Co., Ltd. | &nbsp;&nbsp;91200 | 607677 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | 225415 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | 473502 |
| JEOL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3400 | 124417 |
| JM Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7960 | &nbsp;&nbsp;&nbsp;90712 |
| Joshin Denki Co., Ltd. | &nbsp;&nbsp;33200 | 427354 |
| Joyful Honda Co., Ltd. | &nbsp;&nbsp;37800 | 460755 |
| Juki Corp. | &nbsp;&nbsp;29900 | 146743 |
| JVCKenwood Corp. | 279500 | 405777 |
| Kadokawa Corp. | &nbsp;&nbsp;11800 | 211272 |
| Kaga Electronics Co., Ltd. | &nbsp;&nbsp;12000 | 355642 |
| Kagome Co., Ltd. | &nbsp;&nbsp;19200 | 383747 |
| Kakaku.com, Inc. | &nbsp;&nbsp;13900 | 235091 |
| Kaken Pharmaceutical Co., Ltd. | &nbsp;&nbsp;13782 | 352754 |
| Kamigumi Co., Ltd. | &nbsp;&nbsp;45600 | 867161 |
| Kanamoto Co., Ltd. | &nbsp;&nbsp;26800 | 386885 |
| Kandenko Co., Ltd. | 101600 | 571088 |
| Kansai Paint Co., Ltd. | &nbsp;&nbsp;51160 | 667597 |
| Kanto Denka Kogyo Co., Ltd. | &nbsp;&nbsp;19600 | 125027 |
| Katitas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;95351 |
| Kato Sangyo Co., Ltd. | &nbsp;&nbsp;26700 | 624043 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;31800 | 482190 |
| Keihan Holdings Co., Ltd. | &nbsp;&nbsp;28800 | 740931 |
| Keikyu Corp. | &nbsp;&nbsp;71000 | 728824 |
| Keisei Electric Railway Co., Ltd. | &nbsp;&nbsp;23700 | 629047 |
| Keiyo Co., Ltd. | &nbsp;&nbsp;21800 | 132819 |
| Kenedix Office Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | 177684 |
| Kenedix Residential Next Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;87964 |
| Kenedix Retail REIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;86288 |
| KFC Holdings Japan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;86093 |
| KH Neochem Co., Ltd. | &nbsp;&nbsp;11300 | 192873 |
| Kissei Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9600 | 169578 |
| Kitz Corp. | &nbsp;&nbsp;59100 | 350365 |
| Koa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7500 | 108018 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7400 | 392694 |
| Koei Tecmo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9160 | 138215 |
| Kohnan Shoji Co., Ltd. | &nbsp;&nbsp;16500 | 345478 |
| Kojima Co., Ltd. | &nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;79077 |
| Kokusai Pulp & Paper Co., Ltd. | &nbsp;&nbsp;39700 | 216729 |
| Kokuyo Co., Ltd. | &nbsp;&nbsp;45800 | 568080 |
| Komeri Co., Ltd. | &nbsp;&nbsp;21900 | 382066 |
| Konami Group Corp. | &nbsp;&nbsp;13400 | 587339 |
| Kose Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5800 | 578959 |
| Kumagai Gumi Co., Ltd. | &nbsp;&nbsp;28800 | 486872 |
| Kumiai Chemical Industry Co., Ltd. | &nbsp;&nbsp;27500 | 180733 |
| Kura Sushi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | 140352 |
| Kureha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6900 | 443046 |
| Kusuri no Aoki Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | 236194 |
| KYB Corp. | &nbsp;&nbsp;13900 | 304075 |
| Kyoei Steel Ltd. | &nbsp;&nbsp;24900 | 219865 |
| Kyokuto Kaihatsu Kogyo Co., Ltd. | &nbsp;&nbsp;18100 | 168193 |
| KYORIN Holdings, Inc. | &nbsp;&nbsp;19700 | 243766 |
| Kyoritsu Maintenance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5100 | 210099 |
| Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;34900 | 821954 |
| Kyudenko Corp. | &nbsp;&nbsp;26400 | 559955 |
| Kyushu Financial Group, Inc. | 115500 | 292057 |
| Lawson, Inc. | &nbsp;&nbsp;19383 | 619229 |
| Life Corp. | &nbsp;&nbsp;16900 | 251894 |
| Lintec Corp. | &nbsp;&nbsp;28900 | 433604 |
| M3, Inc. | &nbsp;&nbsp;11300 | 336742 |
| Mabuchi Motor Co., Ltd. | &nbsp;&nbsp;19800 | 537261 |
| Macnica Holdings, Inc. | &nbsp;&nbsp;34800 | 696037 |
| Makino Milling Machine Co., Ltd. | &nbsp;&nbsp;12650 | 390867 |
| Mandom Corp. | &nbsp;&nbsp;20000 | 202338 |
| Maruha Nichiro Corp. | &nbsp;&nbsp;39200 | 604455 |
| Marui Group Co., Ltd. | &nbsp;&nbsp;38900 | 636419 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp;21800 | 411490 |
| Maruwa Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | 105743 |
| Matsuda Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8800 | 131281 |
| Max Co., Ltd. | &nbsp;&nbsp;15500 | 220902 |
| Maxell Holdings Ltd. | &nbsp;&nbsp;29400 | 243901 |
| MCJ Co., Ltd. | &nbsp;&nbsp;32100 | 202723 |
| Mebuki Financial Group, Inc. | 318276 | 618946 |
| Megachips Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;73605 |
| Megmilk Snow Brand Co., Ltd. | &nbsp;&nbsp;53000 | 577187 |
| Meidensha Corp. | &nbsp;&nbsp;22800 | 303338 |
| Meiko Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;74456 |
| Meitec Corp. | &nbsp;&nbsp;16800 | 282976 |
| Menicon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6400 | 109273 |
| METAWATER Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;83184 |
| Mimasu Semiconductor Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;88146 |
| MIRAIT ONE Corp. | &nbsp;&nbsp;56800 | 545827 |
| Mitsuba Corp. | &nbsp;&nbsp;66500 | 175566 |
| Mitsubishi HC Capital, Inc. | 112300 | 481886 |
| Mitsubishi Logisnext Co., Ltd. | &nbsp;&nbsp;40200 | 207174 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp;22300 | 489337 |
| Mitsui E&S Holdings Co., Ltd. \* | &nbsp;&nbsp;70900 | 198918 |
| Mitsui High-Tec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;65649 |
| Mitsui Matsushima Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;90261 |
| Mitsui-Soko Holdings Co., Ltd. | &nbsp;&nbsp;14400 | 300186 |
| Miura Co., Ltd. | &nbsp;&nbsp;16400 | 333993 |
| Mixi, Inc. | &nbsp;&nbsp;31100 | 487555 |
| Mizuho Leasing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8700 | 189559 |
| Mizuno Corp. | &nbsp;&nbsp;18200 | 311582 |
| Mochida Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7400 | 170404 |
| Monex Group, Inc. | &nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;82329 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;10400 | 157870 |
| Mori Hills Reit Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | 107347 |
| Mori Trust Sogo REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 102785 |
| Morinaga & Co., Ltd. | &nbsp;&nbsp;16000 | 400195 |
| MOS Food Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6900 | 146382 |
| Musashi Seimitsu Industry Co., Ltd. | &nbsp;&nbsp;27500 | 317384 |

---

<sub>70</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Nabtesco Corp. | &nbsp;&nbsp;34300 | 728546 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp;14000 | 366753 |
| Namura Shipbuilding Co., Ltd. \* | &nbsp;&nbsp;33100 | 121472 |
| Nankai Electric Railway Co., Ltd. | &nbsp;&nbsp;34800 | 703981 |
| NEC Networks & System Integration Corp. | &nbsp;&nbsp;20500 | 219679 |
| NET One Systems Co., Ltd. | &nbsp;&nbsp;18548 | 380951 |
| Nexon Co., Ltd. | &nbsp;&nbsp;34422 | 576025 |
| Nichias Corp. | &nbsp;&nbsp;30000 | 462842 |
| Nichicon Corp. | &nbsp;&nbsp;23700 | 223108 |
| Nichiha Corp. | &nbsp;&nbsp;16500 | 312452 |
| Nichi-iko Pharmaceutical Co., Ltd. \* | &nbsp;&nbsp;69772 | 218661 |
| Nichireki Co., Ltd. | &nbsp;&nbsp;16000 | 140429 |
| Nifco, Inc. | &nbsp;&nbsp;29700 | 689766 |
| Nihon Chouzai Co., Ltd. | &nbsp;&nbsp;10572 | &nbsp;&nbsp;&nbsp;93877 |
| Nihon Kohden Corp. | &nbsp;&nbsp;22700 | 508301 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;13300 | 150075 |
| Nihon Parkerizing Co., Ltd. | &nbsp;&nbsp;47300 | 307483 |
| Nikkiso Co., Ltd. | &nbsp;&nbsp;39700 | 264557 |
| Nikkon Holdings Co., Ltd. | &nbsp;&nbsp;32900 | 513955 |
| Nippn Corp. | &nbsp;&nbsp;39600 | 416829 |
| Nippon Accommodations Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 132008 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | 502312 |
| Nippon Carbon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;90584 |
| Nippon Chemi-Con Corp. \* | &nbsp;&nbsp;13900 | 174820 |
| Nippon Coke & Engineering Co., Ltd. | &nbsp;&nbsp;99716 | &nbsp;&nbsp;&nbsp;54261 |
| Nippon Denko Co., Ltd. | &nbsp;&nbsp;55700 | 127085 |
| Nippon Densetsu Kogyo Co., Ltd. | &nbsp;&nbsp;25100 | 280822 |
| Nippon Gas Co., Ltd. | &nbsp;&nbsp;27200 | 395134 |
| Nippon Kanzai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;78197 |
| Nippon Kayaku Co., Ltd. | &nbsp;&nbsp;77400 | 614796 |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;71101 | 453128 |
| Nippon Prologis REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | 211928 |
| NIPPON REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 103683 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp;30900 | 491972 |
| Nippon Sheet Glass Co., Ltd. \* | 136300 | 508345 |
| Nippon Shinyaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6800 | 376490 |
| Nippon Shokubai Co., Ltd. | &nbsp;&nbsp;21146 | 758523 |
| Nippon Signal Co., Ltd. | &nbsp;&nbsp;34400 | 233170 |
| Nippon Soda Co., Ltd. | &nbsp;&nbsp;14300 | 426609 |
| Nippon Television Holdings, Inc. | &nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;94708 |
| Nippon Thompson Co., Ltd. | &nbsp;&nbsp;30200 | 107711 |
| Nippon Yakin Kogyo Co., Ltd. | &nbsp;&nbsp;11110 | 211201 |
| Nipro Corp. | &nbsp;&nbsp;69200 | 521649 |
| Nishimatsu Construction Co., Ltd. | &nbsp;&nbsp;15200 | 370073 |
| Nishimatsuya Chain Co., Ltd. | &nbsp;&nbsp;19900 | 182432 |
| Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp;64200 | 327433 |
| Nishi-Nippon Railroad Co., Ltd. | &nbsp;&nbsp;28900 | 566837 |
| Nishio Rent All Co., Ltd. | &nbsp;&nbsp;13000 | 261382 |
| Nissha Co., Ltd. | &nbsp;&nbsp;22300 | 262546 |
| Nisshinbo Holdings, Inc. | 100600 | 697337 |
| Nissin Electric Co., Ltd. | &nbsp;&nbsp;17000 | 157796 |
| Nitta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8100 | 157170 |
| Nittetsu Mining Co., Ltd. | &nbsp;&nbsp;10400 | 206909 |
| Nitto Boseki Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9600 | 142291 |
| Nitto Kogyo Corp. | &nbsp;&nbsp;17400 | 287975 |
| Noevir Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | 118291 |
| NOF Corp. | &nbsp;&nbsp;16400 | 564102 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;92770 |
| Nojima Corp. | &nbsp;&nbsp;56200 | 468053 |
| Nomura Co., Ltd. | &nbsp;&nbsp;28500 | 208175 |
| Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | 530487 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;27580 | 610351 |
| Noritake Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7300 | 202652 |
| Noritz Corp. | &nbsp;&nbsp;21000 | 215555 |
| North Pacific Bank Ltd. | 103600 | 164564 |
| NS Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9700 | 222946 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;84620 |
| NSD Co., Ltd. | &nbsp;&nbsp;12500 | 213607 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| NTN Corp. | 439803 | 782905 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 118539 |
| Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2900 | 435182 |
| Ohsho Food Service Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | 115123 |
| Okamura Corp. | &nbsp;&nbsp;50300 | 463021 |
| Okasan Securities Group, Inc. | &nbsp;&nbsp;60300 | 143430 |
| Oki Electric Industry Co., Ltd. | 100900 | 500201 |
| OKUMA Corp. | &nbsp;&nbsp;14800 | 495426 |
| Okumura Corp. | &nbsp;&nbsp;23500 | 444381 |
| Okuwa Co., Ltd. | &nbsp;&nbsp;47800 | 295555 |
| Onoken Co., Ltd. | &nbsp;&nbsp;21000 | 203095 |
| Onward Holdings Co., Ltd. | 125700 | 261940 |
| Open House Group Co., Ltd. | &nbsp;&nbsp;12500 | 444617 |
| Optex Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;93614 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;5600 | 298320 |
| Organo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6800 | 117324 |
| Orient Corp. | &nbsp;&nbsp;27260 | 220802 |
| Orix JREIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | 339429 |
| Osaka Soda Co., Ltd. | &nbsp;&nbsp;10100 | 245469 |
| OSG Corp. | &nbsp;&nbsp;30200 | 383941 |
| Outsourcing, Inc. | &nbsp;&nbsp;29800 | 232145 |
| Oyo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7100 | 107790 |
| Pacific Industrial Co., Ltd. | &nbsp;&nbsp;36800 | 259200 |
| PAL GROUP Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7300 | 104239 |
| Paramount Bed Holdings Co., Ltd. | &nbsp;&nbsp;14300 | 254566 |
| Park24 Co., Ltd. \* | &nbsp;&nbsp;33100 | 441155 |
| Pasona Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8500 | 116922 |
| Pigeon Corp. | &nbsp;&nbsp;27000 | 353675 |
| Pilot Corp. | &nbsp;&nbsp;10900 | 423784 |
| Plenus Co., Ltd. | &nbsp;&nbsp;14100 | 249774 |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp;29200 | 322519 |
| Press Kogyo Co., Ltd. | 133400 | 373065 |
| Pressance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;80015 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp;27600 | 365234 |
| Qol Holdings Co., Ltd. | &nbsp;&nbsp;18300 | 150970 |
| Raito Kogyo Co., Ltd. | &nbsp;&nbsp;19000 | 259189 |
| Rakuten Group, Inc. | 130583 | 582970 |
| Relia, Inc. | &nbsp;&nbsp;26000 | 174476 |
| Relo Group, Inc. | &nbsp;&nbsp;17300 | 243832 |
| Resorttrust, Inc. | &nbsp;&nbsp;16888 | 259931 |
| Restar Holdings Corp. | &nbsp;&nbsp;21900 | 310596 |
| Retail Partners Co., Ltd. | &nbsp;&nbsp;39800 | 327896 |
| Riken Corp. | &nbsp;&nbsp;10300 | 156978 |
| Riso Kagaku Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6300 | 100071 |
| Rock Field Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;75722 |
| Rohto Pharmaceutical Co., Ltd. | &nbsp;&nbsp;18900 | 587942 |
| Roland DG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;83596 |
| Round One Corp. | &nbsp;&nbsp;51100 | 217426 |
| Royal Holdings Co., Ltd. \* | &nbsp;&nbsp;10100 | 161514 |
| Ryobi Ltd. | &nbsp;&nbsp;51400 | 455697 |
| Ryoyo Electro Corp. | &nbsp;&nbsp;10600 | 163462 |
| S Foods, Inc. | &nbsp;&nbsp;15400 | 281884 |
| Saizeriya Co., Ltd. | &nbsp;&nbsp;10900 | 203362 |
| Sakai Chemical Industry Co., Ltd. | &nbsp;&nbsp;10800 | 142707 |
| Sakai Moving Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | 101148 |
| Sakata INX Corp. | &nbsp;&nbsp;35200 | 251898 |
| Sakata Seed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5900 | 194463 |
| SAMTY Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | 123274 |
| San-A Co., Ltd. | &nbsp;&nbsp;10700 | 312080 |
| Sangetsu Corp. | &nbsp;&nbsp;32000 | 338835 |
| Sanken Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6600 | 226078 |
| Sanki Engineering Co., Ltd. | &nbsp;&nbsp;32900 | 356140 |
| Sankyo Co., Ltd. | &nbsp;&nbsp;12100 | 399564 |
| Sanoh Industrial Co., Ltd. | &nbsp;&nbsp;24052 | 109691 |
| Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6068 | 161804 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6850 | 194007 |
| Sanyo Denki Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4200 | 153738 |
| Sanyo Special Steel Co., Ltd. | &nbsp;&nbsp;13100 | 168086 |

---

<sub>71</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sapporo Holdings Ltd. | &nbsp;&nbsp;30800 | 679349 |
| Sato Holdings Corp. | &nbsp;&nbsp;13400 | 165306 |
| SBS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;75936 |
| SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8300 | 455561 |
| SCSK Corp. | &nbsp;&nbsp;30728 | 453344 |
| Seibu Holdings, Inc. | &nbsp;&nbsp;79355 | 710324 |
| Seiko Holdings Corp. | &nbsp;&nbsp;15900 | 336780 |
| Seiren Co., Ltd. | &nbsp;&nbsp;15600 | 244344 |
| Sekisui House REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | 140100 |
| Sekisui Jushi Corp. | &nbsp;&nbsp;14400 | 164886 |
| Senko Group Holdings Co., Ltd. | &nbsp;&nbsp;82800 | 553096 |
| Senshu Ikeda Holdings, Inc. | 117600 | 168539 |
| Seven Bank Ltd. | 209400 | 377715 |
| Sharp Corp. | &nbsp;&nbsp;86503 | 518852 |
| Shibaura Machine Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9700 | 188300 |
| Shima Seiki Manufacturing Ltd. | &nbsp;&nbsp;11600 | 161840 |
| Shindengen Electric Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5800 | 143240 |
| Shin-Etsu Polymer Co., Ltd. | &nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;95020 |
| Shinko Electric Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8000 | 192250 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp;50100 | 341665 |
| Shinsei Bank Ltd. | &nbsp;&nbsp;16131 | 240040 |
| Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;30800 | 590709 |
| Shizuoka Financial Group, Inc. | 109300 | 690210 |
| Shizuoka Gas Co., Ltd. | &nbsp;&nbsp;36900 | 270290 |
| SHO-BOND Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5600 | 242256 |
| Shochiku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1550 | 123037 |
| Shoei Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5800 | 160067 |
| Showa Sangyo Co., Ltd. | &nbsp;&nbsp;20700 | 351833 |
| Siix Corp. | &nbsp;&nbsp;31900 | 245945 |
| Sinfonia Technology Co., Ltd. | &nbsp;&nbsp;12100 | 110084 |
| SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp;83900 | 293862 |
| Skylark Holdings Co., Ltd. \* | &nbsp;&nbsp;64500 | 688051 |
| Sodick Co., Ltd. | &nbsp;&nbsp;25500 | 132533 |
| Sotetsu Holdings, Inc. | &nbsp;&nbsp;28600 | 433123 |
| Square Enix Holdings Co., Ltd. | &nbsp;&nbsp;15000 | 669330 |
| St Marc Holdings Co., Ltd. | &nbsp;&nbsp;12900 | 140777 |
| Star Micronics Co., Ltd. | &nbsp;&nbsp;16000 | 183280 |
| Starts Corp., Inc. | &nbsp;&nbsp;14100 | 249055 |
| Sugi Holdings Co., Ltd. | &nbsp;&nbsp;15500 | 621629 |
| Sumida Corp. | &nbsp;&nbsp;14226 | &nbsp;&nbsp;&nbsp;94098 |
| Sumitomo Bakelite Co., Ltd. | &nbsp;&nbsp;12000 | 324795 |
| Sumitomo Mitsui Construction Co., Ltd. | 181680 | 533721 |
| Sumitomo Osaka Cement Co., Ltd. | &nbsp;&nbsp;29600 | 630208 |
| Sumitomo Pharma Co., Ltd. | &nbsp;&nbsp;68031 | 473898 |
| Sumitomo Riko Co., Ltd. | &nbsp;&nbsp;52455 | 206840 |
| Sun Frontier Fudousan Co., Ltd. | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;83387 |
| Suruga Bank Ltd. | 116900 | 309660 |
| SWCC Showa Holdings Co., Ltd. | &nbsp;&nbsp;13400 | 160972 |
| Systena Corp. | &nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;76799 |
| T RAD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6800 | 124186 |
| Tachi-S Co., Ltd. | &nbsp;&nbsp;34900 | 258789 |
| Tadano Ltd. | &nbsp;&nbsp;58700 | 358815 |
| Taiho Kogyo Co., Ltd. | &nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;94357 |
| Taikisha Ltd. | &nbsp;&nbsp;18200 | 429409 |
| Taisho Pharmaceutical Holdings Co., Ltd. | &nbsp;&nbsp;16400 | 591516 |
| Taiyo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6600 | 116400 |
| Takamatsu Construction Group Co., Ltd. | &nbsp;&nbsp;10800 | 140833 |
| Takaoka Toko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;95035 |
| Takara Holdings, Inc. | &nbsp;&nbsp;70963 | 493612 |
| Takara Leben Co., Ltd. | &nbsp;&nbsp;69100 | 185762 |
| Takara Standard Co., Ltd. | &nbsp;&nbsp;37300 | 320290 |
| Takasago Thermal Engineering Co., Ltd. | &nbsp;&nbsp;41400 | 503633 |
| Takeuchi Manufacturing Co., Ltd. | &nbsp;&nbsp;15000 | 302505 |
| Takuma Co., Ltd. | &nbsp;&nbsp;26600 | 220840 |
| Tamura Corp. | &nbsp;&nbsp;37500 | 186536 |
| Tanseisha Co., Ltd. | &nbsp;&nbsp;23800 | 128278 |
| TBS Holdings, Inc. | &nbsp;&nbsp;17300 | 179209 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| TechnoPro Holdings, Inc. | &nbsp;&nbsp;13300 | 319072 |
| T-Gaia Corp. | &nbsp;&nbsp;18500 | 205924 |
| The 77 Bank Ltd. | &nbsp;&nbsp;22600 | 273869 |
| The Awa Bank Ltd. | &nbsp;&nbsp;10900 | 137022 |
| The Bank of Kyoto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9300 | 335133 |
| The Chiba Bank Ltd. | 128700 | 705163 |
| The Gunma Bank Ltd. | 162400 | 442940 |
| The Hachijuni Bank Ltd. | 133800 | 426709 |
| The Hyakugo Bank Ltd. | &nbsp;&nbsp;60600 | 134143 |
| The Hyakujushi Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;96416 |
| The Japan Steel Works Ltd. | &nbsp;&nbsp;18300 | 377867 |
| The Japan Wool Textile Co., Ltd. | &nbsp;&nbsp;35100 | 235307 |
| The Keiyo Bank Ltd. | &nbsp;&nbsp;41100 | 144365 |
| The Kiyo Bank Ltd. | &nbsp;&nbsp;17900 | 172377 |
| The Musashino Bank Ltd. | &nbsp;&nbsp;13000 | 150124 |
| The Nanto Bank Ltd. | &nbsp;&nbsp;11600 | 166221 |
| The Nisshin Oillio Group Ltd. | &nbsp;&nbsp;21700 | 465265 |
| The Ogaki Kyoritsu Bank Ltd. | &nbsp;&nbsp;13200 | 155830 |
| The Okinawa Electric Power Co., Inc. | &nbsp;&nbsp;45482 | 315640 |
| The San-in Godo Bank Ltd. | &nbsp;&nbsp;49500 | 235733 |
| The Shiga Bank Ltd. | &nbsp;&nbsp;12300 | 208221 |
| The Sumitomo Warehouse Co., Ltd. | &nbsp;&nbsp;20400 | 276883 |
| THK Co., Ltd. | &nbsp;&nbsp;38500 | 671435 |
| TKC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5900 | 150609 |
| Toa Corp. | &nbsp;&nbsp;10300 | 168399 |
| Toagosei Co., Ltd. | &nbsp;&nbsp;70700 | 543205 |
| Tocalo Co., Ltd. | &nbsp;&nbsp;14100 | 112653 |
| Toda Corp. | 131200 | 655772 |
| Toei Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | 171964 |
| Toho Co., Ltd. | &nbsp;&nbsp;18500 | 657831 |
| Toho Zinc Co., Ltd. | &nbsp;&nbsp;10700 | 153058 |
| Tokai Carbon Co., Ltd. | &nbsp;&nbsp;72100 | 470518 |
| TOKAI Holdings Corp. | &nbsp;&nbsp;64400 | 384615 |
| Tokai Rika Co., Ltd. | &nbsp;&nbsp;65469 | 683201 |
| Tokai Tokyo Financial Holdings, Inc. | &nbsp;&nbsp;58200 | 133414 |
| Token Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5650 | 297837 |
| Tokyo Century Corp. | &nbsp;&nbsp;14200 | 484325 |
| Tokyo Ohka Kogyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6800 | 293159 |
| Tokyo Seimitsu Co., Ltd. | &nbsp;&nbsp;10600 | 318791 |
| Tokyo Steel Manufacturing Co., Ltd. | &nbsp;&nbsp;30200 | 259288 |
| Tokyo Tatemono Co., Ltd. | &nbsp;&nbsp;56700 | 779757 |
| Tokyo Tekko Co., Ltd. | &nbsp;&nbsp;12900 | 116268 |
| Tokyu Construction Co., Ltd. | &nbsp;&nbsp;76600 | 321466 |
| Tokyu REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | 108250 |
| Tomy Co., Ltd. | &nbsp;&nbsp;44700 | 392504 |
| Topcon Corp. | &nbsp;&nbsp;26400 | 288772 |
| Topre Corp. | &nbsp;&nbsp;58700 | 464149 |
| Toshiba TEC Corp. | &nbsp;&nbsp;10200 | 264071 |
| Totetsu Kogyo Co., Ltd. | &nbsp;&nbsp;19600 | 325386 |
| Towa Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9500 | 142993 |
| Toyo Construction Co., Ltd. | &nbsp;&nbsp;46900 | 283386 |
| Toyo Ink SC Holdings Co., Ltd. | &nbsp;&nbsp;33400 | 430053 |
| Toyo Tire Corp. | &nbsp;&nbsp;60500 | 709754 |
| Toyobo Co., Ltd. | &nbsp;&nbsp;87300 | 609810 |
| Toyota Boshoku Corp. | &nbsp;&nbsp;52900 | 673130 |
| TPR Co., Ltd. | &nbsp;&nbsp;39600 | 332413 |
| Trancom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4100 | 210073 |
| Transcosmos, Inc. | &nbsp;&nbsp;12600 | 289665 |
| Trend Micro, Inc. | &nbsp;&nbsp;14900 | 751310 |
| Trusco Nakayama Corp. | &nbsp;&nbsp;21200 | 283965 |
| TSI Holdings Co., Ltd. | 115400 | 349247 |
| Tsubaki Nakashima Co., Ltd. | &nbsp;&nbsp;21200 | 175621 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp;26900 | 575922 |
| Tsugami Corp. | &nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;89121 |
| Tsumura & Co. | &nbsp;&nbsp;18690 | 390366 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp;16490 | 154460 |
| UACJ Corp. | &nbsp;&nbsp;28330 | 402817 |
| Uchida Yoko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5300 | 161691 |

---

<sub>72</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ulvac, Inc. | &nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579489 |
| Unipres Corp. | &nbsp;&nbsp;88800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518994 |
| United Arrows Ltd. | &nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308443 |
| United Super Markets Holdings, Inc. | &nbsp;&nbsp;76100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535826 |
| United Urban Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386180 |
| Unitika Ltd. \* | &nbsp;&nbsp;63386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116656 |
| Ushio, Inc. | &nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355146 |
| USS Co., Ltd. | &nbsp;&nbsp;28973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437166 |
| UT Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71725 |
| V Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112855 |
| Valor Holdings Co., Ltd. | &nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521511 |
| Valqua Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123819 |
| VT Holdings Co., Ltd. | &nbsp;&nbsp;61400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198923 |
| Wacoal Holdings Corp. | &nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520098 |
| Wacom Co., Ltd. | &nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128877 |
| Wakita & Co., Ltd. | &nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215517 |
| Warabeya Nichiyo Holdings Co., Ltd. | &nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261318 |
| Welcia Holdings Co., Ltd. | &nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610321 |
| World Co., Ltd. | &nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191443 |
| Xebio Holdings Co., Ltd. | &nbsp;&nbsp;34909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236761 |
| Yamaguchi Financial Group, Inc. | &nbsp;&nbsp;78700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414455 |
| Yamato Kogyo Co., Ltd. | &nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316534 |
| Yamazen Corp. | &nbsp;&nbsp;71300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443278 |
| Yaoko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382479 |
| Yellow Hat Ltd. | &nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248181 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269849 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224594 |
| Yokohama Reito Co., Ltd. | &nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192882 |
| Yokowo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85870 |
| Yondoshi Holdings, Inc. | &nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135001 |
| Yoshinoya Holdings Co., Ltd. | &nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262472 |
| Yuasa Trading Co., Ltd. | &nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507763 |
| Zenkoku Hosho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207880 |
| Zenrin Co., Ltd. | &nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99474 |
| Zensho Holdings Co., Ltd. | &nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551557 |
| Zeon Corp. | &nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568975 |
| ZERIA Pharmaceutical Co., Ltd. | &nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156414 |
| Zojirushi Corp. | &nbsp;&nbsp;15400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155280 |
| ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176111 |
|  |  | **187105401** |
| &nbsp;&nbsp;**Luxembourg 0.0%** | &nbsp;&nbsp;**Luxembourg 0.0%** | &nbsp;&nbsp;**Luxembourg 0.0%** |
| Espirito Santo Financial Group S.A. *\*(a)* | &nbsp;&nbsp;69773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| &nbsp;&nbsp;**Netherlands 1.4%** | &nbsp;&nbsp;**Netherlands 1.4%** | &nbsp;&nbsp;**Netherlands 1.4%** |
| Adyen N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338341 |
| AMG Advanced Metallurgical Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;4908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153340 |
| Arcadis N.V. | &nbsp;&nbsp;15574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528536 |
| ASM International N.V. | &nbsp;&nbsp;&nbsp;&nbsp;2196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485798 |
| Basic-Fit N.V. *\*(b)* | &nbsp;&nbsp;&nbsp;&nbsp;2622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66038 |
| BE Semiconductor Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;6970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355224 |
| Corbion N.V. | &nbsp;&nbsp;12031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320375 |
| Eurocommercial Properties N.V. CVA | &nbsp;&nbsp;11511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253125 |
| Flow Traders | &nbsp;&nbsp;&nbsp;&nbsp;7784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187390 |
| ForFarmers N.V. | &nbsp;&nbsp;49937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135366 |
| Fugro N.V. \* | &nbsp;&nbsp;28757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373530 |
| Heijmans N.V. CVA | &nbsp;&nbsp;13776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139595 |
| IMCD N.V. | &nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563003 |
| Intertrust N.V. \* | &nbsp;&nbsp;17078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336872 |
| JDE Peet's N.V. | &nbsp;&nbsp;13222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378481 |
| Koninklijke BAM Groep N.V. \* | 166001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362284 |
| Koninklijke Vopak N.V. | &nbsp;&nbsp;21661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442577 |
| OCI N.V. | &nbsp;&nbsp;10874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415908 |
| PostNL N.V. | 175221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274342 |
| Prosus N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;4684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202544 |
| Sligro Food Group N.V. | &nbsp;&nbsp;20434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296446 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| TKH Group N.V. | &nbsp;&nbsp;11542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408151 |
| TomTom N.V. \* | &nbsp;&nbsp;15303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119624 |
| Van Lanschot Kempen N.V. | &nbsp;&nbsp;&nbsp;&nbsp;7218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155778 |
| Wereldhave N.V. | &nbsp;&nbsp;16510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202192 |
|  |  | &nbsp;&nbsp;&nbsp;**7494860** |
| &nbsp;&nbsp;**New Zealand 1.0%** | &nbsp;&nbsp;**New Zealand 1.0%** | &nbsp;&nbsp;**New Zealand 1.0%** |
| Auckland International Airport Ltd. \* | &nbsp;&nbsp;92781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414770 |
| Chorus Ltd. | &nbsp;&nbsp;95460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460853 |
| Contact Energy Ltd. | 179322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786579 |
| EBOS Group Ltd. | &nbsp;&nbsp;23071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502972 |
| Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;40881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464613 |
| Freightways Ltd. | &nbsp;&nbsp;24166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145207 |
| Genesis Energy Ltd. | 186903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307352 |
| Infratil Ltd. | &nbsp;&nbsp;43067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218684 |
| KMD Brands Ltd. | 142254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89307 |
| Mainfreight Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298486 |
| Mercury NZ Ltd. | 111529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377112 |
| Meridian Energy Ltd. | 217444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616366 |
| Ryman Healthcare Ltd. | &nbsp;&nbsp;27584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134342 |
| The a2 Milk Co., Ltd. \* | &nbsp;&nbsp;93212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314019 |
|  |  | &nbsp;&nbsp;&nbsp;**5130662** |
| &nbsp;&nbsp;**Norway 1.9%** | &nbsp;&nbsp;**Norway 1.9%** | &nbsp;&nbsp;**Norway 1.9%** |
| Aker A.S.A., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;4081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287970 |
| Aker BP A.S.A. | &nbsp;&nbsp;45644 | &nbsp;&nbsp;&nbsp;&nbsp;1449943 |
| Aker Solutions A.S.A. | &nbsp;&nbsp;69741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266275 |
| Atea A.S.A. \* | &nbsp;&nbsp;24671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274527 |
| Austevoll Seafood A.S.A. | &nbsp;&nbsp;28643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212245 |
| Bakkafrost P/F | &nbsp;&nbsp;&nbsp;&nbsp;5523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276249 |
| Borregaard A.S.A. | &nbsp;&nbsp;13331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179239 |
| BW LPG Ltd. | &nbsp;&nbsp;40577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328298 |
| BW Offshore Ltd. | &nbsp;&nbsp;61647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156638 |
| DNO A.S.A. | 182652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237581 |
| Elkem A.S.A. \* | &nbsp;&nbsp;92640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307774 |
| Elmera Group A.S.A. | &nbsp;&nbsp;54910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89810 |
| Europris A.S.A. | &nbsp;&nbsp;40175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239209 |
| Frontline Ltd. | &nbsp;&nbsp;37083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463435 |
| Gjensidige Forsikring A.S.A. | &nbsp;&nbsp;26853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490839 |
| Grieg Seafood A.S.A. | &nbsp;&nbsp;12350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85524 |
| Kongsberg Automotive A.S.A. \* | 652137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171268 |
| Kongsberg Gruppen A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;8212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294486 |
| Leroy Seafood Group A.S.A. | &nbsp;&nbsp;56550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260394 |
| Norske Skog A.S.A. \* | &nbsp;&nbsp;20507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126411 |
| Odfjell Drilling Ltd. \* | &nbsp;&nbsp;45628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119241 |
| Odfjell Technology Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13868 |
| PGS A.S.A. \* | 962189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620072 |
| Salmar A.S.A. | &nbsp;&nbsp;&nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203240 |
| Schibsted A.S.A., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;5759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88884 |
| Schibsted A.S.A., B Shares | &nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126623 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp;26855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222833 |
| SpareBank 1 SMN | &nbsp;&nbsp;27638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298331 |
| SpareBank 1 SR-Bank A.S.A. | &nbsp;&nbsp;39022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397368 |
| Storebrand A.S.A. | &nbsp;&nbsp;70262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546593 |
| TGS A.S.A. | &nbsp;&nbsp;41880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570189 |
| Tomra Systems A.S.A. | &nbsp;&nbsp;14019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226429 |
| Veidekke A.S.A. | &nbsp;&nbsp;32772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272582 |
| Wallenius Wilhelmsen A.S.A. | &nbsp;&nbsp;27282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193963 |
| XXL A.S.A. | 175633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76397 |
|  |  | **10174728** |
| &nbsp;&nbsp;**Poland 0.9%** | &nbsp;&nbsp;**Poland 0.9%** | &nbsp;&nbsp;**Poland 0.9%** |
| Alior Bank S.A. \* | &nbsp;&nbsp;43508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267486 |
| Allegro.eu S.A. \* | &nbsp;&nbsp;18877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91556 |
| Asseco Poland S.A. | &nbsp;&nbsp;28728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413337 |

---

<sub>73</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Bank Millennium S.A. \* | &nbsp;&nbsp;&nbsp;152636 | &nbsp;&nbsp;&nbsp;&nbsp;139039 |
| CD Projekt S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99454 |
| Ciech S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;14765 | &nbsp;&nbsp;&nbsp;&nbsp;103454 |
| Cyfrowy Polsat S.A. | &nbsp;&nbsp;&nbsp;112064 | &nbsp;&nbsp;&nbsp;&nbsp;419577 |
| Dino Polska S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 | &nbsp;&nbsp;&nbsp;&nbsp;136485 |
| Enea S.A. \* | &nbsp;&nbsp;&nbsp;284291 | &nbsp;&nbsp;&nbsp;&nbsp;310296 |
| Eurocash S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;90260 | &nbsp;&nbsp;&nbsp;&nbsp;215461 |
| Grupa Azoty S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;29734 | &nbsp;&nbsp;&nbsp;&nbsp;203718 |
| Jastrzebska Spolka Weglowa S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;34632 | &nbsp;&nbsp;&nbsp;&nbsp;300349 |
| Kernel Holding S.A. | &nbsp;&nbsp;&nbsp;&nbsp;61887 | &nbsp;&nbsp;&nbsp;&nbsp;214539 |
| KRUK S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp;120716 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;188870 |
| mBank S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761 | &nbsp;&nbsp;&nbsp;&nbsp;154557 |
| Orange Polska S.A. | &nbsp;&nbsp;&nbsp;357666 | &nbsp;&nbsp;&nbsp;&nbsp;450952 |
| Pepco Group N.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;12759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89643 |
| Santander Bank Polska S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644 | &nbsp;&nbsp;&nbsp;&nbsp;352782 |
| Tauron Polska Energia S.A. \* | 1169830 | &nbsp;&nbsp;&nbsp;&nbsp;474644 |
|  |  | **4746915** |
| &nbsp;&nbsp;**Portugal 0.4%** | &nbsp;&nbsp;**Portugal 0.4%** | &nbsp;&nbsp;**Portugal 0.4%** |
| CTT-Correios de Portugal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;46793 | &nbsp;&nbsp;&nbsp;&nbsp;144436 |
| EDP Renovaveis S.A. | &nbsp;&nbsp;&nbsp;&nbsp;12893 | &nbsp;&nbsp;&nbsp;&nbsp;271301 |
| NOS, SGPS S.A. | &nbsp;&nbsp;&nbsp;115536 | &nbsp;&nbsp;&nbsp;&nbsp;452528 |
| REN - Redes Energeticas Nacionais, SGPS, S.A. | &nbsp;&nbsp;&nbsp;120773 | &nbsp;&nbsp;&nbsp;&nbsp;312587 |
| Sonae, SGPS, S.A. | &nbsp;&nbsp;&nbsp;528286 | &nbsp;&nbsp;&nbsp;&nbsp;507363 |
| The Navigator Co., S.A. | &nbsp;&nbsp;&nbsp;&nbsp;93886 | &nbsp;&nbsp;&nbsp;&nbsp;357692 |
|  |  | **2045907** |
| &nbsp;&nbsp;**Republic of Korea 7.4%** | &nbsp;&nbsp;**Republic of Korea 7.4%** | &nbsp;&nbsp;**Republic of Korea 7.4%** |
| AK Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87352 |
| AMOREPACIFIC Group | &nbsp;&nbsp;&nbsp;&nbsp;17262 | &nbsp;&nbsp;&nbsp;&nbsp;298876 |
| Asiana Airlines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;21196 | &nbsp;&nbsp;&nbsp;&nbsp;153726 |
| BGF retail Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 | &nbsp;&nbsp;&nbsp;&nbsp;354000 |
| BH Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85405 |
| Binggrae Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97866 |
| Celltrion Healthcare Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97502 |
| Celltrion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 | &nbsp;&nbsp;&nbsp;&nbsp;502188 |
| Cheil Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23855 | &nbsp;&nbsp;&nbsp;&nbsp;408762 |
| Chong Kun Dang Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;140779 |
| CJ ENM Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp;259149 |
| CJ Logistics Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839 | &nbsp;&nbsp;&nbsp;&nbsp;298008 |
| Com2uS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp;143749 |
| Daehan Flour Mill Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;115340 |
| Daesang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18139 | &nbsp;&nbsp;&nbsp;&nbsp;266488 |
| Daesang Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75879 |
| Daewoo Engineering & Construction Co., Ltd. \* | &nbsp;&nbsp;&nbsp;117340 | &nbsp;&nbsp;&nbsp;&nbsp;345558 |
| Daewoo Shipbuilding & Marine Engineering Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;33677 | &nbsp;&nbsp;&nbsp;&nbsp;431921 |
| Daou Data Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12824 | &nbsp;&nbsp;&nbsp;&nbsp;139768 |
| Daou Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15145 | &nbsp;&nbsp;&nbsp;&nbsp;192200 |
| DB HiTek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 | &nbsp;&nbsp;&nbsp;&nbsp;180493 |
| DGB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90966 | &nbsp;&nbsp;&nbsp;&nbsp;433162 |
| DL Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7093 | &nbsp;&nbsp;&nbsp;&nbsp;305658 |
| Dongjin Semichem Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70074 |
| Dongkuk Steel Mill Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49760 | &nbsp;&nbsp;&nbsp;&nbsp;398713 |
| Dongwon F&B Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81553 |
| Dongwon Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;176705 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10128 | &nbsp;&nbsp;&nbsp;&nbsp;237694 |
| Doosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp;&nbsp;&nbsp;339267 |
| E1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377 | &nbsp;&nbsp;&nbsp;&nbsp;131181 |
| Easy Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90433 |
| Fila Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18392 | &nbsp;&nbsp;&nbsp;&nbsp;421228 |
| Gradiant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90092 |
| Green Cross Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93428 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Green Cross Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8640 | 105007 |
| GS Global Corp. \* | &nbsp;&nbsp;77360 | 146192 |
| GS Retail Co., Ltd. | &nbsp;&nbsp;26933 | 479582 |
| Halla Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5072 | 112028 |
| Handsome Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7655 | 134634 |
| Hanjin Transportation Co., Ltd. | &nbsp;&nbsp;12732 | 172345 |
| Hankook & Co. Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8729 | &nbsp;&nbsp;&nbsp;78641 |
| Hanmi Pharm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | 111417 |
| Hanon Systems | &nbsp;&nbsp;45233 | 247167 |
| Hansae Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5993 | &nbsp;&nbsp;&nbsp;61897 |
| Hanshin Construction Co., Ltd. | &nbsp;&nbsp;10559 | &nbsp;&nbsp;&nbsp;65228 |
| Hansol Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | 102477 |
| Hansol Holdings Co., Ltd. | &nbsp;&nbsp;42536 | &nbsp;&nbsp;&nbsp;94287 |
| Hansol Paper Co., Ltd. | &nbsp;&nbsp;22883 | 218892 |
| Hansol Technics Co., Ltd. \* | &nbsp;&nbsp;24876 | &nbsp;&nbsp;&nbsp;90661 |
| Hanssem Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;93009 |
| Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp;10807 | 503298 |
| Hanwha General Insurance Co., Ltd. \* | 131421 | 339157 |
| Hanwha Life Insurance Co., Ltd. \* | 347570 | 532127 |
| Harim Holdings Co., Ltd. | &nbsp;&nbsp;37557 | 185315 |
| HDC Holdings Co., Ltd. | &nbsp;&nbsp;40784 | 156225 |
| HDC Hyundai Development Co-Engineering & Construction | &nbsp;&nbsp;55676 | 390222 |
| Heungkuk Fire & Marine Insurance Co., Ltd. \* | &nbsp;&nbsp;77319 | 159992 |
| Hite Jinro Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7618 | 136976 |
| HJ Shipbuilding & Construction Co., Ltd. \* | &nbsp;&nbsp;16526 | &nbsp;&nbsp;&nbsp;40664 |
| HL Mando Co., Ltd. | &nbsp;&nbsp;16394 | 567621 |
| HMM Co., Ltd. | &nbsp;&nbsp;12302 | 164563 |
| Hotel Shilla Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7971 | 362977 |
| HS Industries Co., Ltd. | &nbsp;&nbsp;38215 | 100718 |
| Hyosung Advanced Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;99405 |
| Hyosung Chemical Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;72940 |
| Hyosung Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4380 | 210427 |
| Hyosung Heavy Industries Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;4940 | 198609 |
| Hyosung TNC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1237 | 226655 |
| Hyundai Construction Equipment Co., Ltd. | &nbsp;&nbsp;12310 | 370705 |
| Hyundai Corp. | &nbsp;&nbsp;15302 | 173780 |
| Hyundai Department Store Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8652 | 328150 |
| Hyundai Doosan Infracore Co., Ltd. \* | &nbsp;&nbsp;67614 | 262859 |
| Hyundai Elevator Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8605 | 152044 |
| Hyundai Greenfood Co., Ltd. | &nbsp;&nbsp;51673 | 235893 |
| Hyundai Heavy Industries Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;1765 | 134830 |
| Hyundai Home Shopping Network Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5118 | 160787 |
| Hyundai Mipo Dockyard Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;5991 | 385562 |
| Hyundai Rotem Co., Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;7924 | 135212 |
| Hyundai Wia Corp. | &nbsp;&nbsp;14480 | 619445 |
| iMarketKorea, Inc. | &nbsp;&nbsp;23731 | 171469 |
| Innocean Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4154 | 117005 |
| INTOPS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6046 | 117935 |
| IS Dongseo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5724 | 126493 |
| JB Financial Group Co., Ltd. | &nbsp;&nbsp;70543 | 355221 |
| Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6502 | 230657 |
| Kangwon Land, Inc. \* | &nbsp;&nbsp;24653 | 397489 |
| KCC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1608 | 274631 |
| KCC Glass Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;76843 |
| KEPCO Plant Service & Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8478 | 189598 |
| KISWIRE Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8141 | 102411 |
| KIWOOM Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2977 | 168442 |
| Kolmar Korea Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;69154 |
| Kolon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9455 | 149693 |
| Kolon Industries, Inc. | &nbsp;&nbsp;12791 | 389505 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9762 | 324201 |
| Korea Electric Terminal Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4080 | 148212 |
| Korea Investment Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9665 | 335509 |
| Korea Petrochemical Ind Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3279 | 271908 |
| Korean Reinsurance Co. | &nbsp;&nbsp;56523 | 291434 |

---

<sub>74</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Krafton, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;1459 | 181230 |
| Kukdo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;70760 |
| Kumho Petrochemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6981 | 639979 |
| Kumho Tire Co., Inc. \* | &nbsp;&nbsp;64214 | 138817 |
| KUMHOE&C Co., Ltd. | &nbsp;&nbsp;19538 | &nbsp;&nbsp;&nbsp;82886 |
| Kwang Dong Pharmaceutical Co., Ltd. | &nbsp;&nbsp;27275 | 113054 |
| LF Corp. | &nbsp;&nbsp;18000 | 187352 |
| LG Hausys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8472 | 191123 |
| LG HelloVision Co., Ltd. | &nbsp;&nbsp;34380 | 109461 |
| Lotte Chilsung Beverage Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1293 | 127327 |
| Lotte Corp. | &nbsp;&nbsp;10435 | 238472 |
| LOTTE Fine Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6444 | 253400 |
| LOTTE Himart Co., Ltd. | &nbsp;&nbsp;31108 | 287837 |
| LS Corp. | &nbsp;&nbsp;17644 | 822114 |
| LS Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8821 | 339970 |
| LX International Corp. | &nbsp;&nbsp;27386 | 780044 |
| LX Semicon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;70494 |
| Maeil Dairies Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;65710 |
| Mcnex Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4205 | &nbsp;&nbsp;&nbsp;80819 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp;10036 | 152536 |
| Meritz Fire & Marine Insurance Co., Ltd. | &nbsp;&nbsp;25875 | 570238 |
| Meritz Securities Co., Ltd. | &nbsp;&nbsp;71017 | 184152 |
| Mirae Asset Securities Co., Ltd. | &nbsp;&nbsp;64792 | 288423 |
| Namhae Chemical Corp. | &nbsp;&nbsp;10883 | &nbsp;&nbsp;&nbsp;69627 |
| Namyang Dairy Products Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | 120615 |
| Netmarble Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;73940 |
| Nexen Tire Corp. | &nbsp;&nbsp;38867 | 210320 |
| NH Investment & Securities Co., Ltd. | &nbsp;&nbsp;39829 | 250431 |
| NHN Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;6418 | 103206 |
| NICE Holdings Co., Ltd. | &nbsp;&nbsp;14842 | 128624 |
| NongShim Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1624 | 343998 |
| OCI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6924 | 494547 |
| Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5746 | 408896 |
| Orion Holdings Corp. | &nbsp;&nbsp;11187 | 112185 |
| Ottogi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | 185542 |
| Pan Ocean Co., Ltd. | &nbsp;&nbsp;55594 | 167411 |
| Partron Co., Ltd. | &nbsp;&nbsp;22592 | 129850 |
| PHA Co., Ltd. | &nbsp;&nbsp;16604 | &nbsp;&nbsp;&nbsp;71019 |
| Poongsan Corp. | &nbsp;&nbsp;19090 | 349334 |
| POSCO Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | 131251 |
| Power Logics Co., Ltd. \* | &nbsp;&nbsp;17762 | &nbsp;&nbsp;&nbsp;66795 |
| S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8037 | 351749 |
| Samchully Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1881 | 368422 |
| Samsung Card Co., Ltd. | &nbsp;&nbsp;15631 | 338863 |
| Samsung Engineering Co., Ltd. \* | &nbsp;&nbsp;33886 | 566076 |
| Samsung Heavy Industries Co., Ltd. \* | 141197 | 509737 |
| Samsung Securities Co., Ltd. | &nbsp;&nbsp;12966 | 288478 |
| SAMT Co., Ltd. | &nbsp;&nbsp;48399 | &nbsp;&nbsp;&nbsp;87538 |
| Samyang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3909 | 101713 |
| Samyang Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5367 | 232928 |
| Seah Besteel Holdings Corp. | &nbsp;&nbsp;15658 | 183865 |
| Sebang Global Battery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4291 | 117162 |
| Seohan Co., Ltd. | 131055 | &nbsp;&nbsp;&nbsp;93673 |
| Seohee Construction Co., Ltd. | 105438 | &nbsp;&nbsp;&nbsp;84243 |
| Seoul Semiconductor Co., Ltd. | &nbsp;&nbsp;20669 | 151278 |
| Seoyon Co., Ltd. | &nbsp;&nbsp;16910 | &nbsp;&nbsp;&nbsp;61829 |
| Seoyon E-Hwa Co., Ltd. | &nbsp;&nbsp;23574 | 117777 |
| SFA Engineering Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8364 | 223620 |
| Shinsegae, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3737 | 556419 |
| SK Chemicals Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2311 | 143173 |
| SK Discovery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9297 | 193601 |
| SK Gas Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2881 | 230362 |
| SK Networks Co., Ltd. | 219224 | 619193 |
| SKC Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2712 | 196433 |
| SL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6982 | 150247 |
| SNT Motiv Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4833 | 149572 |
| Songwon Industrial Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5886 | &nbsp;&nbsp;&nbsp;71085 |
| SSANGYONG C&E Co., Ltd. | &nbsp;&nbsp;25986 | 103551 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Sungwoo Hitech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301214 |
| Taekwang Industrial Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322050 |
| TKG Huchems Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137825 |
| Tongyang Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73537 |
| Tongyang, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101472 |
| WONIK IPS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124695 |
| Young Poong Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197965 |
| Youngone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427642 |
| Yuhan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299833 |
|  |  | **39245238** |
| &nbsp;&nbsp;**Singapore 1.5%** | &nbsp;&nbsp;**Singapore 1.5%** | &nbsp;&nbsp;**Singapore 1.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;293721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543440 |
| CapitaLand Ascott Trust | &nbsp;&nbsp;&nbsp;&nbsp;270100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182105 |
| CapitaLand China Trust | &nbsp;&nbsp;&nbsp;&nbsp;114200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78251 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;290101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385009 |
| Capitaland Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;231598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492527 |
| City Developments Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;105700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569893 |
| Cromwell European Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69510 |
| First Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131329 |
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;110300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85723 |
| Genting Singapore Ltd. | &nbsp;&nbsp;1337100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760371 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp;2232800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364670 |
| Keppel Infrastructure Trust | &nbsp;&nbsp;&nbsp;&nbsp;819600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306693 |
| Manulife US Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;157800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57621 |
| Mapletree Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;127966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198978 |
| Mapletree Logistics Trust | &nbsp;&nbsp;&nbsp;&nbsp;184832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198374 |
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;189892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213098 |
| NetLink NBN Trust | &nbsp;&nbsp;&nbsp;&nbsp;293700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177408 |
| Olam Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;372100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352286 |
| SATS Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;116349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224585 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493357 |
| Sembcorp Marine Ltd. \* | &nbsp;&nbsp;3303560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296044 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478704 |
| Singapore Post Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;441100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168437 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;279600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651841 |
| Suntec Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;195200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178022 |
| UOL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386554 |
|  |  | &nbsp;&nbsp;&nbsp;**8044830** |
| &nbsp;&nbsp;**Spain 1.5%** | &nbsp;&nbsp;**Spain 1.5%** | &nbsp;&nbsp;**Spain 1.5%** |
| Abengoa S.A., B Shares *\*(a)* | 66135341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Almirall S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132803 |
| Applus Services S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336953 |
| Atresmedia Corp de Medios de Comunicaion S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115233 |
| Bankinter S.A. | &nbsp;&nbsp;&nbsp;&nbsp;127929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773837 |
| Caja de Ahorros del Mediterraneo *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Cellnex Telecom S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412434 |
| Cia de Distribucion Integral Logista Holdings S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357624 |
| Cie Automotive S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324248 |
| Construcciones y Auxiliar de Ferrocarriles S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151926 |
| Ebro Foods S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492447 |
| Ence Energia y Celulosa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208632 |
| Faes Farma S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208759 |
| Fluidra S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107818 |
| Gestamp Automocion S.A. | &nbsp;&nbsp;&nbsp;&nbsp;113236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398737 |
| Grupo Catalana Occidente S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382184 |
| Indra Sistemas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278112 |
| Inmobiliaria Colonial Socimi S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162919 |
| Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros | &nbsp;&nbsp;&nbsp;&nbsp;145837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136683 |

---

<sub>75</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Mediaset Espana Comunicacion S.A. \* | &nbsp;&nbsp;67526 | &nbsp;&nbsp;&nbsp;&nbsp;210016 |
| Melia Hotels International S.A. \* | &nbsp;&nbsp;34003 | &nbsp;&nbsp;&nbsp;&nbsp;158089 |
| Merlin Properties Socimi S.A. | &nbsp;&nbsp;41666 | &nbsp;&nbsp;&nbsp;&nbsp;353185 |
| Obrascon Huarte Lain S.A. \* | 245919 | &nbsp;&nbsp;&nbsp;&nbsp;104504 |
| Prosegur Cia de Seguridad S.A. | 208121 | &nbsp;&nbsp;&nbsp;&nbsp;387572 |
| Sacyr S.A. | 161753 | &nbsp;&nbsp;&nbsp;&nbsp;396800 |
| Siemens Gamesa Renewable Energy S.A. \* | &nbsp;&nbsp;32390 | &nbsp;&nbsp;&nbsp;&nbsp;574231 |
| Tecnicas Reunidas S.A. *\*(b)* | &nbsp;&nbsp;22975 | &nbsp;&nbsp;&nbsp;&nbsp;163983 |
| Unicaja Banco S.A. | 302524 | &nbsp;&nbsp;&nbsp;&nbsp;268184 |
| Viscofan S.A. | &nbsp;&nbsp;&nbsp;&nbsp;8557 | &nbsp;&nbsp;&nbsp;&nbsp;509544 |
|  |  | **8107457** |
| &nbsp;&nbsp;**Sweden 3.3%** | &nbsp;&nbsp;**Sweden 3.3%** | &nbsp;&nbsp;**Sweden 3.3%** |
| AAK AB | &nbsp;&nbsp;31816 | &nbsp;&nbsp;&nbsp;&nbsp;463796 |
| AddTech AB, B Shares | &nbsp;&nbsp;12263 | &nbsp;&nbsp;&nbsp;&nbsp;148178 |
| AFRY AB | &nbsp;&nbsp;26657 | &nbsp;&nbsp;&nbsp;&nbsp;357971 |
| Ambea AB | &nbsp;&nbsp;22911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81041 |
| Arjo AB, B Shares | &nbsp;&nbsp;35350 | &nbsp;&nbsp;&nbsp;&nbsp;141011 |
| Attendo AB \* | &nbsp;&nbsp;65706 | &nbsp;&nbsp;&nbsp;&nbsp;135641 |
| Axfood AB | &nbsp;&nbsp;20641 | &nbsp;&nbsp;&nbsp;&nbsp;511042 |
| Beijer Alma AB | &nbsp;&nbsp;&nbsp;&nbsp;5897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82449 |
| Beijer Ref AB | &nbsp;&nbsp;14679 | &nbsp;&nbsp;&nbsp;&nbsp;227560 |
| Betsson AB, Class B \* | &nbsp;&nbsp;54806 | &nbsp;&nbsp;&nbsp;&nbsp;398562 |
| Bilia AB, A Shares | &nbsp;&nbsp;29131 | &nbsp;&nbsp;&nbsp;&nbsp;308562 |
| BillerudKorsnas AB | &nbsp;&nbsp;61523 | &nbsp;&nbsp;&nbsp;&nbsp;794243 |
| Bonava AB, B Shares | &nbsp;&nbsp;69552 | &nbsp;&nbsp;&nbsp;&nbsp;203436 |
| Bravida Holding AB | &nbsp;&nbsp;43837 | &nbsp;&nbsp;&nbsp;&nbsp;410705 |
| Byggmax Group AB | &nbsp;&nbsp;21168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88589 |
| Castellum AB | &nbsp;&nbsp;29966 | &nbsp;&nbsp;&nbsp;&nbsp;342634 |
| Clas Ohlson AB, B Shares | &nbsp;&nbsp;16130 | &nbsp;&nbsp;&nbsp;&nbsp;107718 |
| Cloetta AB, B Shares | &nbsp;&nbsp;93785 | &nbsp;&nbsp;&nbsp;&nbsp;171433 |
| Concentric AB | &nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp;101923 |
| Coor Service Management Holding AB | &nbsp;&nbsp;29178 | &nbsp;&nbsp;&nbsp;&nbsp;155022 |
| Dometic Group AB | &nbsp;&nbsp;80085 | &nbsp;&nbsp;&nbsp;&nbsp;458525 |
| Dustin Group AB | &nbsp;&nbsp;20652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85930 |
| Electrolux Professional AB, B Shares | &nbsp;&nbsp;29545 | &nbsp;&nbsp;&nbsp;&nbsp;111542 |
| Elekta AB, B Shares \* | &nbsp;&nbsp;65264 | &nbsp;&nbsp;&nbsp;&nbsp;331722 |
| EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;4439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87359 |
| Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;2473 | &nbsp;&nbsp;&nbsp;&nbsp;230688 |
| Fabege AB | &nbsp;&nbsp;20066 | &nbsp;&nbsp;&nbsp;&nbsp;145679 |
| Fastighets AB Balder, B Shares \* | &nbsp;&nbsp;30222 | &nbsp;&nbsp;&nbsp;&nbsp;113443 |
| Fingerprint Cards AB, B Shares *\*(b)* | 126830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59990 |
| Getinge AB, B Shares | &nbsp;&nbsp;27217 | &nbsp;&nbsp;&nbsp;&nbsp;552314 |
| Granges AB | &nbsp;&nbsp;37441 | &nbsp;&nbsp;&nbsp;&nbsp;253015 |
| Hexpol AB | &nbsp;&nbsp;54826 | &nbsp;&nbsp;&nbsp;&nbsp;541140 |
| Holmen AB, B Shares | &nbsp;&nbsp;15644 | &nbsp;&nbsp;&nbsp;&nbsp;567727 |
| Hufvudstaden AB, A Shares | &nbsp;&nbsp;&nbsp;&nbsp;7333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87386 |
| Indutrade AB | &nbsp;&nbsp;22371 | &nbsp;&nbsp;&nbsp;&nbsp;391670 |
| Intrum AB | &nbsp;&nbsp;21575 | &nbsp;&nbsp;&nbsp;&nbsp;271461 |
| Investment AB Latour, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;5497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92857 |
| Inwido AB | &nbsp;&nbsp;14552 | &nbsp;&nbsp;&nbsp;&nbsp;130721 |
| JM AB | &nbsp;&nbsp;25369 | &nbsp;&nbsp;&nbsp;&nbsp;381979 |
| Kinnevik AB, B Shares \* | &nbsp;&nbsp;35273 | &nbsp;&nbsp;&nbsp;&nbsp;435743 |
| L E Lundbergfortagen AB, B Shares | &nbsp;&nbsp;10173 | &nbsp;&nbsp;&nbsp;&nbsp;401504 |
| Lifco AB, B Shares | &nbsp;&nbsp;12697 | &nbsp;&nbsp;&nbsp;&nbsp;183470 |
| Lindab International AB | &nbsp;&nbsp;13605 | &nbsp;&nbsp;&nbsp;&nbsp;144718 |
| Loomis AB | &nbsp;&nbsp;28046 | &nbsp;&nbsp;&nbsp;&nbsp;785247 |
| MEKO AB | &nbsp;&nbsp;14567 | &nbsp;&nbsp;&nbsp;&nbsp;137656 |
| Modern Times Group MTG AB, B Shares \* | &nbsp;&nbsp;12684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95090 |
| Mycronic AB | &nbsp;&nbsp;&nbsp;&nbsp;9943 | &nbsp;&nbsp;&nbsp;&nbsp;156046 |
| NCC AB, B Shares | &nbsp;&nbsp;43969 | &nbsp;&nbsp;&nbsp;&nbsp;366369 |
| New Wave Group AB, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;7071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98275 |
| Nibe Industrier AB, B Shares | &nbsp;&nbsp;54011 | &nbsp;&nbsp;&nbsp;&nbsp;430833 |
| Nobia AB | &nbsp;&nbsp;93659 | &nbsp;&nbsp;&nbsp;&nbsp;155967 |
| Nolato AB, B Shares | &nbsp;&nbsp;26371 | &nbsp;&nbsp;&nbsp;&nbsp;111229 |
| Pandox AB \* | &nbsp;&nbsp;14077 | &nbsp;&nbsp;&nbsp;&nbsp;172389 |
| Peab AB, B Shares | &nbsp;&nbsp;91254 | &nbsp;&nbsp;&nbsp;&nbsp;473484 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Ratos AB, B Shares | &nbsp;&nbsp;78625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294300 |
| Resurs Holding AB | &nbsp;&nbsp;78795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171219 |
| Saab AB, B Shares | &nbsp;&nbsp;22124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781730 |
| Samhallsbyggnadsbolaget i Norden AB | &nbsp;&nbsp;51579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70864 |
| Scandi Standard AB \* | &nbsp;&nbsp;32968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151333 |
| Scandic Hotels Group AB \* | &nbsp;&nbsp;56214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178267 |
| Sweco AB, B Shares | &nbsp;&nbsp;31311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235259 |
| Swedish Orphan Biovitrum AB \* | &nbsp;&nbsp;15103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278188 |
| Tethys Oil AB | &nbsp;&nbsp;22428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138434 |
| Thule Group AB | &nbsp;&nbsp;12040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237195 |
| Viaplay Group AB, B Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;7709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140738 |
| VNV Global AB \* | &nbsp;&nbsp;29521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63344 |
| Wallenstam AB, B Shares | &nbsp;&nbsp;23723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83697 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp;28059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183821 |
|  |  | **17283073** |
| &nbsp;&nbsp;**Switzerland 2.7%** | &nbsp;&nbsp;**Switzerland 2.7%** | &nbsp;&nbsp;**Switzerland 2.7%** |
| Allreal Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;2478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354965 |
| ALSO Holding AG \* | &nbsp;&nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197716 |
| ams-OSRAM AG \* | &nbsp;&nbsp;49035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277555 |
| Arbonia AG | &nbsp;&nbsp;13395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162808 |
| Aryzta AG \* | 445323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456500 |
| Autoneum Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168524 |
| Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;3842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341921 |
| Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283893 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370404 |
| Bobst Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42340 |
| Bucher Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540139 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151842 |
| Bystronic AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248714 |
| Cembra Money Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;6222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451214 |
| Comet Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73231 |
| Daetwyler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126717 |
| dormakaba Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254885 |
| Emmi AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305617 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429464 |
| Flughafen Zuerich AG \* | &nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489455 |
| Forbo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274788 |
| Galenica AG | &nbsp;&nbsp;12414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891921 |
| Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;7537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748442 |
| Huber & Suhner AG | &nbsp;&nbsp;&nbsp;&nbsp;3924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349517 |
| Implenia AG \* | &nbsp;&nbsp;10880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408448 |
| Inficon Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166179 |
| Interroll Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107441 |
| Kardex Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77531 |
| Komax Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129553 |
| Landis & Gyr Group AG \* | &nbsp;&nbsp;&nbsp;&nbsp;7408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426900 |
| Mobimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221129 |
| OC Oerlikon Corp. AG | &nbsp;&nbsp;65153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420831 |
| PSP Swiss Property AG | &nbsp;&nbsp;&nbsp;&nbsp;3164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338009 |
| Rieter Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90103 |
| Schweiter Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189595 |
| SFS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296153 |
| Siegfried Holding AG \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193465 |
| Softwareone Holding AG \* | &nbsp;&nbsp;24078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270979 |
| St. Galler Kantonalbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159593 |
| Stadler Rail AG *(b)* | &nbsp;&nbsp;&nbsp;&nbsp;9097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267685 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;3257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309973 |
| Sulzer AG | &nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256775 |
| Tecan Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277693 |
| Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252589 |
| u-blox Holding AG \* | &nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185418 |
| Valiant Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;2761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270433 |
| VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298390 |
| Vontobel Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214616 |
| Zehnder Group AG | &nbsp;&nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132910 |

---

<sub>76</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Zur Rose Group AG \* | &nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38605 |
|  |  | **13993568** |
| &nbsp;&nbsp;**United Kingdom 8.6%** | &nbsp;&nbsp;**United Kingdom 8.6%** | &nbsp;&nbsp;**United Kingdom 8.6%** |
| 4imprint Group plc | &nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182624 |
| 888 Holdings plc \* | &nbsp;&nbsp;62984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67039 |
| Airtel Africa plc | 151045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195513 |
| Ascential plc \* | &nbsp;&nbsp;39617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87258 |
| Ashmore Group plc | 100868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238866 |
| Assura plc | 120263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77054 |
| Aston Martin Lagonda Global Holdings plc \* | &nbsp;&nbsp;29660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35843 |
| Auto Trader Group plc | &nbsp;&nbsp;45315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271245 |
| AVEVA Group plc | &nbsp;&nbsp;&nbsp;&nbsp;6948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248656 |
| Babcock International Group plc \* | 123956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391535 |
| Bank of Georgia Group plc | &nbsp;&nbsp;&nbsp;&nbsp;9837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239723 |
| Beazley plc | &nbsp;&nbsp;84639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607015 |
| Biffa plc | &nbsp;&nbsp;56039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264388 |
| Big Yellow Group plc | &nbsp;&nbsp;10774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138635 |
| Bodycote plc | &nbsp;&nbsp;60810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345616 |
| Britvic plc | &nbsp;&nbsp;53798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448835 |
| C&C Group plc \* | 102438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192202 |
| Capita plc \* | 874585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243349 |
| Capricorn Energy plc \* | &nbsp;&nbsp;37734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107145 |
| Card Factory plc \* | 441661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240859 |
| Carnival plc \* | &nbsp;&nbsp;66269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526529 |
| Centamin plc | 588796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598567 |
| Chemring Group plc | &nbsp;&nbsp;52603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182355 |
| Clarkson plc | &nbsp;&nbsp;&nbsp;&nbsp;3516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111286 |
| Close Brothers Group plc | &nbsp;&nbsp;41474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467250 |
| Coats Group plc | 395232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274197 |
| Computacenter plc | &nbsp;&nbsp;15709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325940 |
| ConvaTec Group plc | 239268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598702 |
| Countryside Properties plc \* | 141942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345806 |
| Cranswick plc | &nbsp;&nbsp;16196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552962 |
| Crest Nicholson Holdings plc | 157996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366229 |
| De La Rue plc \* | 125505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135293 |
| Dechra Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;4075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122504 |
| Derwent London plc | &nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229005 |
| Diploma plc | &nbsp;&nbsp;&nbsp;&nbsp;8696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247339 |
| DiscoverIE Group plc | &nbsp;&nbsp;11297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96506 |
| Diversified Energy Co., plc | &nbsp;&nbsp;72072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103976 |
| Domino's Pizza Group plc | &nbsp;&nbsp;54126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139985 |
| Dr. Martens plc | &nbsp;&nbsp;57671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164010 |
| Dunelm Group plc | &nbsp;&nbsp;22354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222260 |
| easyJet plc \* | 147654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587912 |
| Elementis plc \* | 204606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216301 |
| Endeavour Mining plc | &nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204806 |
| EnQuest plc \* | 641311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198882 |
| Essentra plc | 115229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296653 |
| Euromoney Institutional Investor plc | &nbsp;&nbsp;19440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322836 |
| FDM Group Holdings plc | &nbsp;&nbsp;10416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75153 |
| Ferrexpo plc | 202683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237721 |
| Forterra plc | &nbsp;&nbsp;62584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156820 |
| Frasers Group plc \* | &nbsp;&nbsp;40746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302342 |
| Fresnillo plc | &nbsp;&nbsp;43217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361317 |
| Games Workshop Group plc | &nbsp;&nbsp;&nbsp;&nbsp;2960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217275 |
| Genuit Group plc | &nbsp;&nbsp;40265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117672 |
| Genus plc | &nbsp;&nbsp;&nbsp;&nbsp;5977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174681 |
| Grafton Group plc | &nbsp;&nbsp;74248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587840 |
| Grainger plc | &nbsp;&nbsp;67604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175989 |
| Great Portland Estates plc | &nbsp;&nbsp;29034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171149 |
| Greencore Group plc \* | 237208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182260 |
| Greggs plc | &nbsp;&nbsp;15922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369095 |
| Halfords Group plc | 137835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278676 |
| Halma plc | &nbsp;&nbsp;26642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646049 |
| Hammerson plc | 758497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166285 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Harbour Energy plc | &nbsp;&nbsp;75321 | 326880 |
| Hargreaves Lansdown plc | &nbsp;&nbsp;39688 | 346857 |
| Hikma Pharmaceuticals plc | &nbsp;&nbsp;37428 | 537287 |
| Hill & Smith Holdings plc | &nbsp;&nbsp;17175 | 194145 |
| Hilton Food Group plc | &nbsp;&nbsp;16751 | 117397 |
| Hiscox Ltd. | &nbsp;&nbsp;45305 | 466719 |
| Hochschild Mining plc | 195003 | 119150 |
| HomeServe plc | &nbsp;&nbsp;37736 | 513607 |
| Howden Joinery Group plc | &nbsp;&nbsp;94500 | 556661 |
| Ibstock plc | 124222 | 221466 |
| IG Group Holdings plc | &nbsp;&nbsp;80050 | 730157 |
| Indivior plc \* | &nbsp;&nbsp;12716 | 240867 |
| Intermediate Capital Group plc | &nbsp;&nbsp;28568 | 347866 |
| Intu Properties plc *\*(a)* | 204586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Investec plc | 105954 | 531009 |
| IWG plc \* | 255598 | 386348 |
| J.D. Sports Fashion plc | 324541 | 362652 |
| J.D. Wetherspoon plc \* | &nbsp;&nbsp;33676 | 174799 |
| Jupiter Fund Management plc | 239143 | 284522 |
| Just Group plc | 590778 | 392414 |
| Kier Group plc \* | 409704 | 280969 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp;45456 | 257969 |
| LondonMetric Property plc | &nbsp;&nbsp;32444 | &nbsp;&nbsp;&nbsp;69539 |
| LSL Property Services plc | &nbsp;&nbsp;27593 | &nbsp;&nbsp;&nbsp;72464 |
| Man Group plc | 305995 | 761195 |
| Mapeley Ltd. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;2199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Marshalls plc | &nbsp;&nbsp;34769 | 100640 |
| Marston's plc \* | 426975 | 171673 |
| Mediclinic International plc | 110055 | 626072 |
| Mitchells & Butlers plc \* | 138200 | 184234 |
| Mitie Group plc | 247362 | 203084 |
| Moneysupermarket.com Group plc | 151991 | 319713 |
| Morgan Advanced Materials plc | &nbsp;&nbsp;90020 | 253958 |
| Morgan Sindall Group plc | &nbsp;&nbsp;18734 | 330563 |
| National Express Group plc \* | 265489 | 514653 |
| NewRiver REIT plc | 154639 | 124138 |
| Ocado Group plc \* | &nbsp;&nbsp;23649 | 128208 |
| OSB Group plc | &nbsp;&nbsp;48476 | 231016 |
| Oxford Instruments plc | &nbsp;&nbsp;&nbsp;&nbsp;5891 | 129306 |
| Pagegroup plc | &nbsp;&nbsp;94429 | 455466 |
| Paragon Banking Group plc | &nbsp;&nbsp;47360 | 231710 |
| PayPoint plc | &nbsp;&nbsp;22943 | 152410 |
| Petrofac Ltd. \* | 296231 | 365876 |
| Pets at Home Group plc | 116998 | 386845 |
| Playtech plc \* | &nbsp;&nbsp;90098 | 535376 |
| Plus500 Ltd. | &nbsp;&nbsp;33003 | 683153 |
| Premier Foods plc | 217725 | 258676 |
| Primary Health Properties plc | &nbsp;&nbsp;59107 | &nbsp;&nbsp;&nbsp;75308 |
| Provident Financial plc | 146313 | 274004 |
| PZ Cussons plc | &nbsp;&nbsp;62849 | 144107 |
| QinetiQ Group plc | 142821 | 588689 |
| Quilter plc | 119424 | 132381 |
| Rathbone Brothers plc | &nbsp;&nbsp;&nbsp;&nbsp;7725 | 166018 |
| Reach plc | 131235 | 138234 |
| Redde Northgate plc | 118114 | 451059 |
| Redrow plc | &nbsp;&nbsp;96337 | 463575 |
| Renewi plc \* | &nbsp;&nbsp;12767 | &nbsp;&nbsp;&nbsp;77347 |
| Renishaw plc | &nbsp;&nbsp;&nbsp;&nbsp;3659 | 146824 |
| Rhi Magnesita N.V. | &nbsp;&nbsp;11984 | 254731 |
| Rightmove plc | &nbsp;&nbsp;40067 | 225625 |
| Rolls-Royce Holdings plc \* | 757938 | 679766 |
| Rotork plc | 146275 | 428743 |
| RS Group plc | &nbsp;&nbsp;56965 | 626810 |
| Sabre Insurance Group plc | &nbsp;&nbsp;94759 | &nbsp;&nbsp;&nbsp;97585 |
| Safestore Holdings plc | &nbsp;&nbsp;12798 | 132592 |
| Saga plc \* | 133082 | 131099 |
| Savills plc | &nbsp;&nbsp;32437 | 306465 |
| Schroders plc | 112845 | 506675 |

---

<sub>77</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Segro plc | &nbsp;&nbsp;41554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373986 |
| Senior plc \* | 241196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359585 |
| Serco Group plc | 298238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557788 |
| SIG plc \* | 454894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162762 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp;76123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61545 |
| Softcat plc | &nbsp;&nbsp;10432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134035 |
| Speedy Hire plc | 237737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105510 |
| Spirax-Sarco Engineering plc | &nbsp;&nbsp;&nbsp;&nbsp;5032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620111 |
| Spire Healthcare Group plc \* | &nbsp;&nbsp;63813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158521 |
| Spirent Communications plc | &nbsp;&nbsp;77242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229285 |
| SSP Group plc \* | 199069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462884 |
| SThree plc | &nbsp;&nbsp;57847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246781 |
| Synthomer plc | 121200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156797 |
| TBC Bank Group plc | &nbsp;&nbsp;&nbsp;&nbsp;9516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205600 |
| Telecom Plus plc | &nbsp;&nbsp;14036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341217 |
| The British Land Co., plc | 134904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565907 |
| The Restaurant Group plc \* | 239531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87331 |
| The Unite Group plc | &nbsp;&nbsp;12005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122630 |
| THG plc \* | 120233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73304 |
| TI Fluid Systems plc | 185024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293792 |
| TP ICAP Group plc | 270981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571800 |
| Tritax Big Box REIT plc | &nbsp;&nbsp;73518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118213 |
| TT Electronics plc | &nbsp;&nbsp;53200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82302 |
| Tyman plc | &nbsp;&nbsp;73267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161217 |
| Vesuvius plc | 113641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442057 |
| Victrex plc | &nbsp;&nbsp;16399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311463 |
| Virgin Money UK plc | 133796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208532 |
| Vistry Group plc | &nbsp;&nbsp;61060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422242 |
| Watches of Switzerland Group plc \* | &nbsp;&nbsp;11078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98779 |
| WH Smith plc \* | &nbsp;&nbsp;22362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302320 |
| Wickes Group plc | 140310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204031 |
| Wizz Air Holdings plc \* | &nbsp;&nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104837 |
| Workspace Group plc | &nbsp;&nbsp;18227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85461 |
|  |  | &nbsp;&nbsp;&nbsp;**45641786** |
| **Total Common Stocks<br> (Cost $542,461,324)** | **Total Common Stocks<br> (Cost $542,461,324)** | **525205589** |
| **PREFERRED STOCKS 0.2% OF NET ASSETS** | **PREFERRED STOCKS 0.2% OF NET ASSETS** | **PREFERRED STOCKS 0.2% OF NET ASSETS** |
| &nbsp;&nbsp;**Germany 0.1%** | &nbsp;&nbsp;**Germany 0.1%** | &nbsp;&nbsp;**Germany 0.1%** |
| Draegerwerk AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;7803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313971 |
| Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178411 |
| Sixt SE | &nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**706900** |
| &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** |
| Danieli & C Officine Meccaniche S.p.A. - RSP | &nbsp;&nbsp;14923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204975** |
| **Total Preferred Stocks<br> (Cost $888,311)** | **Total Preferred Stocks<br> (Cost $888,311)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**911875** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY** | **NUMBER <br> OF SHARES** | **VALUE ($)** |
| **WARRANTS 0.0% OF NET ASSETS** | **WARRANTS 0.0% OF NET ASSETS** | **WARRANTS 0.0% OF NET ASSETS** |
| &nbsp;&nbsp;**Italy 0.0%** | &nbsp;&nbsp;**Italy 0.0%** | &nbsp;&nbsp;**Italy 0.0%** |
| Webuild S.p.A. | Webuild S.p.A. | Webuild S.p.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;expires 08/02/30 *\*(a)* | 9173 | **12482** |
| **Total Warrants<br> (Cost $0)** | **Total Warrants<br> (Cost $0)** | **12482** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** | **SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS** |
| &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** | &nbsp;&nbsp;**Money Market Funds 0.2%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% *(c)(d)* | 1171878 | &nbsp;&nbsp;&nbsp;&nbsp;**1171878** |
| **Total Short-Term Investments<br> (Cost $1,171,878)** | **Total Short-Term Investments<br> (Cost $1,171,878)** | &nbsp;&nbsp;&nbsp;&nbsp;**1171878** |
| **Total Investments in Securities<br> (Cost $544,521,513)** | **Total Investments in Securities<br> (Cost $544,521,513)** | **527301824** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91417** |

---

\* Non-income producing security.

*(a)* Fair-valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $1,030,805.

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

CVA — Dutch Certificate <br> REIT — Real Estate Investment Trust <br> RSP — Risparmio (Savings Shares)

<sub>78</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$65245751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$65245751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28578943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28578943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;43547766 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43547766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5842152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983425 |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21686297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21797871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19461880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20158177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greece | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13732940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13877102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13837327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13837327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218661 | &nbsp;&nbsp;&nbsp;&nbsp;186886740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;187105401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6674152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38836152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39245238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8044830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8107457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8107457 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;9180904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36460882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45641786 |
| Preferred Stocks<sup>1</sup> | &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;911875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911875 |
| Warrants <sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12482 |
| Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1171878 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171878 |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91417 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91417 |
| **Total** | **$57486639** | &nbsp;&nbsp;&nbsp;**$469894120** | &nbsp;&nbsp;&nbsp;**$12482** | &nbsp;&nbsp;&nbsp;**$527393241** |

---

\* Level 3 amount shown includes securities determined to have no value at October 31, 2022.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

<sub>79</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $544,521,513) including securities on loan of $1,030,805 |  | &nbsp;&nbsp;$527301824 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35339 |
| Foreign currency, at value (cost $76,428) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76210 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402632 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**532200134** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171878 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11034 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2016480** |
| **Net assets** |  | **$530183654** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$568864369 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;(38680715) |
| **Net assets** |  | **$530183654** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $530183654 |  | 49752524 |  | $10.66 |

---

<sub>80</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $2,509,767) |  | &nbsp;&nbsp;&nbsp;&nbsp;$16732754 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171313 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16904067** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382862 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28433 |
| Professional fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 <sup>2</sup> |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2412313** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 <sup>2</sup> |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2411295** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14492772** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20927405 |
| Net realized losses on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1575249) |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576940) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**18775216** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;(218874003) |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135186) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(219007630)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(200232414)** |
| **Decrease in net assets resulting from operations** |  | **($185739642)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sup>2</sup> Professional fees associated with the filing of tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund. (see financial notes 2(d) and 4 for additional information).

<sub>81</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental International Small Company Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$14492772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13283276 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18775216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51867574 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(219007630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149333425 |
| **Increase (decrease) in net assets resulting from operations** |  | **($185739642)** | &nbsp;&nbsp;&nbsp;**$214484275** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($39276717)** | &nbsp;&nbsp;&nbsp;&nbsp;**($13332524)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;12218154 | &nbsp;&nbsp;&nbsp;&nbsp;$151544356 | &nbsp;&nbsp;&nbsp;&nbsp;11598667 | &nbsp;&nbsp;&nbsp;&nbsp;$168880238 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;2187522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30100308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10453657 |
| Shares redeemed | + | (10584869) | &nbsp;&nbsp;&nbsp;&nbsp;(134793600) | &nbsp;&nbsp;&nbsp;(16773053) | &nbsp;&nbsp;&nbsp;&nbsp;(249085119) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**3820807** | &nbsp;&nbsp;&nbsp;&nbsp;**$46851064** | &nbsp;&nbsp;&nbsp;&nbsp;**(4401758)** | &nbsp;&nbsp;&nbsp;&nbsp;**($69751224)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;45931717 | &nbsp;&nbsp;&nbsp;&nbsp;$708348949 | &nbsp;&nbsp;&nbsp;&nbsp;50333475 | &nbsp;&nbsp;&nbsp;&nbsp;$576948422 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;3820807 | &nbsp;&nbsp;&nbsp;&nbsp;(178165295) | &nbsp;&nbsp;&nbsp;&nbsp;(4401758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131400527 |
| **End of period** |  | **49752524** | &nbsp;&nbsp;&nbsp;**$530183654** | &nbsp;&nbsp;&nbsp;**45931717** | &nbsp;&nbsp;&nbsp;**$708348949** |

---

<sub>82</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.38 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.35 | &nbsp;&nbsp;&nbsp;&nbsp;$10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.60 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.86%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.68%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.09%) |
| **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;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$604159 | &nbsp;&nbsp;$707652 | &nbsp;&nbsp;$550134 | &nbsp;&nbsp;$670910 | &nbsp;&nbsp;$547985 |

---

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

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

<sub>83</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

## Portfolio Holdings as of October 31, 2022<br>

------

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) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com.The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| **COMMON STOCKS 93.6% OF NET ASSETS** | **COMMON STOCKS 93.6% OF NET ASSETS** | **COMMON STOCKS 93.6% OF NET ASSETS** |
| &nbsp;&nbsp;**Brazil 7.7%** | &nbsp;&nbsp;**Brazil 7.7%** | &nbsp;&nbsp;**Brazil 7.7%** |
| Ambev S.A. | &nbsp;&nbsp;&nbsp;&nbsp;891750 | &nbsp;&nbsp;&nbsp;&nbsp;2762172 |
| B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;504299 | &nbsp;&nbsp;&nbsp;&nbsp;1468330 |
| Banco Bradesco S.A. | &nbsp;&nbsp;&nbsp;&nbsp;500805 | &nbsp;&nbsp;&nbsp;&nbsp;1613280 |
| Banco do Brasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;500215 | &nbsp;&nbsp;&nbsp;&nbsp;3584931 |
| BRF S.A. \* | &nbsp;&nbsp;&nbsp;&nbsp;364218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885602 |
| CCR S.A. | &nbsp;&nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918277 |
| Centrais Eletricas Brasileiras S.A. | &nbsp;&nbsp;&nbsp;&nbsp;184516 | &nbsp;&nbsp;&nbsp;&nbsp;1779612 |
| Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;132810 | &nbsp;&nbsp;&nbsp;&nbsp;1545229 |
| Cia Paranaense de Energia | &nbsp;&nbsp;&nbsp;&nbsp;116100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157557 |
| Equatorial Energia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;180300 | &nbsp;&nbsp;&nbsp;&nbsp;1048187 |
| Itau Unibanco Holding S.A. | &nbsp;&nbsp;&nbsp;&nbsp;157800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776551 |
| JBS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;406300 | &nbsp;&nbsp;&nbsp;&nbsp;1963266 |
| Petroleo Brasileiro S.A. | &nbsp;&nbsp;1340365 | &nbsp;&nbsp;&nbsp;&nbsp;8630440 |
| Suzano S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960906 |
| Telefonica Brasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;169172 | &nbsp;&nbsp;&nbsp;&nbsp;1352917 |
| TIM S.A. | &nbsp;&nbsp;&nbsp;&nbsp;318647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814276 |
| Ultrapar Participacoes S.A. | &nbsp;&nbsp;&nbsp;&nbsp;841628 | &nbsp;&nbsp;&nbsp;&nbsp;2184925 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;872297 | &nbsp;&nbsp;&nbsp;&nbsp;11336230 |
| Vibra Energia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;804300 | &nbsp;&nbsp;&nbsp;&nbsp;2841637 |
|  |  | &nbsp;&nbsp;&nbsp;**46624325** |
| &nbsp;&nbsp;**Chile 0.8%** | &nbsp;&nbsp;**Chile 0.8%** | &nbsp;&nbsp;**Chile 0.8%** |
| Banco de Chile | &nbsp;&nbsp;9020560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824996 |
| Cencosud S.A. | &nbsp;&nbsp;&nbsp;&nbsp;895786 | &nbsp;&nbsp;&nbsp;&nbsp;1205775 |
| Empresas CMPC S.A. | &nbsp;&nbsp;&nbsp;&nbsp;480227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761950 |
| Empresas Copec S.A. | &nbsp;&nbsp;&nbsp;&nbsp;208623 | &nbsp;&nbsp;&nbsp;&nbsp;1437697 |
| Falabella S.A. | &nbsp;&nbsp;&nbsp;&nbsp;294740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4806074** |
| &nbsp;&nbsp;**China 28.8%** | &nbsp;&nbsp;**China 28.8%** | &nbsp;&nbsp;**China 28.8%** |
| Agile Group Holdings Ltd. \* | &nbsp;&nbsp;2272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432137 |
| Agricultural Bank of China Ltd., A Shares | &nbsp;&nbsp;3746000 | &nbsp;&nbsp;&nbsp;&nbsp;1410019 |
| Agricultural Bank of China Ltd., H Shares | 12141600 | &nbsp;&nbsp;&nbsp;&nbsp;3465616 |
| Alibaba Group Holding Ltd. \* | &nbsp;&nbsp;1090892 | &nbsp;&nbsp;&nbsp;&nbsp;8481583 |
| Aluminum Corp. of China Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;292300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154157 |
| Aluminum Corp. of China Ltd., H Shares | &nbsp;&nbsp;1282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365475 |
| Anhui Conch Cement Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321334 |
| Anhui Conch Cement Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;1024425 |
| BAIC Motor Corp., Ltd., H Shares | &nbsp;&nbsp;4222000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935362 |
| Baidu, Inc., A Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;239550 | &nbsp;&nbsp;&nbsp;&nbsp;2296565 |
| Bank of China Ltd., A Shares | &nbsp;&nbsp;2205100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905055 |
| Bank of China Ltd., H Shares | 31801234 | &nbsp;&nbsp;&nbsp;&nbsp;10242451 |
| Bank of Communications Co., Ltd., A Shares | &nbsp;&nbsp;1235200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749764 |
| Bank of Communications Co., Ltd., H Shares | &nbsp;&nbsp;3132000 | &nbsp;&nbsp;&nbsp;&nbsp;1528162 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631688 |
| BYD Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127991 |
| BYD Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560078 |
| China Cinda Asset Management Co., Ltd., H Shares | &nbsp;&nbsp;6021000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559298 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| China CITIC Bank Corp., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;395100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233296 |
| China CITIC Bank Corp., Ltd., H Shares | &nbsp;&nbsp;5055000 | &nbsp;&nbsp;&nbsp;&nbsp;1905520 |
| China Communications Services Corp., Ltd., H Shares | &nbsp;&nbsp;1894000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528491 |
| China Construction Bank Corp., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;274800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200121 |
| China Construction Bank Corp., H Shares | 40745960 | &nbsp;&nbsp;&nbsp;&nbsp;21623402 |
| China Everbright Bank Co., Ltd., A Shares | &nbsp;&nbsp;1426900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529524 |
| China Everbright Bank Co., Ltd., H Shares | &nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395588 |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp;1358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451739 |
| China Evergrande Group *\*(a)* | &nbsp;&nbsp;7014000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737173 |
| China Gas Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678034 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;924500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654314 |
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp;3274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433782 |
| China Life Insurance Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888722 |
| China Mengniu Dairy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877115 |
| China Merchants Bank Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;222500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816596 |
| China Merchants Bank Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;610650 | &nbsp;&nbsp;&nbsp;&nbsp;1999207 |
| China Minsheng Banking Corp., Ltd., A Shares | &nbsp;&nbsp;1817300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817765 |
| China Minsheng Banking Corp., Ltd., H Shares | &nbsp;&nbsp;4599910 | &nbsp;&nbsp;&nbsp;&nbsp;1335926 |
| China National Building Material Co., Ltd., H Shares | &nbsp;&nbsp;2588000 | &nbsp;&nbsp;&nbsp;&nbsp;1502764 |
| China Oriental Group Co., Ltd. | &nbsp;&nbsp;4198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582755 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp;1373000 | &nbsp;&nbsp;&nbsp;&nbsp;2623691 |
| China Pacific Insurance Group Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257101 |
| China Pacific Insurance Group Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;579000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933344 |
| China Petroleum & Chemical Corp., A Shares | &nbsp;&nbsp;2459700 | &nbsp;&nbsp;&nbsp;&nbsp;1367034 |
| China Petroleum & Chemical Corp., H Shares | 27844400 | &nbsp;&nbsp;&nbsp;&nbsp;11035469 |
| China Railway Group Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531069 |
| China Railway Group Ltd., H Shares | &nbsp;&nbsp;1947000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846584 |
| China Resources Cement Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360743 |
| China Resources Land Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;697000 | &nbsp;&nbsp;&nbsp;&nbsp;2180762 |
| China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp;1455500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981852 |
| China Resources Power Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;1191520 |
| China Shenhua Energy Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;148900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568238 |
| China Shenhua Energy Co., Ltd., H Shares | &nbsp;&nbsp;1061000 | &nbsp;&nbsp;&nbsp;&nbsp;2787096 |
| China State Construction Engineering Corp., Ltd., A Shares | &nbsp;&nbsp;1642400 | &nbsp;&nbsp;&nbsp;&nbsp;1062396 |
| China Taiping Insurance Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;822600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569685 |
| China Tower Corp., Ltd., H Shares | 12886000 | &nbsp;&nbsp;&nbsp;&nbsp;1165859 |
| China United Network Communications Ltd., A Shares \* | &nbsp;&nbsp;1124550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515618 |
| China Vanke Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;289100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533053 |
| China Vanke Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;806100 | &nbsp;&nbsp;&nbsp;&nbsp;1034490 |
| CITIC Ltd. | &nbsp;&nbsp;3119000 | &nbsp;&nbsp;&nbsp;&nbsp;2791019 |
| Country Garden Holdings Co., Ltd. | &nbsp;&nbsp;5985289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771453 |
| CRRC Corp., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;454930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294753 |
| CRRC Corp., Ltd., H Shares | &nbsp;&nbsp;1056000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320182 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;828000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850490 |
| Dongfeng Motor Group Co., Ltd., H Shares | &nbsp;&nbsp;1359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614817 |

---

<sub>84</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887825 |
| Fosun International Ltd. | &nbsp;&nbsp;1218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744322 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;937000 | &nbsp;&nbsp;&nbsp;&nbsp;1008382 |
| Guangzhou R&F Properties Co., Ltd., H Shares \* | &nbsp;&nbsp;5000946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682328 |
| Haier Smart Home Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144512 |
| Haier Smart Home Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;272200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681313 |
| Hengan International Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790959 |
| Huaneng Power International, Inc., A Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;232200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212286 |
| Huaneng Power International, Inc., H Shares \* | &nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722803 |
| Industrial & Commercial Bank of China Ltd., A Shares | &nbsp;&nbsp;1929000 | &nbsp;&nbsp;&nbsp;&nbsp;1092284 |
| Industrial & Commercial Bank of China Ltd., H Shares | 29441172 | &nbsp;&nbsp;&nbsp;&nbsp;12782337 |
| Industrial Bank Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;413500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848490 |
| JD.com, Inc., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;121421 | &nbsp;&nbsp;&nbsp;&nbsp;2211138 |
| Jiangxi Copper Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195303 |
| Jiangxi Copper Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792252 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886248 |
| Kunlun Energy Co., Ltd. | &nbsp;&nbsp;1922000 | &nbsp;&nbsp;&nbsp;&nbsp;1148721 |
| Legend Holdings Corp., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;675300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567632 |
| Longfor Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;381500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486101 |
| Meituan, B Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773309 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102443 | &nbsp;&nbsp;&nbsp;&nbsp;1136630 |
| Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;807000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478282 |
| PetroChina Co., Ltd., H Shares | 13040000 | &nbsp;&nbsp;&nbsp;&nbsp;4988152 |
| PICC Property & Casualty Co., Ltd., H Shares | &nbsp;&nbsp;2744000 | &nbsp;&nbsp;&nbsp;&nbsp;2530821 |
| Ping An Insurance Group Co. of China Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;206300 | &nbsp;&nbsp;&nbsp;&nbsp;1018925 |
| Ping An Insurance Group Co. of China Ltd., H Shares | &nbsp;&nbsp;1647500 | &nbsp;&nbsp;&nbsp;&nbsp;6595586 |
| Postal Savings Bank of China Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;241300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127713 |
| Postal Savings Bank of China Co., Ltd., H Shares | &nbsp;&nbsp;1989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922419 |
| SAIC Motor Corp., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702311 |
| Shanghai Pharmaceuticals Holding Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152877 |
| Shanghai Pharmaceuticals Holding Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;426800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578425 |
| Shanghai Pudong Development Bank Co., Ltd., A Shares | &nbsp;&nbsp;1055400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956914 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422828 |
| Sinopharm Group Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;874800 | &nbsp;&nbsp;&nbsp;&nbsp;1659593 |
| Sunac China Holdings Ltd. *\*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;226816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66170 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;297100 | &nbsp;&nbsp;&nbsp;&nbsp;7806829 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;415768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649886 |
| Trip.com Group Ltd., ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672473 |
| Vipshop Holdings Ltd., ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;143437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999756 |
| Weichai Power Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;117400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145764 |
| Weichai Power Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;454000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434860 |
| Xiaomi Corp., B Shares \* | &nbsp;&nbsp;1200200 | &nbsp;&nbsp;&nbsp;&nbsp;1347912 |
| Yankuang Energy Group Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83542 |
| Yankuang Energy Group Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;1073999 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp;2015846 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434563 |
| Zijin Mining Group Co., Ltd., A Shares | &nbsp;&nbsp;&nbsp;&nbsp;140300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151832 |
| Zijin Mining Group Co., Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480734 |
|  |  | **173865499** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| &nbsp;&nbsp;**Colombia 0.3%** | &nbsp;&nbsp;**Colombia 0.3%** | &nbsp;&nbsp;**Colombia 0.3%** |
| Bancolombia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655939 |
| Ecopetrol S.A. | &nbsp;&nbsp;1847904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1572641** |
| &nbsp;&nbsp;**Czech Republic 0.2%** | &nbsp;&nbsp;**Czech Republic 0.2%** | &nbsp;&nbsp;**Czech Republic 0.2%** |
| CEZ A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**982511** |
| &nbsp;&nbsp;**Egypt 0.1%** | &nbsp;&nbsp;**Egypt 0.1%** | &nbsp;&nbsp;**Egypt 0.1%** |
| Commercial International Bank Egypt S.A.E., GDR | &nbsp;&nbsp;&nbsp;&nbsp;570293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**723737** |
| &nbsp;&nbsp;**Greece 0.4%** | &nbsp;&nbsp;**Greece 0.4%** | &nbsp;&nbsp;**Greece 0.4%** |
| Alpha Services and Holdings S.A. \* | &nbsp;&nbsp;1169805 | &nbsp;&nbsp;&nbsp;&nbsp;1083350 |
| Eurobank Ergasias Services & Holdings S.A., A Shares \* | &nbsp;&nbsp;&nbsp;&nbsp;711296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702193 |
| Galaxy Cosmos Mezz plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 |
| Hellenic Telecommunications Organization S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2650322** |
| &nbsp;&nbsp;**Hungary 0.4%** | &nbsp;&nbsp;**Hungary 0.4%** | &nbsp;&nbsp;**Hungary 0.4%** |
| MOL Hungarian Oil & Gas plc | &nbsp;&nbsp;&nbsp;&nbsp;243743 | &nbsp;&nbsp;&nbsp;&nbsp;1463455 |
| OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2443662** |
| &nbsp;&nbsp;**India 11.9%** | &nbsp;&nbsp;**India 11.9%** | &nbsp;&nbsp;**India 11.9%** |
| Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;189476 | &nbsp;&nbsp;&nbsp;&nbsp;2077884 |
| Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;575206 | &nbsp;&nbsp;&nbsp;&nbsp;2111735 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;206727 | &nbsp;&nbsp;&nbsp;&nbsp;2079010 |
| Coal India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;670445 | &nbsp;&nbsp;&nbsp;&nbsp;1990261 |
| GAIL India Ltd. | &nbsp;&nbsp;1037001 | &nbsp;&nbsp;&nbsp;&nbsp;1143095 |
| Grasim Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64146 | &nbsp;&nbsp;&nbsp;&nbsp;1337108 |
| HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114995 | &nbsp;&nbsp;&nbsp;&nbsp;1447629 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34430 | &nbsp;&nbsp;&nbsp;&nbsp;1114439 |
| Hindalco Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;376163 | &nbsp;&nbsp;&nbsp;&nbsp;1842851 |
| Hindustan Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;656932 | &nbsp;&nbsp;&nbsp;&nbsp;1698702 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36306 | &nbsp;&nbsp;&nbsp;&nbsp;1120171 |
| Housing Development Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102350 | &nbsp;&nbsp;&nbsp;&nbsp;3060138 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93522 | &nbsp;&nbsp;&nbsp;&nbsp;1028307 |
| Indian Oil Corp., Ltd. | &nbsp;&nbsp;3329384 | &nbsp;&nbsp;&nbsp;&nbsp;2745882 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;310866 | &nbsp;&nbsp;&nbsp;&nbsp;5793939 |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;385962 | &nbsp;&nbsp;&nbsp;&nbsp;1627343 |
| JSW Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;148995 | &nbsp;&nbsp;&nbsp;&nbsp;1213961 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71453 | &nbsp;&nbsp;&nbsp;&nbsp;1749392 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;135996 | &nbsp;&nbsp;&nbsp;&nbsp;2219595 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16445 | &nbsp;&nbsp;&nbsp;&nbsp;1895949 |
| NTPC Ltd. | &nbsp;&nbsp;1238694 | &nbsp;&nbsp;&nbsp;&nbsp;2592989 |
| Oil & Natural Gas Corp., Ltd. | &nbsp;&nbsp;1904269 | &nbsp;&nbsp;&nbsp;&nbsp;3076119 |
| Power Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;657234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915634 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;468653 | &nbsp;&nbsp;&nbsp;&nbsp;1293049 |
| Rajesh Exports Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172086 | &nbsp;&nbsp;&nbsp;&nbsp;1437904 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;292005 | &nbsp;&nbsp;&nbsp;&nbsp;9010328 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;256777 | &nbsp;&nbsp;&nbsp;&nbsp;1783197 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88030 | &nbsp;&nbsp;&nbsp;&nbsp;1081603 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86556 | &nbsp;&nbsp;&nbsp;&nbsp;3340375 |
| Tata Motors Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;462131 | &nbsp;&nbsp;&nbsp;&nbsp;2313817 |
| Tata Motors Ltd., A Shares, DVR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273435 |
| Tata Steel Ltd. | &nbsp;&nbsp;2068286 | &nbsp;&nbsp;&nbsp;&nbsp;2536779 |
| Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891632 |
| Vedanta Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;445892 | &nbsp;&nbsp;&nbsp;&nbsp;1510933 |

---

<sub>85</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Wipro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754014 |
|  |  | &nbsp;&nbsp;&nbsp;**72109199** |
| &nbsp;&nbsp;**Indonesia 2.1%** | &nbsp;&nbsp;**Indonesia 2.1%** | &nbsp;&nbsp;**Indonesia 2.1%** |
| PT Astra International Tbk | &nbsp;&nbsp;5268100 | &nbsp;&nbsp;&nbsp;&nbsp;2251220 |
| PT Bank Central Asia Tbk | &nbsp;&nbsp;2483500 | &nbsp;&nbsp;&nbsp;&nbsp;1403866 |
| PT Bank Mandiri (Persero) Tbk | &nbsp;&nbsp;2880200 | &nbsp;&nbsp;&nbsp;&nbsp;1945728 |
| PT Bank Negara Indonesia (Persero) Tbk | &nbsp;&nbsp;1454800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877147 |
| PT Bank Rakyat Indonesia (Persero) Tbk | &nbsp;&nbsp;7022396 | &nbsp;&nbsp;&nbsp;&nbsp;2095013 |
| PT Telkom Indonesia (Persero) Tbk | 10616500 | &nbsp;&nbsp;&nbsp;&nbsp;2981653 |
| PT United Tractors Tbk | &nbsp;&nbsp;&nbsp;&nbsp;479600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992070 |
|  |  | &nbsp;&nbsp;&nbsp;**12546697** |
| &nbsp;&nbsp;**Kuwait 0.9%** | &nbsp;&nbsp;**Kuwait 0.9%** | &nbsp;&nbsp;**Kuwait 0.9%** |
| Kuwait Finance House KSCP | &nbsp;&nbsp;&nbsp;&nbsp;629485 | &nbsp;&nbsp;&nbsp;&nbsp;1646303 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp;&nbsp;&nbsp;608936 | &nbsp;&nbsp;&nbsp;&nbsp;1176995 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp;&nbsp;&nbsp;723615 | &nbsp;&nbsp;&nbsp;&nbsp;2518264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5341562** |
| &nbsp;&nbsp;**Malaysia 1.9%** | &nbsp;&nbsp;**Malaysia 1.9%** | &nbsp;&nbsp;**Malaysia 1.9%** |
| Axiata Group Berhad | &nbsp;&nbsp;1487313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895078 |
| CIMB Group Holdings Berhad | &nbsp;&nbsp;1517453 | &nbsp;&nbsp;&nbsp;&nbsp;1772572 |
| Genting Berhad | &nbsp;&nbsp;1014800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953630 |
| Malayan Banking Berhad | &nbsp;&nbsp;1271940 | &nbsp;&nbsp;&nbsp;&nbsp;2310548 |
| Petronas Chemicals Group Berhad | &nbsp;&nbsp;&nbsp;&nbsp;449100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827972 |
| Public Bank Berhad | &nbsp;&nbsp;1828625 | &nbsp;&nbsp;&nbsp;&nbsp;1729329 |
| Tenaga Nasional Berhad | &nbsp;&nbsp;1796700 | &nbsp;&nbsp;&nbsp;&nbsp;3199601 |
|  |  | &nbsp;&nbsp;&nbsp;**11688730** |
| &nbsp;&nbsp;**Mexico 4.6%** | &nbsp;&nbsp;**Mexico 4.6%** | &nbsp;&nbsp;**Mexico 4.6%** |
| Alfa S.A.B. de C.V., A Shares | &nbsp;&nbsp;2082400 | &nbsp;&nbsp;&nbsp;&nbsp;1382101 |
| America Movil S.A.B. de C.V., Series L | &nbsp;&nbsp;7814719 | &nbsp;&nbsp;&nbsp;&nbsp;7395446 |
| Cemex S.A.B. de C.V., Series CPO \* | &nbsp;&nbsp;6133756 | &nbsp;&nbsp;&nbsp;&nbsp;2383784 |
| Fomento Economico Mexicano S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;475415 | &nbsp;&nbsp;&nbsp;&nbsp;3412824 |
| Grupo Bimbo S.A.B. de C.V., Series A | &nbsp;&nbsp;&nbsp;&nbsp;423200 | &nbsp;&nbsp;&nbsp;&nbsp;1638504 |
| Grupo Financiero Banorte S.A.B. de C.V., O Shares | &nbsp;&nbsp;&nbsp;&nbsp;531100 | &nbsp;&nbsp;&nbsp;&nbsp;4317047 |
| Grupo Mexico S.A.B. de C.V., Series B | &nbsp;&nbsp;&nbsp;&nbsp;570636 | &nbsp;&nbsp;&nbsp;&nbsp;2068782 |
| Grupo Televisa S.A.B., Series CPO | &nbsp;&nbsp;&nbsp;&nbsp;657817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697891 |
| Nemak S.A.B. de C.V. \* | &nbsp;&nbsp;2479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680652 |
| Orbia Advance Corp. S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;344500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581614 |
| Sitios Latinoamerica S.A.B. de C.V. \* | &nbsp;&nbsp;&nbsp;&nbsp;381965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111430 |
| Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;825537 | &nbsp;&nbsp;&nbsp;&nbsp;3188732 |
|  |  | &nbsp;&nbsp;&nbsp;**27858807** |
| &nbsp;&nbsp;**Qatar 0.8%** | &nbsp;&nbsp;**Qatar 0.8%** | &nbsp;&nbsp;**Qatar 0.8%** |
| Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;459856 | &nbsp;&nbsp;&nbsp;&nbsp;1232870 |
| Qatar Fuel QSC | &nbsp;&nbsp;&nbsp;&nbsp;150952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790847 |
| Qatar National Bank QPSC | &nbsp;&nbsp;&nbsp;&nbsp;500793 | &nbsp;&nbsp;&nbsp;&nbsp;2742166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4765883** |
| &nbsp;&nbsp;**Saudi Arabia 2.7%** | &nbsp;&nbsp;**Saudi Arabia 2.7%** | &nbsp;&nbsp;**Saudi Arabia 2.7%** |
| Al Rajhi Bank \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85531 | &nbsp;&nbsp;&nbsp;&nbsp;1939490 |
| Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719931 |
| Riyad Bank | &nbsp;&nbsp;&nbsp;&nbsp;109299 | &nbsp;&nbsp;&nbsp;&nbsp;1044614 |
| Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;242986 | &nbsp;&nbsp;&nbsp;&nbsp;2255036 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157084 | &nbsp;&nbsp;&nbsp;&nbsp;3688413 |
| Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;213596 | &nbsp;&nbsp;&nbsp;&nbsp;1533722 |
| Saudi Telecom Co. | &nbsp;&nbsp;&nbsp;&nbsp;256312 | &nbsp;&nbsp;&nbsp;&nbsp;2753763 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| The Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;132124 | &nbsp;&nbsp;&nbsp;&nbsp;2088251 |
|  |  | &nbsp;&nbsp;&nbsp;**16023220** |
| &nbsp;&nbsp;**South Africa 5.5%** | &nbsp;&nbsp;**South Africa 5.5%** | &nbsp;&nbsp;**South Africa 5.5%** |
| Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;232854 | &nbsp;&nbsp;&nbsp;&nbsp;2528614 |
| AngloGold Ashanti Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89365 | &nbsp;&nbsp;&nbsp;&nbsp;1167082 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605897 |
| Barloworld Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;141746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794434 |
| Bid Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83559 | &nbsp;&nbsp;&nbsp;&nbsp;1344495 |
| Exxaro Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770353 |
| FirstRand Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;930081 | &nbsp;&nbsp;&nbsp;&nbsp;3251545 |
| Gold Fields Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;149432 | &nbsp;&nbsp;&nbsp;&nbsp;1197070 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644380 |
| MTN Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;485597 | &nbsp;&nbsp;&nbsp;&nbsp;3431934 |
| MultiChoice Group | &nbsp;&nbsp;&nbsp;&nbsp;127383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832380 |
| Naspers Ltd., N Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11979 | &nbsp;&nbsp;&nbsp;&nbsp;1234817 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132171 | &nbsp;&nbsp;&nbsp;&nbsp;1565437 |
| Old Mutual Ltd. | &nbsp;&nbsp;1494735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848459 |
| Sanlam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;326872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952813 |
| Sappi Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;380688 | &nbsp;&nbsp;&nbsp;&nbsp;1172825 |
| Sasol Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;173885 | &nbsp;&nbsp;&nbsp;&nbsp;2923014 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106347 | &nbsp;&nbsp;&nbsp;&nbsp;1353643 |
| Standard Bank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;394296 | &nbsp;&nbsp;&nbsp;&nbsp;3680847 |
| The Bidvest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87039 | &nbsp;&nbsp;&nbsp;&nbsp;1006821 |
| Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;157684 | &nbsp;&nbsp;&nbsp;&nbsp;1074066 |
| Woolworths Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;269748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925017 |
|  |  | &nbsp;&nbsp;&nbsp;**33305943** |
| &nbsp;&nbsp;**Taiwan 17.4%** | &nbsp;&nbsp;**Taiwan 17.4%** | &nbsp;&nbsp;**Taiwan 17.4%** |
| Acer, Inc. | &nbsp;&nbsp;1159496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793374 |
| ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;864000 | &nbsp;&nbsp;&nbsp;&nbsp;2133345 |
| Asia Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608206 |
| Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269041 | &nbsp;&nbsp;&nbsp;&nbsp;1967030 |
| AUO Corp. | &nbsp;&nbsp;3245440 | &nbsp;&nbsp;&nbsp;&nbsp;1693749 |
| Catcher Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;1691486 |
| Cathay Financial Holding Co., Ltd. | &nbsp;&nbsp;1224599 | &nbsp;&nbsp;&nbsp;&nbsp;1433157 |
| Chailease Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452735 |
| Cheng Shin Rubber Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;653000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653318 |
| China Development Financial Holding Corp. | &nbsp;&nbsp;1587000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577471 |
| China Steel Corp. | &nbsp;&nbsp;2477198 | &nbsp;&nbsp;&nbsp;&nbsp;2062070 |
| Chunghwa Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;638906 | &nbsp;&nbsp;&nbsp;&nbsp;2202894 |
| Compal Electronics, Inc. | &nbsp;&nbsp;3526305 | &nbsp;&nbsp;&nbsp;&nbsp;2306444 |
| CTBC Financial Holding Co., Ltd. | &nbsp;&nbsp;2614201 | &nbsp;&nbsp;&nbsp;&nbsp;1651487 |
| Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247590 | &nbsp;&nbsp;&nbsp;&nbsp;1970027 |
| E.Sun Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;997347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716757 |
| Far Eastern New Century Corp. | &nbsp;&nbsp;1436817 | &nbsp;&nbsp;&nbsp;&nbsp;1432086 |
| Far EasTone Telecommunications Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;328491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720250 |
| First Financial Holding Co., Ltd. | &nbsp;&nbsp;1188998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912084 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp;1046442 | &nbsp;&nbsp;&nbsp;&nbsp;2255581 |
| Formosa Petrochemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;401330 | &nbsp;&nbsp;&nbsp;&nbsp;1032585 |
| Formosa Plastics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;820732 | &nbsp;&nbsp;&nbsp;&nbsp;2114543 |
| Foxconn Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;486317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680754 |
| Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;1239986 | &nbsp;&nbsp;&nbsp;&nbsp;1958599 |
| Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;6080572 | &nbsp;&nbsp;&nbsp;&nbsp;19312362 |
| Hotai Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687512 |
| Innolux Corp. | &nbsp;&nbsp;4744163 | &nbsp;&nbsp;&nbsp;&nbsp;1739834 |
| Inventec Corp. | &nbsp;&nbsp;1853639 | &nbsp;&nbsp;&nbsp;&nbsp;1401817 |
| Largan Precision Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19050 | &nbsp;&nbsp;&nbsp;&nbsp;1089888 |
| Lite-On Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;602167 | &nbsp;&nbsp;&nbsp;&nbsp;1192429 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111838 | &nbsp;&nbsp;&nbsp;&nbsp;2038605 |
| Mega Financial Holding Co., Ltd. | &nbsp;&nbsp;1260698 | &nbsp;&nbsp;&nbsp;&nbsp;1167971 |
| Micro-Star International Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545339 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp;1091622 | &nbsp;&nbsp;&nbsp;&nbsp;2312972 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484298 |
| Pegatron Corp. | &nbsp;&nbsp;1618264 | &nbsp;&nbsp;&nbsp;&nbsp;2958313 |

---

<sub>86</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Pou Chen Corp. | &nbsp;&nbsp;1519267 | &nbsp;&nbsp;&nbsp;&nbsp;1282579 |
| Powertech Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612023 |
| President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766950 |
| Quanta Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;879500 | &nbsp;&nbsp;&nbsp;&nbsp;1862874 |
| Shin Kong Financial Holding Co., Ltd. | &nbsp;&nbsp;2364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586087 |
| Synnex Technology International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;570850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929407 |
| Taiwan Cement Corp. | &nbsp;&nbsp;1195926 | &nbsp;&nbsp;&nbsp;&nbsp;1121400 |
| Taiwan Cooperative Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;904910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701136 |
| Taiwan Mobile Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;266196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784902 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;1478803 | &nbsp;&nbsp;&nbsp;&nbsp;17778470 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp;1135678 | &nbsp;&nbsp;&nbsp;&nbsp;2306288 |
| United Microelectronics Corp. \* | &nbsp;&nbsp;1554965 | &nbsp;&nbsp;&nbsp;&nbsp;1869785 |
| Walsin Lihwa Corp. | &nbsp;&nbsp;1029420 | &nbsp;&nbsp;&nbsp;&nbsp;1138715 |
| Wistron Corp. | &nbsp;&nbsp;2219682 | &nbsp;&nbsp;&nbsp;&nbsp;1792112 |
| WPG Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;947880 | &nbsp;&nbsp;&nbsp;&nbsp;1290592 |
| Yageo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631638 |
| Yuanta Financial Holding Co., Ltd. | &nbsp;&nbsp;1462725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893151 |
|  |  | **105299481** |
| &nbsp;&nbsp;**Thailand 3.3%** | &nbsp;&nbsp;**Thailand 3.3%** | &nbsp;&nbsp;**Thailand 3.3%** |
| Advanced Info Service PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;191775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963673 |
| Bangkok Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;265300 | &nbsp;&nbsp;&nbsp;&nbsp;1015937 |
| Charoen Pokphand Foods PCL NVDR | &nbsp;&nbsp;1627700 | &nbsp;&nbsp;&nbsp;&nbsp;1082200 |
| CP ALL PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;760900 | &nbsp;&nbsp;&nbsp;&nbsp;1200184 |
| Krung Thai Bank PCL NVDR | &nbsp;&nbsp;2420100 | &nbsp;&nbsp;&nbsp;&nbsp;1115161 |
| PTT Exploration & Production PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;309500 | &nbsp;&nbsp;&nbsp;&nbsp;1479800 |
| PTT Global Chemical PCL NVDR | &nbsp;&nbsp;1204900 | &nbsp;&nbsp;&nbsp;&nbsp;1380464 |
| PTT PCL NVDR | &nbsp;&nbsp;7325870 | &nbsp;&nbsp;&nbsp;&nbsp;6932960 |
| SCB X PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;640800 | &nbsp;&nbsp;&nbsp;&nbsp;1790363 |
| Thai Oil PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;635585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913912 |
| The Siam Cement PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;278800 | &nbsp;&nbsp;&nbsp;&nbsp;2374341 |
|  |  | &nbsp;&nbsp;&nbsp;**20248995** |
| &nbsp;&nbsp;**Turkey 2.4%** | &nbsp;&nbsp;**Turkey 2.4%** | &nbsp;&nbsp;**Turkey 2.4%** |
| Akbank T.A.S. | &nbsp;&nbsp;2352092 | &nbsp;&nbsp;&nbsp;&nbsp;1849011 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp;&nbsp;&nbsp;163209 | &nbsp;&nbsp;&nbsp;&nbsp;1175084 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | &nbsp;&nbsp;&nbsp;&nbsp;582885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928914 |
| Haci Omer Sabanci Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;723601 | &nbsp;&nbsp;&nbsp;&nbsp;1303139 |
| KOC Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;452854 | &nbsp;&nbsp;&nbsp;&nbsp;1350913 |
| Turk Hava Yollari AO \* | &nbsp;&nbsp;&nbsp;&nbsp;427280 | &nbsp;&nbsp;&nbsp;&nbsp;2325589 |
| Turkcell Iletisim Hizmetleri A/S | &nbsp;&nbsp;1023921 | &nbsp;&nbsp;&nbsp;&nbsp;1413252 |
| Turkiye Garanti Bankasi A/S | &nbsp;&nbsp;1016067 | &nbsp;&nbsp;&nbsp;&nbsp;1283908 |
| Turkiye Is Bankasi A/S, Class C | &nbsp;&nbsp;2924411 | &nbsp;&nbsp;&nbsp;&nbsp;1464978 |
| Turkiye Petrol Rafinerileri A/S \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82938 | &nbsp;&nbsp;&nbsp;&nbsp;1680146 |
|  |  | &nbsp;&nbsp;&nbsp;**14774934** |
| &nbsp;&nbsp;**United Arab Emirates 1.4%** | &nbsp;&nbsp;**United Arab Emirates 1.4%** | &nbsp;&nbsp;**United Arab Emirates 1.4%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;432159 | &nbsp;&nbsp;&nbsp;&nbsp;1112449 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;489298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775183 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER <br> OF SHARES | VALUE ($) |
| Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;953206 | &nbsp;&nbsp;&nbsp;&nbsp;1573509 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;385319 | &nbsp;&nbsp;&nbsp;&nbsp;2708044 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;410769 | &nbsp;&nbsp;&nbsp;&nbsp;2003221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8172406** |
| **Total Common Stocks<br> (Cost $569,841,719)** | **Total Common Stocks<br> (Cost $569,841,719)** | **565804628** |
| **PREFERRED STOCKS 5.7% OF NET ASSETS** | **PREFERRED STOCKS 5.7% OF NET ASSETS** | **PREFERRED STOCKS 5.7% OF NET ASSETS** |
| &nbsp;&nbsp;**Brazil 5.5%** | &nbsp;&nbsp;**Brazil 5.5%** | &nbsp;&nbsp;**Brazil 5.5%** |
| Banco Bradesco S.A. | &nbsp;&nbsp;1711996 | &nbsp;&nbsp;&nbsp;&nbsp;6582180 |
| Centrais Eletricas Brasileiras S.A., B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942635 |
| Cia Energetica de Minas Gerais | &nbsp;&nbsp;&nbsp;&nbsp;537023 | &nbsp;&nbsp;&nbsp;&nbsp;1182064 |
| Cia Paranaense de Energia, B Shares | &nbsp;&nbsp;&nbsp;&nbsp;472400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676752 |
| Gerdau S.A. | &nbsp;&nbsp;&nbsp;&nbsp;367106 | &nbsp;&nbsp;&nbsp;&nbsp;1830022 |
| Itau Unibanco Holding S.A. | &nbsp;&nbsp;1711179 | &nbsp;&nbsp;&nbsp;&nbsp;10070630 |
| Metalurgica Gerdau S.A. | &nbsp;&nbsp;&nbsp;&nbsp;485100 | &nbsp;&nbsp;&nbsp;&nbsp;1056505 |
| Petroleo Brasileiro S.A. | &nbsp;&nbsp;1930054 | &nbsp;&nbsp;&nbsp;&nbsp;11138304 |
|  |  | &nbsp;&nbsp;&nbsp;**33479092** |
| &nbsp;&nbsp;**Colombia 0.2%** | &nbsp;&nbsp;**Colombia 0.2%** | &nbsp;&nbsp;**Colombia 0.2%** |
| Bancolombia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;148245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**938022** |
| **Total Preferred Stocks<br> (Cost $25,074,153)** | **Total Preferred Stocks<br> (Cost $25,074,153)** | &nbsp;&nbsp;&nbsp;**34417114** |
| **Total Investments in Securities<br> (Cost $594,915,872)** | **Total Investments in Securities<br> (Cost $594,915,872)** | **600221742** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS | NOTIONAL <br> AMOUNT<br> ($) | CURRENT VALUE/<br> UNREALIZED<br> DEPRECIATION<br> ($) |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI Emerging Markets Index, expires 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(28410)** |

---

\* Non-income producing security. <br> *(a)* Fair-valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| DVR — | Differential Voting Rights |
| GDR — | Global Depositary Receipt |
| NVDR — | Non-Voting Depositary Receipt |

---

<sub>87</sub>

Schwab Fundamental Index Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2022 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1) | &nbsp;&nbsp;&nbsp;OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2) | &nbsp;&nbsp;&nbsp;SIGNIFICANT <br> UNOBSERVABLE INPUTS<br> (LEVEL 3) | &nbsp;&nbsp;&nbsp;TOTAL |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$274138506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$274138506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;46624325 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46624325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806074 |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672229 | &nbsp;&nbsp;&nbsp;&nbsp;171389927 | &nbsp;&nbsp;&nbsp;&nbsp;803343 | &nbsp;&nbsp;&nbsp;&nbsp;173865499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572641 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982511 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;27858807 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27858807 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27762376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33305943 |
| Preferred Stocks<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34417114 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34417114 |
| **Liabilities** |  |  |  |  |
| Futures Contracts<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28410) | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28410) |
| **Total** | **$122880199** | &nbsp;&nbsp;&nbsp;**$476509790** | &nbsp;&nbsp;&nbsp;**$803343** | &nbsp;&nbsp;&nbsp;**$600193332** |

---

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $594,915,872) |  | &nbsp;&nbsp;$600221742 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638938 |
| Foreign currency, at value (cost $887,269) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887333 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100282 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**608617268** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4458557** |
| **Net assets** |  | **$604158711** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$730873956 |
| Total distributable loss | + | &nbsp;&nbsp;(126715245) |
| **Net assets** |  | **$604158711** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $604158711 |  | 82145910 |  | $7.35 |

---

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - unaffiliated (net of foreign withholding tax of $4,322,788) |  | &nbsp;&nbsp;&nbsp;&nbsp;$41811129 |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34238 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**41848072** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620279 |
| Proxy fees<sup>1</sup> | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30758 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2651037** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**39197035** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated (net of foreign capital gains tax paid of $902,432) |  | &nbsp;&nbsp;&nbsp;&nbsp;(50891721) |
| Net realized losses on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2191883) |
| Net realized losses on foreign currency transactions | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718818) |
| **Net realized losses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(53802422)** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated (net of change in foreign capital gains tax of $1,329,850) |  | &nbsp;&nbsp;&nbsp;(172204961) |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12712) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(172215393)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(226017815)** |
| **Decrease in net assets resulting from operations** |  | **($186820780)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Schwab Fundamental Emerging Markets Large Company Index Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$39197035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26482022 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;(53802422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10993707 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(172215393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184471344 |
| **Increase (decrease) in net assets resulting from operations** |  | **($186820780)** | &nbsp;&nbsp;&nbsp;**$221947073** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($30189359)** | &nbsp;&nbsp;&nbsp;&nbsp;**($18875238)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;31322904 | &nbsp;&nbsp;&nbsp;&nbsp;$273449095 | &nbsp;&nbsp;&nbsp;&nbsp;19964352 | &nbsp;&nbsp;&nbsp;&nbsp;$189960789 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;2271110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21734518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14425984 |
| Shares redeemed | + | (20544222) | &nbsp;&nbsp;&nbsp;&nbsp;(181666566) | &nbsp;&nbsp;&nbsp;(25791975) | &nbsp;&nbsp;&nbsp;&nbsp;(249940985) |
| **Net transactions in fund shares** |  | **13049792** | &nbsp;&nbsp;&nbsp;**$113517047** | &nbsp;&nbsp;&nbsp;&nbsp;**(4204903)** | &nbsp;&nbsp;&nbsp;&nbsp;**($45554212)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;69096118 | &nbsp;&nbsp;&nbsp;&nbsp;$707651803 | &nbsp;&nbsp;&nbsp;&nbsp;73301021 | &nbsp;&nbsp;&nbsp;&nbsp;$550134180 |
| Total increase (decrease) | + | &nbsp;&nbsp;13049792 | &nbsp;&nbsp;&nbsp;&nbsp;(103493092) | &nbsp;&nbsp;&nbsp;&nbsp;(4204903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157517623 |
| **End of period** |  | **82145910** | &nbsp;&nbsp;&nbsp;**$604158711** | &nbsp;&nbsp;&nbsp;**69096118** | &nbsp;&nbsp;&nbsp;**$707651803** |

---

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Schwab Fundamental Index Funds

## Financial Notes

------

1. Business Structure of the Funds:

Each of the funds in this report is a series of Schwab Capital Trust (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:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** | **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** |
| **Schwab Fundamental US Large Company Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Fund |
| **Schwab Fundamental US Small Company Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Fund |
| **Schwab Fundamental International Large Company Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Fund |
| **Schwab Fundamental International Small Company Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Fund |
| **Schwab Fundamental Emerging Markets Large Company Index Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Fund |
| Schwab Fundamental Global Real Estate Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Fund |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Fund |
| Schwab Small-Cap Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Fund |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Fund |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Fund |
| Schwab Total Stock Market Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2010 Index Fund |
| Schwab International Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Index Fund |
| Schwab International Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Index Fund |
| Schwab Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Index Fund |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Index Fund |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Index Fund |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Index Fund |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Index Fund |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Target Payout |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Income Payout |

---

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

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

------

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).

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

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities 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.

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Schwab Fundamental Index Funds

## Financial Notes (continued)

------

2. Significant Accounting Policies (continued):

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the NAV of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash management sweep time deposits:** Balances held in cash management sweep time deposits were accounted for on a cost basis, which approximates fair value.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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, ETFs and futures contracts. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

&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

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Schwab Fundamental Index Funds

------

2. Significant Accounting Policies (continued):

provincial obligations. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&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 funds' results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2022 are disclosed in the Portfolio Holdings.

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

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

**Passive Foreign Investment Companies: Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).**

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

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2. Significant Accounting Policies (continued):

As of October 31, 2022, Schwab Fundamental US Large Company Index Fund, Schwab Fundamental US Small Company Index Fund, Schwab Fundamental International Large Company Index Fund and Schwab Fundamental International Small Company Index Fund had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of October 31, 2022, if any, are disclosed in each fund's Portfolio Holdings. The value of the securities on loan and the investment of cash collateral are disclosed in each fund's Statement of Assets and Liabilities.

**Cash Management Transactions: Effective May 23, 2022, Brown Brothers Harriman & Co. (BBH) was replaced by Citibank N.A. as custodian of the funds, except for the Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund. The funds no longer subscribe to the BBH Cash Management Service Sweep (CMS Sweep). The BBH CMS Sweep was an investment product that automatically swept the funds' cash balances into overnight offshore time deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allowed the funds to earn interest on cash balances. Excess cash invested with deposit institutions domiciled outside of the U.S., as with any offshore deposit, was subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. The funds assumed the risk associated with the repayment of principal and payment of interest on such instruments by the institution with which the deposit is ultimately placed. The funds terminated the CMS Sweep program and cash was returned to the funds prior to terminating services with BBH.**

**Cash Investments: The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds, except for the Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund.**

**Central Securities Depositories Regulation: Effective February 1, 2022, the Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund and Schwab Fundamental Emerging Markets Large Company Index Fund may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in the net realized gains (losses) on sales of securities in each fund's Statement of Operations, if any.**

(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.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in the Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

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2. Significant Accounting Policies (continued):

(d) Investment Income:

Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab Fundamental International Large Company Index Fund and Schwab Fundamental International Small Company Index Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees are non-contingent and non-routine fees which are subject to repayment to the investment adviser (see financial note 4 for additional information).

(e) Expenses:

Pursuant to the Amended and Restated Investment Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.

(f) Distributions to Shareholders:

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive distributions, 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) Foreign Taxes:

The funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in the Statement of Operations. Foreign taxes accrued as of October 31, 2022, if any, are reflected in each fund's Statement of Assets and Liabilities.

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2. Significant Accounting Policies (continued):

(j) Indemnification:

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

(k) Regulatory Update:

In October 2022, 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 funds' streamlined shareholder reports 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 will be effective on January 24, 2023 and the compliance date will be 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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3. Risk Factors:

Investing in the funds may involve certain risks, as discussed in the funds' prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

**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. 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.**

**Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.**

**Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its respective index during upturns as well as downturns. Because of its indexing strategy, a fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of a fund's expenses, a fund's performance may be below that of the index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in an index's rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.**

**Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund's performance could be impacted.**

**Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.**

**Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.**

**Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called "tracking error." Tracking error can be caused by many factors and it may be significant.**

**Concentration Risk. To the extent that a fund's or its respective index's portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector, country or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.**

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3. Risk Factors (continued):

**Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with a fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.**

**Derivatives Risk. Each fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are options, futures, options on futures and swaps. An option is the right to buy or sell an instrument at a specific price before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A fund's use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.**

A fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk and market risk, are discussed elsewhere. A fund's use of derivatives is also subject to lack of availability risk, credit risk, leverage risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Credit risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately large impact on the fund. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause the fund to realize higher amounts of short-term capital gains. A fund's use of derivatives could reduce the fund's performance, increase the fund's volatility, and could cause the fund to lose more than the initial amount invested.

**Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.**

**Sampling Index Tracking Risk. To the extent a fund uses a sampling method, the fund may not fully replicate its respective index and may hold securities not included in the index. As a result, the fund is subject to the risk that the investment adviser's investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. If a fund utilizes a sampling approach, it may not track the return of the index as well as it would if the fund purchased all of the securities in the index.**

**Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.**

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3. Risk Factors (continued):

**Exchange Traded Funds (ETFs) Risk. Certain funds may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities directly. When a fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a proportionate share of the ETF's expenses. Therefore, it may be more costly to own an ETF than to own the underlying securities directly. In addition, while the risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF holds, lack of liquidity in the market for an ETF's shares can result in its value being more volatile than the underlying portfolio securities.**

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

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4. Affiliates and Affiliated Transactions:

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| SCHWAB <br> FUNDAMENTAL<br> US LARGE<br> COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> US SMALL<br> COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> INTERNATIONAL<br> LARGE COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> INTERNATIONAL<br> SMALL COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> EMERGING<br> MARKETS<br> LARGE COMPANY<br> INDEX FUND |
| 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% |

---

The investment adviser has a licensing agreement with the Frank Russell Company to use certain Russell indices and trademarks in connection with the offering and operation of certain registered investment companies. The funds have entered into a sub-license agreement with the investment adviser pursuant to which the investment adviser has agreed to sub-license certain Russell indices and trademarks to the funds. The investment adviser pays all applicable licensing fees.

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## Financial Notes (continued)

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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 percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of October 31, 2022, as applicable:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB <br> FUNDAMENTAL<br> US LARGE<br> COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> US SMALL<br> COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> INTERNATIONAL<br> LARGE COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> INTERNATIONAL<br> SMALL COMPANY<br> INDEX FUND | &nbsp;&nbsp;SCHWAB <br> FUNDAMENTAL<br> EMERGING<br> MARKETS<br> LARGE COMPANY<br> INDEX FUND |
| Schwab MarketTrack All Equity Portfolio | 1.5% | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;5.7% |
| Schwab MarketTrack Balanced Portfolio | 0.7% | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;2.0% |
| Schwab MarketTrack Conservative Portfolio | 0.2% | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;0.6% |
| Schwab MarketTrack Growth Portfolio | 1.5% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;4.3% |
| Schwab Target 2010 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2015 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2020 Fund | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2025 Fund | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2030 Fund | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2035 Fund | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2040 Fund | 0.6% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2045 Fund | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2050 Fund | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2055 Fund | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2060 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Target 2065 Fund | 0.0%\* | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |

---

\* Less than 0.05%

#### Other Affiliated Transactions
The professional fees related to foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine fees. The investment adviser agreed to pay these professional fees, on behalf of the funds, subject to reimbursement by the funds to the extent the funds are able to successfully recover taxes withheld in the future.

For the period ended October 31, 2022, the professional fees incurred by the Schwab Fundamental International Large Company Index Fund and Schwab Fundamental International Small Company Index Fund and paid by the investment adviser were $1,868 and $1,018 respectively, as shown as Professional fees in the Statement of Operations.

For the period ended October 31, 2022, Schwab Fundamental International Small Company Index Fund recovered previously withheld foreign taxes from Finland. The payments received by Schwab Fundamental International Small Company Index Fund amounted to $123,582 which includes $2,266 of interest income, and is recorded as Dividends received from securities — unaffiliated in the fund's Statement of Operations. The investment adviser had paid upfront professional fees associated with recovering these foreign taxes in the amount of $3,769 for Schwab Fundamental International Small Company Index Fund and is recorded as Dividends received from securities — unaffiliated in the fund's Statement of Operations. That amount has been reimbursed to the investment adviser by the Schwab Fundamental International Small Company Index Fund. During the period ended October 31, 2022, Schwab Fundamental International Large Company Index Fund did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of October 31, 2022, the balance of professional fees related to foreign withholding tax subject to future reimbursement by the Schwab Fundamental International Large Company Index Fund and Schwab Fundamental International Small Company Index Fund to the investment adviser were $84,862 and $1,018, respectively.

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## Financial Notes (continued)

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4. Affiliates and Affiliated Transactions (continued):

No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

#### Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the 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.

#### Interfund Transactions
The funds may engage in direct 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 October 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 | &nbsp;&nbsp;SALE PROCEEDS | &nbsp;&nbsp;REALIZED GAINS (LOSSES) |
| Schwab Fundamental US Large Company Index Fund | $275195702 | &nbsp;&nbsp;$130460842 | &nbsp;&nbsp;($9190029) |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;100479176 | &nbsp;&nbsp;&nbsp;&nbsp;91693074 | &nbsp;&nbsp;&nbsp;29224586 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;39628775 | &nbsp;&nbsp;&nbsp;&nbsp;22615505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(909261) |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;25663729 | &nbsp;&nbsp;&nbsp;&nbsp;30997271 | &nbsp;&nbsp;&nbsp;&nbsp;8483238 |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;41242313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(679109) |

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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 do not pay any interested or non-interested (independent trustees) trustees. The independent trustees are paid by the investment adviser. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

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6. 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 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 investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street 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 investment adviser 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 paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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## Financial Notes (continued)

------

**7. Derivatives:** 

The funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at October 31, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations, if any. Refer to financial note 2(b) for the funds' accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended October 31, 2022, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS | &nbsp;&nbsp;NUMBER OF CONTRACTS |
| Schwab Fundamental US Large Company Index Fund | $33366107 | &nbsp;&nbsp;159 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;8993698 | &nbsp;&nbsp;&nbsp;&nbsp;92 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;12604194 | &nbsp;&nbsp;126 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;5132829 | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;5441338 | &nbsp;&nbsp;105 |

---

------

8. Purchases and Sales of Investment Securities:

For the period ended October 31, 2022, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br> OF SECURITIES | &nbsp;&nbsp;SALES <br> OF SECURITIES |
| Schwab Fundamental US Large Company Index Fund | $1521761726 | &nbsp;&nbsp;$854218920 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;811573101 | &nbsp;&nbsp;&nbsp;&nbsp;602501681 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;689418342 | &nbsp;&nbsp;&nbsp;&nbsp;199204950 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;239120983 | &nbsp;&nbsp;&nbsp;&nbsp;215965072 |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;276638354 | &nbsp;&nbsp;&nbsp;&nbsp;158477990 |

---

During the period ended October 31, 2022, the following funds had transactions in connection with in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES<br> OF SECURITIES | &nbsp;&nbsp;IN-KIND SALES<br> OF SECURITIES |
| Schwab Fundamental US Large Company Index Fund | $— | &nbsp;&nbsp;$564130721 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;194547537 |

---

For the period ended October 31, 2022, where applicable, the funds realized net capital gains or losses resulting from in-kind redemptions. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended October 31, 2022, are disclosed in the funds' Statements of Operations, if any.

------

9. Federal Income Taxes:

As of October 31, 2022, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | &nbsp;&nbsp;GROSS UNREALIZED<br> APPRECIATION | &nbsp;&nbsp;GROSS UNREALIZED<br> DEPRECIATION | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) |
| Schwab Fundamental US Large Company Index Fund | $4070929427 | &nbsp;&nbsp;$2686277042 | &nbsp;&nbsp;($297398906) | &nbsp;&nbsp;$2388878136 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;1390862774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457487358 | &nbsp;&nbsp;&nbsp;(195863175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261624183 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;1696739994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171651471 | &nbsp;&nbsp;&nbsp;(305347141) | &nbsp;&nbsp;&nbsp;&nbsp;(133695670) |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;591337899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77195447 | &nbsp;&nbsp;&nbsp;(141140105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63944658) |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;651559734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103056162 | &nbsp;&nbsp;&nbsp;(154422564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51366402) |

---

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9. Federal Income Taxes (continued):

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br> ORDINARY<br> INCOME | &nbsp;&nbsp;UNDISTRIBUTED <br> LONG-TERM<br> CAPITAL GAINS | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ON INVESTMENTS | &nbsp;&nbsp;NET OTHER UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | &nbsp;&nbsp;CAPITAL LOSS<br> CARRYFORWARDS<br> AND OTHER LOSSES | &nbsp;&nbsp;TOTAL |
| Schwab Fundamental US Large Company Index Fund | $106067022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$2388878136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($16395504) | &nbsp;&nbsp;$2478549654 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;11020325 | &nbsp;&nbsp;87539598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261624183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360184095 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;41820210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(133695670) | &nbsp;&nbsp;&nbsp;&nbsp;(344596) | &nbsp;&nbsp;&nbsp;(36746541) | &nbsp;&nbsp;&nbsp;&nbsp;(128966597) |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;9459557 | &nbsp;&nbsp;15959445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63944658) | &nbsp;&nbsp;&nbsp;&nbsp;(155059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38680715) |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;31083814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51366402) | &nbsp;&nbsp;(2064531) | &nbsp;&nbsp;(104368126) | &nbsp;&nbsp;&nbsp;&nbsp;(126715245) |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. 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.

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

---

| | |
|:---|:---|
| Schwab Fundamental US Large Company Index Fund | $16395504 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;36746541 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental Emerging Markets Large Company Index Fund | 104368126 |

---

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 | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS | &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS |
| Schwab Fundamental US Large Company Index Fund | $136690830 | &nbsp;&nbsp;$187778508 | &nbsp;&nbsp;$121671839 | &nbsp;&nbsp;$186884443 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;53750563 | &nbsp;&nbsp;&nbsp;155441604 | &nbsp;&nbsp;&nbsp;&nbsp;24462415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;52079126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28299152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;19730992 | &nbsp;&nbsp;&nbsp;&nbsp;19545725 | &nbsp;&nbsp;&nbsp;&nbsp;13332524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;30189359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18875238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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.

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9. Federal Income Taxes (continued):

As of October 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 October 31, 2022, the funds did not incur any interest or penalties.

------

10. Subsequent Events:

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

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Schwab Fundamental Index Funds

## Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of 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, and Schwab Fundamental Emerging Markets Large Company Index Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab 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, and Schwab Fundamental Emerging Markets Large Company Index Fund (the "Funds"), five of the funds constituting Schwab Capital Trust, as of October 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 October 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 October 31, 2019 were audited by other auditors, whose report, dated December 16, 2019, 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 October 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> December 16, 2022
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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## Other Federal Tax Information (unaudited)

------

The funds may elect to pass through, under section 853(a) of the Internal Revenue Code, the foreign tax credit to shareholders. For the fiscal year ended October 31, 2022, the foreign tax credit and respective foreign source income on the funds were as follows:

---

| | | |
|:---|:---|:---|
|  | FOREIGN TAX CREDIT | &nbsp;&nbsp;FOREIGN SOURCE INCOME |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Schwab Fundamental US Small Company Index Fund | &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;— |
| Schwab Fundamental International Large Company Index Fund | 5298716 | &nbsp;&nbsp;63114602 |
| Schwab Fundamental International Small Company Index Fund | 2254394 | &nbsp;&nbsp;19143325 |
| Schwab Fundamental Emerging Markets Large Company Index Fund | 5158974 | &nbsp;&nbsp;46133917 |

---

For corporate shareholders, the following percentage of the funds' dividend distributions paid during the fiscal year ended October 31, 2022, qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Schwab Fundamental US Large Company Index Fund | 94.01% |
| Schwab Fundamental US Small Company Index Fund | 51.50% |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab Fundamental US Large Company Index Fund | $130837168 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;28023659 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;48797132 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;15613869 |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;22890279 |

---

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

---

| | |
|:---|:---|
| Schwab Fundamental US Large Company Index Fund | $187778508 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;155441604 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;19545725 |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts of the dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amount for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab Fundamental US Large Company Index Fund | $2035750 |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;5218529 |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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## Shareholder Vote Results (unaudited)

------

A Special Meeting of Shareholders of Schwab Capital Trust (the "Trust") was held on June 1, 2022, for the purpose of seeking shareholder approval to elect the following individuals as trustees of the Trust: Walter W. Bettinger II, Richard A. Wurster, Michael J. Beer, Robert W. Burns, Nancy F. Heller, David L. Mahoney, Jane P. Moncreiff, Kiran M. Patel, Kimberly S. Patmore, and J. Derek Penn. The number of votes necessary to conduct the Special Meeting and approve the proposal was obtained. The results of the shareholder vote are listed below:

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095577106.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838980.968 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117598789.555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93817297.918 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116890447.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94525639.968 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117915860.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500227.363 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119878732.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91537355.339 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069125022.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142291065.039 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120187927.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228159.635 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116689111.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726975.902 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119941056.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91475031.414 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117666014.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93750073.352 |

---

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## Liquidity Risk Management Program (unaudited)

------

The funds have adopted and implemented a liquidity risk management program (the "program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The funds' Board of Trustees (the "Board") has designated the funds' investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. The program is reasonably designed to assess and manage a fund's liquidity risk, taking into consideration the fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser's process of determining the degree of liquidity of each fund's investments is supported by third-party liquidity assessment vendors.

The funds' Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity risk metrics. No significant liquidity events impacting any of the funds were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each fund's liquidity risk.

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## Investment Advisory Agreement Approval

------

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

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

approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval.

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

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

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

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

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

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

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

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oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds and their shareholders. The Trustees considered Schwab's overall financial condition and its reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance. The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and market trends, as well as in consideration of each Fund's investment style and strategy attributes and disclosures. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund's demonstrated performance in tracking its benchmark index. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.**

**Fund Expenses. With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement, and each Fund's operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to ETFs, other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to**

the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, as well as differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

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

**Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has shared any economies of scale with the Funds by investing in the investment adviser's infrastructure,**

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as discussed above, over time and that the investment adviser's internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

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

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

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## Trustees and Officers

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The tables below give information about the trustees and officers of Schwab Capital Trust, 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.

---

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

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Kiran M. Patel<br> 1948<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)** | Retired. | 105 | Director (2008 – present), KLA-Tencor Corporation |
| **Kimberly S. Patmore<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)** | Consultant (2008 – present), Patmore Management Consulting (management consulting). | 105 |  |
| **<br> J. Derek Penn<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 105 |  |

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Walter W. Bettinger II<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)** | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 105 | Director (2008 – present), The Charles Schwab Corporation |

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested 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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Richard A. Wurster<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)** | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 105 |  |

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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>) | 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 Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)** | Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
| **Mark Fischer<br> 1970<br> Treasurer, Chief Financial Officer and Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)** | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc. |
| **Omar Aguilar<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **Brett Wander<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **William P. McMahon, Jr.<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |

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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>) | Principal Occupations During the Past Five Years |
| **Catherine MacGregor<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)** | Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |

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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.

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## Glossary

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#### asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage.

#### asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
**Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.**

**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 fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund's net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.**

#### cap, capitalization See "market cap."
**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 capital gain or loss is considered unrealized appreciation or depreciation.**

**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.**

#### market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
**MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**MSCI Emerging Markets Index (Net) A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**net asset value (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.**

#### outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
**price-to-book ratio (P/B) The market price of a company's stock compared with its "book value." A mutual fund's P/B is the weighted average of the P/B of all stocks in the fund's portfolio.**

**price-to-earnings ratio (P/E) The market price of a company's stock compared with earnings over the past year. A mutual fund's P/E is the weighted average of the P/E of all stocks in the fund's portfolio.**

**restricted and illiquid securities Restricted securities are securities that are subject to legal restrictions on their sale. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933 (the 1933 Act), or in a registered public offering. Certain restricted securities, such as Section 4(a)(2) commercial paper and Rule 144A securities under the 1933 Act, may be considered to be liquid if they meet the criteria for liquidity established by the Board. Illiquid securities generally are any securities that cannot be disposed of promptly and in the ordinary course of business at approximately the amount at which a fund has valued the instruments. The liquidity of a fund's investments is monitored under the supervision and direction of the Board. Investments currently not considered liquid include repurchase agreements not maturing within seven days and certain restricted securities.**

#### return on equity (ROE) The average yearly rate of return for each dollar of investors' money, measured over the past five years.

#### Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
**Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell 1000 Value Index An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.**

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**Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell RAFI Developed ex US Large Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the largest investable securities in developed countries globally, excluding companies assigned to the United States.**

**Russell RAFI Developed ex US Small Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores rank below the 87.5% threshold. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the smallest investable securities in developed countries globally, excluding companies assigned to the United States.**

**Russell RAFI Emerging Markets Large Company Index (Net) An index that ranks emerging market companies in the FTSE Global Total Cap Index by measures of fundamental size and tracks the performance of those companies whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the emerging companies in the FTSE Global Total Cap Index measures the performance of the investable securities in emerging countries globally.**

**Russell RAFI US Large Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Large Company Index includes only those securities that are members of the U.S. portion whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis.**

**Russell RAFI US Small Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Small Company Index includes only those securities that are members of the U.S. portion and rank below the 87.5% fundamental score threshold. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis.**

#### S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.
**S&P Developed ex-U.S. Small Cap Index (Net) An index composed of the stocks representing the lowest 15% of float-adjusted market cap in each developed market country, excluding the U.S. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

#### stock A share of ownership, or equity, in the issuing company.

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

#### weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund's portfolio.

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

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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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Schwab Fundamental Index Funds

## 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>

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### 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© 2022 Charles Schwab & Co., Inc. All rights reserved.<br> Member SIPC<sup>®</sup><br> Printed on recycled paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| 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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[**Table of Contents**](#job_schwa_d6eea6ed-273e-4a25-aa84-36b2da733081_toc)

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g22839imgd58947de1.jpg)

MFR39592-15<br> 00280552

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g29907img9aa929681.jpg)

#### Annual Report \| October 31, 2022

## Schwab MarketTrack Portfolios<sup>®</sup>

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Schwab MarketTrack<br> All Equity Portfolio™

Schwab MarketTrack<br> Growth Portfolio™

Schwab MarketTrack<br> Balanced Portfolio™

Schwab MarketTrack<br> Conservative Portfolio™

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Schwab MarketTrack Portfolios

In This Report

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_69974e58-f90b-4e3b-977e-5cc89b875668_1) | 2 |
| [From the President](#xx_d67c89ea-0353-475f-b45e-09582f38fd68_1) | 3 |
| [The Investment Environment](#xx_4c416436-75b4-4433-ba60-1aea5af5ae38_1) | 4 |
| [Fund Management](#xx_a421d83b-47d2-437f-aefe-d2c7fbbd9b63_1) | 6 |
| [Performance and Fund Facts](#xx_b5faf04d-0714-4be3-92a1-42f6cbafad48_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack All Equity Portfolio](#xx_b5faf04d-0714-4be3-92a1-42f6cbafad48_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack Growth Portfolio](#xx_e9374856-f4e8-416c-9b09-2ce16df95471_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack Balanced Portfolio](#xx_a2f8f712-cc3f-4fd4-88c8-6fc13b045a6d_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack Conservative Portfolio](#xx_ae415c5c-f8fc-470d-aae7-cc8bb1961daa_1) | 16 |
| [Fund Expenses](#xx_695c4d73-e0ba-4c12-afef-d5a656572e0d_1) | 19 |
| [Financial Statements and Portfolio Holdings](#xx_743789c2-151d-40d3-ab84-91a065e4b21b_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack All Equity Portfolio](#xx_743789c2-151d-40d3-ab84-91a065e4b21b_1) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack Growth Portfolio](#xx_19a2094f-e94e-482e-824a-5ae3e45f8aad_1) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack Balanced Portfolio](#xx_222f044a-18b5-4bf4-8945-e2bda615d17c_1) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab MarketTrack Conservative Portfolio](#xx_e5723b96-33e7-4393-879c-ec96068a4633_1) | 38 |
| [Financial Notes](#xx_703e7d19-79ff-41ed-a59f-dc34a6eb6be9_1) | 44 |
| [Report of Independent Registered Public Accounting Firm](#xx_5aa41155-36aa-4255-94dd-1032eb25cbb8_1) | 54 |
| [Other Federal Tax Information](#xx_7dff5358-7755-447c-ad4f-847a748bfb79_1) | 55 |
| [Shareholder Vote Results](#xx_ee985bfa-9f3c-4324-96a3-062c8696ff7c_1) | 56 |
| [Liquidity Risk Management Program](#xx_af6162ee-8ca9-45e9-9024-5f21a0fe22d7_1) | 57 |
| [Investment Advisory Agreement Approval](#xx_1d47d31b-3f7a-408b-81ec-4102ed7e6333_1) | 58 |
| [Trustees and Officers](#xx_e927205d-ab5f-4218-b94e-5ac1345a0711_1) | 61 |
| [Glossary](#xx_df42035b-5011-42ff-a768-9bc52467fa11_1) | 65 |

---

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

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

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Schwab MarketTrack Portfolios

## Performance at a Glance

------

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

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab MarketTrack All Equity Portfolio (Ticker Symbol: SWEGX)** | -16.89% |
| All Equity Composite Index | -16.51% |
| Fund Category: Morningstar Allocation—85%+ Equity<sup>1</sup> | -19.47% |
| *Performance Details* | *pages 7-9* |
| **Schwab MarketTrack Growth Portfolio (Ticker Symbol: SWHGX)** | -15.52% |
| Growth Composite Index | -15.10% |
| Fund Category: Morningstar Allocation—70% to 85% Equity<sup>1</sup> | -15.46% |
| *Performance Details* | *pages 10-12* |
| **Schwab MarketTrack Balanced Portfolio (Ticker Symbol: SWBGX)** | -15.32% |
| Balanced Composite Index | -14.91% |
| Fund Category: Morningstar Allocation—50% to 70% Equity<sup>1</sup> | -14.00% |
| *Performance Details* | *pages 13-15* |
| **Schwab MarketTrack Conservative Portfolio (Ticker Symbol: SWCGX)** | -15.23% |
| Conservative Composite Index | -14.84% |
| Fund Category: Morningstar Allocation—30% to 50% Equity<sup>1</sup> | -14.73% |
| *Performance Details* | *pages 16-18* |

---

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

The components that make up each of the composite indices may vary over time. For index definitions, please see the Glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, a fund's total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

<sup>1</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

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Schwab MarketTrack Portfolios

## From the President<br>

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![](g29907img1563babf2.jpg)

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

Geopolitical, economic, and market challenges abounded during the 12-month reporting period ended October 31, 2022. Although the period started off strong, with markets reaching new highs in the final months of 2021, the subsequent 10 months were beset by rapidly rising inflation, sharply climbing interest rates, steeply declining stock prices, and the onset of a war in Europe as Russia invaded Ukraine. Economic growth in the United States and most of the world slowed. By the end of the period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, lost nearly 20% of its value from its early-January 2022 peak and returned -14.6% for the reporting period. The MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, declined by more than 25% between early-January 2022 highs and the end of the reporting period and returned -23.0% for the reporting period. U.S. fixed-income markets slumped in the face of inflationary pressures, with the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, returning -15.7% for the reporting period.

At Schwab Asset Management, we recognize that today's turbulent investment environment may be unsettling for many investors. Market declines and volatility can rattle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, even in the face of market turmoil and volatility, most investors are best served by maintaining a diversified portfolio that reflects their risk tolerance and goals.

The Schwab MarketTrack Portfolios are designed to provide a convenient way for investors to combine investments in Schwab Fundamental Index Funds, traditional market-cap index strategies, and bond funds. For those with a longer time horizon and a greater tolerance for volatility, the Schwab MarketTrack All Equity Portfolio provides a diversified all-stock solution. At the other end of the risk spectrum, the Schwab MarketTrack Conservative Portfolio has a larger allocation to bond holdings for investors who are more risk averse or seeking short-term stability of their investment. The Schwab MarketTrack Growth Portfolio and the Schwab MarketTrack Balanced Portfolio fill out the offerings in between.

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 MarketTrack Portfolios, 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,

![](g29907imgec0320453.jpg)

" *The Schwab MarketTrack Portfolios are designed to provide a convenient way for investors to combine investments in Schwab Fundamental Index Funds, traditional market-cap index strategies, and bond funds.*"

Fundamental Index is a registered trademark of Research Affiliates LLC.

Past performance is no guarantee of future results.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

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.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab MarketTrack Portfolios

## The Investment Environment

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For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -14.61%. U.S. small-cap stocks underperformed U.S. large-cap stocks, with the Russell 2000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Index returning -18.54% and -16.38%, respectively. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks, with the Russell 1000<sup>®</sup> Growth Index and Russell 1000<sup>®</sup> Value Index returning -24.60% and -7.00%, respectively. Among U.S. industry sectors, only energy generated strong positive returns, driven by soaring oil and gas prices. Traditionally defensive sectors, such as consumer staples, utilities, and health care, tended to outperform the market average, while cyclically sensitive sectors, such as consumer discretionary, real estate, and information technology, lagged. Outside the United States, the MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, returned -23.00% and the MSCI Emerging Markets Index (Net)\* returned -31.03%. U.S. and international bonds were also weak for the reporting period as economic uncertainty and rising interest rates by many central banks drove bond yields up and bond prices down. (Bond yields and bond prices typically move in opposite directions.) The Bloomberg US Aggregate Bond Index returned -15.68% and the FTSE non-US Dollar World Government Bond Index returned -27.64%.

After a recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, U.S. gross domestic product (GDP) increased at an annualized rate of 6.9% for the fourth quarter. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% and -0.6% for the first and second quarters of 2022, respectively. GDP growth was positive for the third quarter of 2022, increasing at an annualized rate of 2.9%, driven primarily by energy

#### Asset Class Performance Comparison % returns during the 12 months ended October 31, 2022

#### <br>
![](g29907img237e0bdd4.jpg)

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not a guarantee of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

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

Management views may have changed since the report date.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab MarketTrack Portfolios

## The Investment Environment (continued)<br>

------

exports. Consumer spending also grew but at a slower pace than in the second quarter. Inflation remained stubbornly high, hitting a 40-year high in June due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs, before falling slightly by the end of the reporting period. The unemployment rate remained low, ending the reporting period near pre-pandemic lows.

Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, high energy costs, rising inflation, and the war in Ukraine. After spiking in early March 2022 as sanctions were imposed on Russian imports—and again in June on supply-and-demand imbalances—oil prices generally fell through the rest of the reporting period, ending at just over $86 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for the fourth quarter of 2021 and first and second quarters of 2022, as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The United Kingdom also posted small gains in GDP growth for the fourth quarter of 2021 and first and second quarters of 2022. Among emerging markets, China's GDP growth rate remained positive but slowed notably as China dealt with numerous headwinds including lockdowns and quarantines, declining domestic consumption, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing mortgage payments on incomplete builds. India's GDP growth also remained positive over the reporting period, particularly in the second quarter of 2022, on rising consumer demand and a rapid decline in COVID-19 cases.

Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the U.S. Federal Reserve (Fed) shifted its stance. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate five times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—in its ongoing efforts to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 3.00% to 3.25%. In June, the Fed also began to reduce the $9 trillion in assets it held on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. Outside the United States, central banks were similarly responsive. After holding its policy rate unchanged since March 2015, at 0.00%, the European Central Bank raised its interest rate three times over the reporting period in an effort to dampen demand and control inflation, which in October 2022 rose into double-digits. The Bank of England raised its key official bank rate seven times during the reporting period, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but raised its inflation forecast at its October 2022 meeting. Monetary policies in emerging markets were mixed. Central banks in India, Indonesia, Brazil, Mexico, and Pakistan raised their rates multiple times over the reporting period to counteract the impacts of inflation. In contrast, China cut its interest rate three times over the reporting period, in part as a result of a resurgence of COVID-19 cases and a lingering property downturn. Russia raised its benchmark policy rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia's invasion of Ukraine, but subsequently reduced it several times.

U.S. bond yields remained relatively flat through the final two months of 2021. However, as inflation continued to rise and Fed monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. Over the reporting period, the yield on the 10-year U.S. Treasury rose from 1.55% to 4.10%. Short-term rates also rose, with the yield on the three-month U.S. Treasury climbing from 0.05% to 4.22% over the reporting period. Outside the U.S., bond yields generally followed a similar trajectory.

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Schwab MarketTrack Portfolios

## Fund Management

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| | |
|:---|:---|
| ![](g29907img1ad362455.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Zifan Tang, Ph.D., CFA, Senior Portfolio Manager, is responsible for the co-management of the funds. Prior to joining Schwab in 2012, Ms. Tang was a product manager at Thomson Reuters and from 1997 to 2009 worked as a portfolio manager at Barclays Global Investors (now known as BlackRock).** |

---

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|:---|:---|
| ![](g29907img80bd405d6.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Patrick Kwok, CFA, Portfolio Manager, is responsible for the co-management of the funds. Previously, Mr. Kwok served as an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund administration manager, where he was responsible for oversight of sub-advisers, trading, cash management, and fund administration supporting the Charles Schwab Trust Bank Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in 2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust Company. He also worked for one year at State Street Bank & Trust as a portfolio accountant and pricing specialist.** |

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[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

## Schwab MarketTrack All Equity Portfolio as of October 31, 2022

------

**The Schwab MarketTrack All Equity Portfolio (the fund) seeks high capital growth through an all-stock portfolio. To pursue its goal, the fund maintains a defined asset allocation. The fund's target allocation is 100% in stock investments, with certain percentages for different segments of the stock market. For the 12-month reporting period ended October 31, 2022, the fund remained close to the target allocations of 50% in U.S. large-cap, 30% in international, 15% in U.S. small cap-stocks, and 5% in real estate securities. The fund invests mainly in other affiliated Schwab Funds, including index funds and exchange-traded funds (ETFs), which seek to track or replicate the total returns of various market indices. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the fund returned -16.89%. The fund's custom blended comparative index, the All Equity Composite Index (the composite index), returned -16.51%.**

#### Positioning and Strategies. Over the reporting period, the fund's asset allocations were broadly in line with those of the composite index.
The fund's U.S. equity allocations detracted the most from the total return of the fund. The Schwab S&P 500 Index Fund was the largest detractor from the total return of the fund, returning approximately -15% for the reporting period, largely due to the Schwab S&P 500 Index Fund's large position within the fund. The Schwab Small-Cap Index Fund and Schwab U.S. Large-Cap Growth Index Fund also detracted from the total return of the fund, returning approximately -19% and -25%, respectively, for the reporting period. The Schwab Fundamental US Small Company Index Fund and Schwab Fundamental US Large Company Index Fund were the smallest detractors from the total return of the fund, returning approximately -11% and -4%, respectively, for the reporting period.

The fund's international equity allocation also detracted from the total return of the fund. The Schwab International Index Fund detracted from the total return of the fund and returned approximately -23% for the reporting period. The Schwab Fundamental International Small Company Index Fund also detracted from the total return of the fund, returning approximately -27% for the reporting period. The Schwab Fundamental Emerging Markets Large Company Index Fund also detracted from the total return of the fund, returning approximately -25% for the reporting, but slightly outperformed its comparative index. The Schwab Fundamental International Large Company Index Fund detracted from the total return of the fund, returning approximately -17% for the reporting period.

The fund's real estate allocation, the Schwab U.S. REIT ETF, detracted from the total return of the fund as well, returning approximately -19% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>7</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g29907lg_2m31.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab MarketTrack All Equity Portfolio (5/19/98) | -16.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| All Equity Composite Index | -16.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.46% |
| Fund Category: Morningstar Allocation—85%+ Equity<sup>2</sup> | -19.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% |
| *Fund Expense Ratio<sup>3</sup>: 0.50%* | *Fund Expense Ratio<sup>3</sup>: 0.50%* | *Fund Expense Ratio<sup>3</sup>: 0.50%* | *Fund Expense Ratio<sup>3</sup>: 0.50%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.12% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>8</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;10 |
| Portfolio Turnover Rate | 7% |

---

Asset Class Weightings % of Investments<sup>1</sup>

![](g29907imgc57c54df7.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>2,3</sup>

![](g29907imgaa396f4a8.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Small-company stocks are subject to greater volatility than many other asset classes.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The holdings listed exclude any temporary liquidity investments.

<sub>9</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

## Schwab MarketTrack Growth Portfolio as of October 31, 2022

------

**The Schwab MarketTrack Growth Portfolio (the fund) seeks high capital growth with less volatility than an all-stock portfolio. To pursue its goal, the fund maintains a defined asset allocation. The fund's target allocation includes stock, bond, and cash investments. For the 12-month reporting period ended October 31, 2022, the fund remained close to the target allocations of 80% equity, 16% fixed income, and 4% cash and cash equivalents (including money market funds). The fund invests mainly in other affiliated Schwab Funds, including index funds and exchange-traded funds (ETFs), which seek to track or replicate the total returns of various market indices. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the fund returned -15.52%. The fund's custom blended comparative index, the Growth Composite Index (the composite index), returned -15.10%.**

#### Positioning and Strategies. Over the reporting period, the fund's asset allocations were broadly in line with those of the composite index.
The fund's U.S. equity allocations detracted the most from the total return of the fund. The Schwab S&P 500 Index Fund was the largest detractor from the total return of the fund, returning approximately -15% for the reporting period, largely due to the Schwab S&P 500 Index Fund's large position within the fund. The Schwab Small-Cap Index Fund and Schwab U.S. Large-Cap Growth Index Fund also detracted from the total return of the fund, returning approximately -19% and -25%, respectively, for the reporting period. The Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund were the smallest detractors from the total return of the fund, returning approximately -4% and -11%, respectively, for the reporting period.

The fund's international equity allocation also detracted from the total return of the fund. The Schwab International Index Fund detracted from the total return of the fund and returned approximately -23% for the reporting period. The Schwab Fundamental International Small Company Index Fund also detracted from the total return of the fund, returning approximately -27% for the reporting period. The Schwab Fundamental Emerging Markets Large Company Index Fund also detracted from the total return of the fund, returning approximately -25% for the reporting, but slightly outperformed its comparative index. The Schwab Fundamental International Large Company Index Fund detracted from the total return of the fund, returning approximately -17% for the reporting period.

The fund's fixed-income allocation, the Schwab U.S. Aggregate Bond Index Fund, detracted from the total return of the fund, returning approximately -16% for the reporting period.

The fund's real estate allocation, the Schwab U.S. REIT ETF, detracted from the total return of the fund as well, returning approximately -19% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>10</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g29907lg_2m28.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab MarketTrack Growth Portfolio (11/20/95) | -15.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Growth Composite Index | -15.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% |
| Fund Category: Morningstar Allocation—70% to 85% Equity<sup>2</sup> | -15.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.96% |
| *Fund Expense Ratio<sup>3</sup>: 0.50%* | *Fund Expense Ratio<sup>3</sup>: 0.50%* | *Fund Expense Ratio<sup>3</sup>: 0.50%* | *Fund Expense Ratio<sup>3</sup>: 0.50%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.11% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>11</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | 8% |

---

Asset Class Weightings % of Investments<sup>1</sup>

![](g29907img8e83a0119.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>2,3</sup>

![](g29907img3583847010.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Small-company stocks are subject to greater volatility than many other asset classes.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The holdings listed exclude any temporary liquidity investments.

<sub>12</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

## Schwab MarketTrack Balanced Portfolio as of October 31, 2022

------

**The Schwab MarketTrack Balanced Portfolio (the fund) seeks both capital growth and income. To pursue its goal, the fund maintains a defined asset allocation. The fund's target allocation includes bond, stock and cash investments. For the 12-month reporting period ended October 31, 2022, the fund remained close to the target allocations of 60% equity, 36% fixed income, and 4% cash and cash equivalents (including money market funds). The fund invests mainly in other affiliated Schwab Funds, including index funds and exchange-traded funds (ETFs), which seek to track or replicate the total returns of various market indices. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the fund returned -15.32%. The fund's custom blended comparative index, the Balanced Composite Index (the composite index), returned -14.91%.**

#### Positioning and Strategies. Over the reporting period, the fund's asset allocations were broadly in line with those of the composite index.
The fund's fixed-income allocation detracted the most from the total return of the fund. The Schwab U.S. Aggregate Bond Index Fund was the largest detractor from the total return of the fund, returning approximately -16% for the reporting period, largely due to the Schwab U.S. Aggregate Bond Index Fund's large position within the fund. The Schwab Short-Term Index Fund also detracted from the total return of the fund, returning approximately -7% for the reporting period.

The fund's U.S. equity allocations also detracted from the total return of the fund. The Schwab S&P 500 Index Fund detracted from the total return of the fund, returning approximately -15% for the reporting period. The Schwab Small-Cap Index Fund and Schwab U.S. Large-Cap Growth Index Fund also detracted from the total return of the fund, returning approximately -19% and -25%, respectively, for the reporting period. The Schwab Fundamental US Large Company Index Fund and Schwab Fundamental US Small Company Index Fund detracted from the total return of the fund as well, returning approximately -4% and -11%, respectively, for the reporting period.

The fund's international equity allocation also detracted from the total return of the fund. The Schwab International Index Fund detracted from the total return of the fund and returned approximately -23% for the reporting period. The Schwab Fundamental International Small Company Index Fund also detracted from the total return of the fund, returning approximately -27% for the reporting period. The Schwab Fundamental Emerging Markets Large Company Index Fund also detracted from the total return of the fund, returning approximately -25% for the reporting, but slightly outperformed its comparative index. The Schwab Fundamental International Large Company Index Fund detracted from the total return of the fund, returning approximately -17% for the reporting period.

The fund's real estate allocation, the Schwab U.S. REIT ETF, detracted from the total return of the fund as well, returning approximately -19% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sub>13</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g29907lg_2m29.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab MarketTrack Balanced Portfolio (11/20/95) | -15.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Balanced Composite Index | -14.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% |
| Fund Category: Morningstar Allocation—50% to 70% Equity<sup>2</sup> | -14.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% |
| *Fund Expense Ratio<sup>3</sup>: 0.48%* | *Fund Expense Ratio<sup>3</sup>: 0.48%* | *Fund Expense Ratio<sup>3</sup>: 0.48%* | *Fund Expense Ratio<sup>3</sup>: 0.48%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.09% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>14</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;13 |
| Portfolio Turnover Rate | 11% |

---

Asset Class Weightings % of Investments<sup>1</sup>

![](g29907img91dafa5511.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>2,3</sup>

![](g29907img3d8b7c7f12.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Small-company stocks are subject to greater volatility than many other asset classes.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The holdings listed exclude any temporary liquidity investments.

<sub>15</sub>

Schwab MarketTrack Portfolios \| Annual Report

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

## Schwab MarketTrack Conservative Portfolio as of October 31, 2022

------

**The Schwab MarketTrack Conservative Portfolio (the fund) seeks income and more growth potential than an all-bond portfolio. To pursue its goal, the fund maintains a defined asset allocation. The fund's target allocation includes bond, stock and cash investments. For the 12-month reporting period ended October 31, 2022, the fund remained close to the target allocations of 56% fixed income, 40% equity, and 4% cash and cash equivalents (including money market funds). The fund invests mainly in other affiliated Schwab Funds, including index funds and exchange-traded funds (ETFs), which seek to track or replicate the total returns of various market indices. For more information concerning the fund's investment objective, strategies, and risks, please see the fund's prospectus.**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the fund returned -15.23%. The fund's custom blended comparative index, the Conservative Composite Index (the composite index), returned -14.84%.**

#### Positioning and Strategies. Over the reporting period, the fund's asset allocations were broadly in line with those of the composite index.
The fund's fixed-income allocation detracted the most from the total return of the fund. The Schwab U.S. Aggregate Bond Index Fund was the largest detractor from the total return of the fund, returning approximately -16% for the reporting period, largely due to the Schwab U.S. Aggregate Bond Index Fund's large position within the fund. The Schwab Short-Term Index Fund also detracted from the total return of the fund, returning approximately -7% for the reporting period.

The fund's U.S. equity allocations also detracted from the total return of the fund. The Schwab S&P 500 Index Fund detracted from the total return of the fund, returning approximately -15% for the reporting period. The Schwab Small-Cap Index Fund and Schwab U.S. Large-Cap Growth Index Fund also detracted from the total return of the fund, returning approximately -19% and -25%, respectively, for the reporting period. The Schwab Fundamental US Small Company Index Fund and Schwab Fundamental US Large Company Index Fund detracted from the total return of the fund as well, returning approximately -11% and -4%, respectively, for the reporting period.

The fund's international equity allocation also detracted from the total return of the fund. The Schwab International Index Fund detracted from the total return of the fund and returned approximately -23% for the reporting period. The Schwab Fundamental International Small Company Index Fund also detracted from the total return of the fund, returning approximately -27% for the reporting period. The Schwab Fundamental Emerging Markets Large Company Index Fund also detracted from the total return of the fund, returning approximately -25% for the reporting, but slightly outperformed its comparative index. The Schwab Fundamental International Large Company Index Fund detracted from the total return of the fund, returning approximately -17% for the reporting period.

The fund's real estate allocation, the Schwab U.S. REIT ETF, detracted from the total return of the fund as well, returning approximately -19% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

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Schwab MarketTrack Conservative Portfolio

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g29907lg_2m30.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab MarketTrack Conservative Portfolio (11/20/95) | -15.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% |
| S&P 500<sup>®</sup> Index | -14.61% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Conservative Composite Index | -14.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% |
| Fund Category: Morningstar Allocation—30% to 50% Equity<sup>2</sup> | -14.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% |
| *Fund Expense Ratio<sup>3</sup>: 0.48%* | *Fund Expense Ratio<sup>3</sup>: 0.48%* | *Fund Expense Ratio<sup>3</sup>: 0.48%* | *Fund Expense Ratio<sup>3</sup>: 0.48%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.07% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Conservative Portfolio

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;13 |
| Portfolio Turnover Rate | 11% |

---

Asset Class Weightings % of Investments<sup>1</sup>

![](g29907img00cd9fc713.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>2,3</sup>

![](g29907img95f4940414.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

Small-company stocks are subject to greater volatility than many other asset classes.

International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.

<sup>1</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.

<sup>2</sup> This list is not a recommendation of any security by the investment adviser.

<sup>3</sup> The holdings listed exclude any temporary liquidity investments.

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[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Portfolios

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 May 1, 2022 and held through October 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 a 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 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;<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;EXPENSE RATIO<br> (ANNUALIZED)<sup>1,2</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSE RATIO<br> (ANNUALIZED)<sup>3,4</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22 | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>2,5</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>4,5</sup> |
| **Schwab MarketTrack All Equity Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.51% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$924.50 | &nbsp;&nbsp;$1.89 | &nbsp;&nbsp;$2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.51% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1023.24 | &nbsp;&nbsp;$1.99 | &nbsp;&nbsp;$2.60 |
| **Schwab MarketTrack Growth Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$932.90 | &nbsp;&nbsp;$1.90 | &nbsp;&nbsp;$2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1023.24 | &nbsp;&nbsp;$1.99 | &nbsp;&nbsp;$2.55 |
| **Schwab MarketTrack Balanced Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$934.30 | &nbsp;&nbsp;$1.95 | &nbsp;&nbsp;$2.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1023.19 | &nbsp;&nbsp;$2.04 | &nbsp;&nbsp;$2.50 |
| **Schwab MarketTrack Conservative Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$934.60 | &nbsp;&nbsp;$2.05 | &nbsp;&nbsp;$2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1023.09 | &nbsp;&nbsp;$2.14 | &nbsp;&nbsp;$2.55 |

---

<sup>1</sup> Based on the most recent six-month expense ratio.

<sup>2</sup> Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Based on the most recent six-month acquired fund fees and expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio in the prospectus.

<sup>4</sup> Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 365 days of the fiscal year.

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[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$23.89 | &nbsp;&nbsp;&nbsp;&nbsp;$17.73 | &nbsp;&nbsp;&nbsp;&nbsp;$19.15 | &nbsp;&nbsp;&nbsp;&nbsp;$18.33 | &nbsp;&nbsp;&nbsp;&nbsp;$18.76 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$19.11 | &nbsp;&nbsp;&nbsp;&nbsp;$23.89 | &nbsp;&nbsp;&nbsp;&nbsp;$17.73 | &nbsp;&nbsp;&nbsp;&nbsp;$19.15 | &nbsp;&nbsp;&nbsp;&nbsp;$18.33 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.89%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$698899 | &nbsp;&nbsp;$861267 | &nbsp;&nbsp;$623095 | &nbsp;&nbsp;$690801 | &nbsp;&nbsp;$659883 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

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See financial notes

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[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** |
| **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** | **U.S. Stocks 65.3%** |
| **Large-Cap 50.1%** | **Large-Cap 50.1%** | **Large-Cap 50.1%** | **Large-Cap 50.1%** | **Large-Cap 50.1%** | **Large-Cap 50.1%** | **Large-Cap 50.1%** | **Large-Cap 50.1%** | **Large-Cap 50.1%** |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;$116756387 | &nbsp;&nbsp;&nbsp;&nbsp;$5526670 | &nbsp;&nbsp;($16845411) | &nbsp;&nbsp;$3535068 | &nbsp;&nbsp;&nbsp;&nbsp;($13347981) | &nbsp;&nbsp;&nbsp;&nbsp;$95624733 | 4512729 | &nbsp;&nbsp;&nbsp;&nbsp;$5526670 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;272314653 | &nbsp;&nbsp;&nbsp;&nbsp;4232483 | &nbsp;&nbsp;&nbsp;&nbsp;(13784846) | &nbsp;&nbsp;&nbsp;&nbsp;6856908 | &nbsp;&nbsp;&nbsp;&nbsp;(48666778) | &nbsp;&nbsp;&nbsp;&nbsp;220952420 | 3681313 | &nbsp;&nbsp;&nbsp;&nbsp;3432484 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;43676384 | &nbsp;&nbsp;&nbsp;&nbsp;2456734 | &nbsp;&nbsp;&nbsp;&nbsp;(1000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444296 | &nbsp;&nbsp;&nbsp;&nbsp;(11825954) | &nbsp;&nbsp;&nbsp;&nbsp;33751460 | &nbsp;&nbsp;&nbsp;&nbsp;510689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756734 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;350328613 |  |  |
| **Small-Cap 15.2%** | **Small-Cap 15.2%** | **Small-Cap 15.2%** | **Small-Cap 15.2%** | **Small-Cap 15.2%** | **Small-Cap 15.2%** | **Small-Cap 15.2%** | **Small-Cap 15.2%** | **Small-Cap 15.2%** |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;38611103 | &nbsp;&nbsp;&nbsp;&nbsp;4295785 | &nbsp;&nbsp;&nbsp;&nbsp;(2162106) | &nbsp;&nbsp;&nbsp;&nbsp;(248210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8408974) | &nbsp;&nbsp;&nbsp;&nbsp;32087598 | 2108252 | &nbsp;&nbsp;&nbsp;&nbsp;4295785 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;88250003 | &nbsp;&nbsp;&nbsp;&nbsp;14883912 | &nbsp;&nbsp;&nbsp;&nbsp;(5114837) | &nbsp;&nbsp;&nbsp;(1236733) | &nbsp;&nbsp;&nbsp;&nbsp;(22949700) | &nbsp;&nbsp;&nbsp;&nbsp;73832645 | 2471799 | &nbsp;&nbsp;&nbsp;&nbsp;7183912 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;105920243 |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;456248856 |  |  |
| **International Stocks 29.5%** | **International Stocks 29.5%** | **International Stocks 29.5%** | **International Stocks 29.5%** | **International Stocks 29.5%** | **International Stocks 29.5%** | **International Stocks 29.5%** | **International Stocks 29.5%** | **International Stocks 29.5%** |
| **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;51138365 | &nbsp;&nbsp;&nbsp;&nbsp;5920159 | &nbsp;&nbsp;&nbsp;&nbsp;(5000000) | &nbsp;&nbsp;&nbsp;&nbsp;(133491) | &nbsp;&nbsp;&nbsp;&nbsp;(10133268) | &nbsp;&nbsp;&nbsp;&nbsp;41791765 | 4969294 | &nbsp;&nbsp;&nbsp;&nbsp;1924957 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;42258117 | &nbsp;&nbsp;&nbsp;&nbsp;6794587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518000) | &nbsp;&nbsp;&nbsp;&nbsp;(158912) | &nbsp;&nbsp;&nbsp;&nbsp;(13958727) | &nbsp;&nbsp;&nbsp;&nbsp;34417065 | 3228618 | &nbsp;&nbsp;&nbsp;&nbsp;2441864 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;118493690 | &nbsp;&nbsp;&nbsp;&nbsp;13543774 | &nbsp;&nbsp;&nbsp;&nbsp;(4000000) | &nbsp;&nbsp;&nbsp;&nbsp;(521599) | &nbsp;&nbsp;&nbsp;&nbsp;(31387560) | &nbsp;&nbsp;&nbsp;&nbsp;96128305 | 5290496 | &nbsp;&nbsp;&nbsp;&nbsp;3924893 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;172337135 |  |  |
| **Emerging Markets 4.9%** | **Emerging Markets 4.9%** | **Emerging Markets 4.9%** | **Emerging Markets 4.9%** | **Emerging Markets 4.9%** | **Emerging Markets 4.9%** | **Emerging Markets 4.9%** | **Emerging Markets 4.9%** | **Emerging Markets 4.9%** |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;42507983 | &nbsp;&nbsp;&nbsp;&nbsp;8761915 | &nbsp;&nbsp;&nbsp;&nbsp;(4640000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60723) | &nbsp;&nbsp;&nbsp;&nbsp;(12288404) | &nbsp;&nbsp;&nbsp;&nbsp;34280771 | 4664050 | &nbsp;&nbsp;&nbsp;&nbsp;1909360 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;206617906 |  |  |
| **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** |
| **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** |
| Schwab U.S. REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp;43312349 | &nbsp;&nbsp;&nbsp;&nbsp;1033679 | &nbsp;&nbsp;&nbsp;&nbsp;(3048106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8825193) | &nbsp;&nbsp;&nbsp;&nbsp;32899142 | 1703736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832760 |
| **Total Affiliated Underlying Funds<br> (Cost $444,195,927)** | **$857319034** | **$67449698** | **($56113306)** | **$8903017** | **($181792539)** | **$695765904** |  | **$32229419** |
| **Total Investments in Securities<br> (Cost $444,195,927)** |  |  |  |  |  | **$695765904** |  |  |

---

(a) Distributions
 received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of
Operations, if applicable (See financial note 2(d) for additional information).

ETF — Exchange traded fund <br> REIT — Real Estate Investment Trust

<sub>21</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>22</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $444,195,927) |  | &nbsp;&nbsp;$695765904 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322645 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15494 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**704916199** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97893 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6017358** |
| **Net assets** |  | **$698898841** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$435746602 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;263152239 |
| **Net assets** |  | **$698898841** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $698898841 |  | 36581612 |  | $19.11 |

---

<sub>23</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$16612616 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16771 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16629387** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840860 |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011089 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34999 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34211 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34055 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29851 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21540 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11679 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3034597** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3029051** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**13600336** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15616803 |
| Net realized gains on sales of securities - affiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8903017 |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24519820** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated** | + | &nbsp;&nbsp;&nbsp;**(181792539)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(157272719)** |
| **Decrease in net assets resulting from operations** |  | **($143672383)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>24</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack All Equity Portfolio

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$13600336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10545614 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24519820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16951292 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(181792539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241141234 |
| **Increase (decrease) in net assets resulting from operations** |  | **($143672383)** | &nbsp;&nbsp;&nbsp;**$268638140** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($32780380)** | &nbsp;&nbsp;&nbsp;&nbsp;**($46815289)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;3208269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68237077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70646900 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;1243501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29160110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41923540 |
| Shares redeemed | + | &nbsp;&nbsp;(3924534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83312796) | &nbsp;&nbsp;&nbsp;&nbsp;(4430219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96220989) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**527236** | &nbsp;&nbsp;&nbsp;&nbsp;**$14084391** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**918467** | &nbsp;&nbsp;&nbsp;&nbsp;**$16349451** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;36054376 | &nbsp;&nbsp;&nbsp;&nbsp;$861267213 | &nbsp;&nbsp;&nbsp;&nbsp;35135909 | &nbsp;&nbsp;&nbsp;&nbsp;$623094911 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;527236 | &nbsp;&nbsp;&nbsp;&nbsp;(162368372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238172302 |
| **End of period** |  | **36581612** | &nbsp;&nbsp;&nbsp;**$698898841** | &nbsp;&nbsp;&nbsp;**36054376** | &nbsp;&nbsp;&nbsp;**$861267213** |

---

<sub>25</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$27.84 | &nbsp;&nbsp;&nbsp;&nbsp;$22.42 | &nbsp;&nbsp;&nbsp;&nbsp;$23.54 | &nbsp;&nbsp;&nbsp;&nbsp;$22.67 | &nbsp;&nbsp;&nbsp;&nbsp;$23.47 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$22.39 | &nbsp;&nbsp;&nbsp;&nbsp;$27.84 | &nbsp;&nbsp;&nbsp;&nbsp;$22.42 | &nbsp;&nbsp;&nbsp;&nbsp;$23.54 | &nbsp;&nbsp;&nbsp;&nbsp;$22.67 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.52%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$801906 | &nbsp;&nbsp;$982246 | &nbsp;&nbsp;$748492 | &nbsp;&nbsp;$816532 | &nbsp;&nbsp;$782843 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sub>26</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS** |
| **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** | **U.S. Stocks 56.6%** |
| **Large-Cap 43.6%** | **Large-Cap 43.6%** | **Large-Cap 43.6%** | **Large-Cap 43.6%** | **Large-Cap 43.6%** | **Large-Cap 43.6%** | **Large-Cap 43.6%** | **Large-Cap 43.6%** | **Large-Cap 43.6%** |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;$118042501 | &nbsp;&nbsp;&nbsp;&nbsp;$5587548 | &nbsp;&nbsp;($16077159) | &nbsp;&nbsp;$3320583 | &nbsp;&nbsp;&nbsp;&nbsp;($13116896) | &nbsp;&nbsp;&nbsp;&nbsp;$97756577 | &nbsp;&nbsp;&nbsp;4613335 | &nbsp;&nbsp;&nbsp;&nbsp;$5587548 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;277499962 | &nbsp;&nbsp;&nbsp;&nbsp;8842886 | &nbsp;&nbsp;&nbsp;&nbsp;(18255663) | &nbsp;&nbsp;&nbsp;&nbsp;8024693 | &nbsp;&nbsp;&nbsp;&nbsp;(50032799) | &nbsp;&nbsp;&nbsp;&nbsp;226079079 | &nbsp;&nbsp;&nbsp;3766729 | &nbsp;&nbsp;&nbsp;&nbsp;3528504 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;33120533 | &nbsp;&nbsp;&nbsp;&nbsp;1851920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(663202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8576200) | &nbsp;&nbsp;&nbsp;&nbsp;25769558 | &nbsp;&nbsp;&nbsp;&nbsp;389916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587210 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;349605214 |  |  |
| **Small-Cap 13.0%** | **Small-Cap 13.0%** | **Small-Cap 13.0%** | **Small-Cap 13.0%** | **Small-Cap 13.0%** | **Small-Cap 13.0%** | **Small-Cap 13.0%** | **Small-Cap 13.0%** | **Small-Cap 13.0%** |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;37581408 | &nbsp;&nbsp;&nbsp;&nbsp;4181223 | &nbsp;&nbsp;&nbsp;&nbsp;(2005047) | &nbsp;&nbsp;&nbsp;&nbsp;(145867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8206981) | &nbsp;&nbsp;&nbsp;&nbsp;31404736 | &nbsp;&nbsp;&nbsp;2063386 | &nbsp;&nbsp;&nbsp;&nbsp;4181223 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;87328739 | &nbsp;&nbsp;&nbsp;&nbsp;13884881 | &nbsp;&nbsp;&nbsp;&nbsp;(4668555) | &nbsp;&nbsp;&nbsp;(1088108) | &nbsp;&nbsp;&nbsp;&nbsp;(22431174) | &nbsp;&nbsp;&nbsp;&nbsp;73025783 | &nbsp;&nbsp;&nbsp;2444787 | &nbsp;&nbsp;&nbsp;&nbsp;7052100 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;104430519 |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;454035733 |  |  |
| **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** |
| **Developed Markets 16.6%** | **Developed Markets 16.6%** | **Developed Markets 16.6%** | **Developed Markets 16.6%** | **Developed Markets 16.6%** | **Developed Markets 16.6%** | **Developed Markets 16.6%** | **Developed Markets 16.6%** | **Developed Markets 16.6%** |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;39004287 | &nbsp;&nbsp;&nbsp;&nbsp;4913207 | &nbsp;&nbsp;&nbsp;&nbsp;(3811820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7810017) | &nbsp;&nbsp;&nbsp;&nbsp;32253756 | &nbsp;&nbsp;&nbsp;3835167 | &nbsp;&nbsp;&nbsp;&nbsp;1470371 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;32131665 | &nbsp;&nbsp;&nbsp;&nbsp;4441824 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10685726) | &nbsp;&nbsp;&nbsp;&nbsp;25887763 | &nbsp;&nbsp;&nbsp;2428496 | &nbsp;&nbsp;&nbsp;&nbsp;1855489 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;89825363 | &nbsp;&nbsp;&nbsp;&nbsp;11344868 | &nbsp;&nbsp;&nbsp;&nbsp;(1820000) | &nbsp;&nbsp;&nbsp;&nbsp;(211612) | &nbsp;&nbsp;&nbsp;&nbsp;(24066720) | &nbsp;&nbsp;&nbsp;&nbsp;75071899 | &nbsp;&nbsp;&nbsp;4131640 | &nbsp;&nbsp;&nbsp;&nbsp;3021946 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;133213418 |  |  |
| **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;33053688 | &nbsp;&nbsp;&nbsp;&nbsp;4479321 | &nbsp;&nbsp;&nbsp;&nbsp;(1900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9516552) | &nbsp;&nbsp;&nbsp;&nbsp;26183179 | &nbsp;&nbsp;&nbsp;3562337 | &nbsp;&nbsp;&nbsp;&nbsp;1449004 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;159396597 |  |  |
| **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** |
| **U.S. REITs 3.9%** | **U.S. REITs 3.9%** | **U.S. REITs 3.9%** | **U.S. REITs 3.9%** | **U.S. REITs 3.9%** | **U.S. REITs 3.9%** | **U.S. REITs 3.9%** | **U.S. REITs 3.9%** | **U.S. REITs 3.9%** |
| Schwab U.S. REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp;40246572 | &nbsp;&nbsp;&nbsp;&nbsp;1171868 | &nbsp;&nbsp;&nbsp;&nbsp;(2550003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8215530) | &nbsp;&nbsp;&nbsp;&nbsp;31100879 | &nbsp;&nbsp;&nbsp;1610610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777528 |
| **Fixed Income 15.7%** | **Fixed Income 15.7%** | **Fixed Income 15.7%** | **Fixed Income 15.7%** | **Fixed Income 15.7%** | **Fixed Income 15.7%** | **Fixed Income 15.7%** | **Fixed Income 15.7%** | **Fixed Income 15.7%** |
| **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** | **Intermediate-Term Bond 15.7%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;155413117 | &nbsp;&nbsp;&nbsp;&nbsp;16696054 | &nbsp;&nbsp;&nbsp;&nbsp;(18696573) | &nbsp;&nbsp;&nbsp;(2551485) | &nbsp;&nbsp;&nbsp;&nbsp;(24772473) | &nbsp;&nbsp;&nbsp;&nbsp;126088640 | 14661470 | &nbsp;&nbsp;&nbsp;&nbsp;3244324 |
| **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24572691 | &nbsp;&nbsp;&nbsp;&nbsp;2228017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586) | &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;(7388) | &nbsp;&nbsp;&nbsp;&nbsp;26792734 | 26792734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261030 |
| **Total Affiliated Underlying Funds<br> (Cost $534,842,009)** | **$967820526** | **$79623617** | **($70448608)** | **$7857504** | **($187438456)** | **$797414583** |  | **$33016277** |
| **Total Investments in Securities<br> (Cost $534,842,009)** |  |  |  |  |  | **$797414583** |  |  |

---

<sub>27</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

(a) Distributions
 received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of
Operations, if applicable (See financial note 2(d) for additional information).

(b) The
 rate shown is the annualized 7-day yield.

ETF — Exchange traded fund <br> REIT — Real Estate Investment Trust

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3. (see financial note 2(a) for additional information).

<sub>28</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $534,842,009) |  | &nbsp;&nbsp;$797414583 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058390 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9177501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18407 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**809617459** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64256 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7710987** |
| **Net assets** |  | **$801906472** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$519086131 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;282820341 |
| **Net assets** |  | **$801906472** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $801906472 |  | 35810255 |  | $22.39 |

---

<sub>29</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$17990980 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31542 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**18022522** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140490 |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156133 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41087 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38468 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32738 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31131 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21635 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12582 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3490067** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3485551** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14536971** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15025297 |
| Net realized gains on sales of securities - affiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857504 |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22882801** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated** | + | &nbsp;&nbsp;&nbsp;**(187438456)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(164555655)** |
| **Decrease in net assets resulting from operations** |  | **($150018684)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>30</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Growth Portfolio

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$14536971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12181853 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22882801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32571642 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(187438456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209004001 |
| **Increase (decrease) in net assets resulting from operations** |  | **($150018684)** | &nbsp;&nbsp;&nbsp;**$253757496** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($47953508)** | &nbsp;&nbsp;&nbsp;&nbsp;**($64608050)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;3110088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77344476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94749475 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;1629745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43937930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59466671 |
| Shares redeemed | + | &nbsp;&nbsp;(4205157) | &nbsp;&nbsp;&nbsp;&nbsp;(103649624) | &nbsp;&nbsp;&nbsp;&nbsp;(4239705) | &nbsp;&nbsp;&nbsp;&nbsp;(109611696) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**534676** | &nbsp;&nbsp;&nbsp;&nbsp;**$17632782** | &nbsp;&nbsp;&nbsp;&nbsp;**1892247** | &nbsp;&nbsp;&nbsp;&nbsp;**$44604450** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;35275579 | &nbsp;&nbsp;&nbsp;&nbsp;$982245882 | &nbsp;&nbsp;&nbsp;&nbsp;33383332 | &nbsp;&nbsp;&nbsp;&nbsp;$748491986 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;534676 | &nbsp;&nbsp;&nbsp;&nbsp;(180339410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233753896 |
| **End of period** |  | **35810255** | &nbsp;&nbsp;&nbsp;**$801906472** | &nbsp;&nbsp;&nbsp;**35275579** | &nbsp;&nbsp;&nbsp;**$982245882** |

---

<sub>31</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$21.53 | &nbsp;&nbsp;&nbsp;&nbsp;$18.38 | &nbsp;&nbsp;&nbsp;&nbsp;$18.75 | &nbsp;&nbsp;&nbsp;&nbsp;$18.24 | &nbsp;&nbsp;&nbsp;&nbsp;$19.12 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$17.36 | &nbsp;&nbsp;&nbsp;&nbsp;$21.53 | &nbsp;&nbsp;&nbsp;&nbsp;$18.38 | &nbsp;&nbsp;&nbsp;&nbsp;$18.75 | &nbsp;&nbsp;&nbsp;&nbsp;$18.24 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$519474 | &nbsp;&nbsp;$654876 | &nbsp;&nbsp;$517619 | &nbsp;&nbsp;$544554 | &nbsp;&nbsp;$514701 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sub>32</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** |
| **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** | **U.S. Stocks 42.3%** |
| **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;$59085860 | &nbsp;&nbsp;&nbsp;&nbsp;$2796831 | &nbsp;&nbsp;&nbsp;&nbsp;($9859596) | &nbsp;&nbsp;$2281540 | &nbsp;&nbsp;&nbsp;&nbsp;($7109625) | &nbsp;&nbsp;&nbsp;&nbsp;$47195010 | &nbsp;&nbsp;&nbsp;2227230 | &nbsp;&nbsp;&nbsp;&nbsp;$2796831 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;139218494 | &nbsp;&nbsp;&nbsp;&nbsp;9740355 | &nbsp;&nbsp;&nbsp;&nbsp;(18708148) | &nbsp;&nbsp;&nbsp;&nbsp;7604689 | &nbsp;&nbsp;&nbsp;&nbsp;(28187483) | &nbsp;&nbsp;&nbsp;&nbsp;109667907 | &nbsp;&nbsp;&nbsp;1827189 | &nbsp;&nbsp;&nbsp;&nbsp;1776532 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;19858952 | &nbsp;&nbsp;&nbsp;&nbsp;2053898 | &nbsp;&nbsp;&nbsp;&nbsp;(1128480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5130363) | &nbsp;&nbsp;&nbsp;&nbsp;15693035 | &nbsp;&nbsp;&nbsp;&nbsp;237449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352089 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;172555952 |  |  |
| **Small-Cap 9.1%** | **Small-Cap 9.1%** | **Small-Cap 9.1%** | **Small-Cap 9.1%** | **Small-Cap 9.1%** | **Small-Cap 9.1%** | **Small-Cap 9.1%** | **Small-Cap 9.1%** | **Small-Cap 9.1%** |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;18219135 | &nbsp;&nbsp;&nbsp;&nbsp;2027021 | &nbsp;&nbsp;&nbsp;&nbsp;(2030898) | &nbsp;&nbsp;&nbsp;&nbsp;(143457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3895272) | &nbsp;&nbsp;&nbsp;&nbsp;14176529 | &nbsp;&nbsp;&nbsp;&nbsp;931441 | &nbsp;&nbsp;&nbsp;&nbsp;2027021 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;40657077 | &nbsp;&nbsp;&nbsp;&nbsp;8157434 | &nbsp;&nbsp;&nbsp;&nbsp;(4749056) | &nbsp;&nbsp;&nbsp;&nbsp;(951792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9949550) | &nbsp;&nbsp;&nbsp;&nbsp;33164113 | &nbsp;&nbsp;&nbsp;1110282 | &nbsp;&nbsp;&nbsp;&nbsp;3244429 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;47340642 |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;219896594 |  |  |
| **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** |
| **Developed Markets 12.6%** | **Developed Markets 12.6%** | **Developed Markets 12.6%** | **Developed Markets 12.6%** | **Developed Markets 12.6%** | **Developed Markets 12.6%** | **Developed Markets 12.6%** | **Developed Markets 12.6%** | **Developed Markets 12.6%** |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;20061722 | &nbsp;&nbsp;&nbsp;&nbsp;2261477 | &nbsp;&nbsp;&nbsp;&nbsp;(2333924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3868271) | &nbsp;&nbsp;&nbsp;&nbsp;16022538 | &nbsp;&nbsp;&nbsp;1905177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749176 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;15945045 | &nbsp;&nbsp;&nbsp;&nbsp;2585704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5244378) | &nbsp;&nbsp;&nbsp;&nbsp;12869452 | &nbsp;&nbsp;&nbsp;1207266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935845 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;45041593 | &nbsp;&nbsp;&nbsp;&nbsp;5275465 | &nbsp;&nbsp;&nbsp;&nbsp;(1317686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80356) | &nbsp;&nbsp;&nbsp;&nbsp;(12050037) | &nbsp;&nbsp;&nbsp;&nbsp;36868979 | &nbsp;&nbsp;&nbsp;2029113 | &nbsp;&nbsp;&nbsp;&nbsp;1530377 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;65760969 |  |  |
| **Emerging Markets 2.4%** | **Emerging Markets 2.4%** | **Emerging Markets 2.4%** | **Emerging Markets 2.4%** | **Emerging Markets 2.4%** | **Emerging Markets 2.4%** | **Emerging Markets 2.4%** | **Emerging Markets 2.4%** | **Emerging Markets 2.4%** |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;15913718 | &nbsp;&nbsp;&nbsp;&nbsp;1664556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4635569) | &nbsp;&nbsp;&nbsp;&nbsp;12313581 | &nbsp;&nbsp;&nbsp;1675317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720574 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;78074550 |  |  |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** |
| Schwab U.S. REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp;20281510 | &nbsp;&nbsp;&nbsp;&nbsp;1278883 | &nbsp;&nbsp;&nbsp;&nbsp;(2448578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4062163) | &nbsp;&nbsp;&nbsp;&nbsp;15412856 | &nbsp;&nbsp;&nbsp;&nbsp;798180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384512 |
| **Fixed Income 35.7%** | **Fixed Income 35.7%** | **Fixed Income 35.7%** | **Fixed Income 35.7%** | **Fixed Income 35.7%** | **Fixed Income 35.7%** | **Fixed Income 35.7%** | **Fixed Income 35.7%** | **Fixed Income 35.7%** |
| **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** | **Intermediate-Term Bond 34.8%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;228337823 | &nbsp;&nbsp;&nbsp;&nbsp;26913317 | &nbsp;&nbsp;&nbsp;&nbsp;(34714378) | &nbsp;&nbsp;&nbsp;(4863789) | &nbsp;&nbsp;&nbsp;&nbsp;(35083221) | &nbsp;&nbsp;&nbsp;&nbsp;180589752 | 20998808 | &nbsp;&nbsp;&nbsp;&nbsp;4733666 |
| **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(782279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975661 | &nbsp;&nbsp;&nbsp;&nbsp;533869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89977 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;185565413 |  |  |

---

<sub>33</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$16771034 | &nbsp;&nbsp;&nbsp;&nbsp;$1152635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($5043) | &nbsp;&nbsp;&nbsp;&nbsp;$17918226 | 17918226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$174699 |
| **Total Affiliated Underlying Funds<br> (Cost $403,665,947)** | **$645584983** | **$65997582** | **($79030866)** | **$3982984** | **($119667044)** | **$516867639** |  | **$19515728** |
| **Total Investments in Securities<br> (Cost $403,665,947)** |  |  |  |  |  | **$516867639** |  |  |

---

(a) Distributions
 received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of
Operations, if applicable (See financial note 2(d) for additional information).

(b) The
 rate shown is the annualized 7-day yield.

ETF — Exchange traded fund <br> REIT — Real Estate Investment Trust

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3. (see financial note 2(a) for additional information).

<sub>34</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $403,665,947) |  | &nbsp;&nbsp;$516867639 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771520 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9272005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17775 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**528711777** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77012 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9237863** |
| **Net assets** |  | **$519473914** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$397618701 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;121855213 |
| **Net assets** |  | **$519473914** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $519473914 |  | 29923064 |  | $17.36 |

---

<sub>35</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;$12239079 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18350 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;**12257429** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438179 |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770324 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35255 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27586 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26665 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21694 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20813 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8388 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2363860** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2360763** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9896666** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276649 |
| Net realized gains on sales of securities - affiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982984 |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**11259633** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated** | + | **(119667044)** |
| **Net realized and unrealized losses** |  | **(108407411)** |
| **Decrease in net assets resulting from operations** |  | **($98510745)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

<sub>36</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Balanced Portfolio

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$9896666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8512714 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;11259633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21530054 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;(119667044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97820924 |
| **Increase (decrease) in net assets resulting from operations** |  | **($98510745)** | &nbsp;&nbsp;&nbsp;**$127863692** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($31823550)** | &nbsp;&nbsp;&nbsp;&nbsp;**($34781810)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;3053833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59625179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95523630 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;1384745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28747318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31604119 |
| Shares redeemed | + | &nbsp;&nbsp;(4931534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93440331) | &nbsp;&nbsp;&nbsp;&nbsp;(4058104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82952722) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(492956)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($5067834)** | &nbsp;&nbsp;&nbsp;&nbsp;**2261158** | &nbsp;&nbsp;&nbsp;&nbsp;**$44175027** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;30416020 | &nbsp;&nbsp;&nbsp;&nbsp;$654876043 | &nbsp;&nbsp;&nbsp;&nbsp;28154862 | &nbsp;&nbsp;&nbsp;&nbsp;$517619134 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;(492956) | &nbsp;&nbsp;&nbsp;&nbsp;(135402129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137256909 |
| **End of period** |  | **29923064** | &nbsp;&nbsp;&nbsp;**$519473914** | &nbsp;&nbsp;&nbsp;**30416020** | &nbsp;&nbsp;&nbsp;**$654876043** |

---

<sub>37</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Conservative Portfolio

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$18.47 | &nbsp;&nbsp;&nbsp;&nbsp;$16.50 | &nbsp;&nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;$15.63 | &nbsp;&nbsp;&nbsp;&nbsp;$16.27 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.90 | &nbsp;&nbsp;&nbsp;&nbsp;$18.47 | &nbsp;&nbsp;&nbsp;&nbsp;$16.50 | &nbsp;&nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;$15.63 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.23%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$227991 | &nbsp;&nbsp;$335110 | &nbsp;&nbsp;$278883 | &nbsp;&nbsp;$263373 | &nbsp;&nbsp;$239068 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sub>38</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Conservative Portfolio

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS** |
| **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** | **U.S. Stocks 28.2%** |
| **Large-Cap 22.2%** | **Large-Cap 22.2%** | **Large-Cap 22.2%** | **Large-Cap 22.2%** | **Large-Cap 22.2%** | **Large-Cap 22.2%** | **Large-Cap 22.2%** | **Large-Cap 22.2%** | **Large-Cap 22.2%** |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;$20049297 | &nbsp;&nbsp;&nbsp;&nbsp;$1837826 | &nbsp;&nbsp;&nbsp;&nbsp;($6572518) | &nbsp;&nbsp;$1396688 | &nbsp;&nbsp;&nbsp;&nbsp;($2999932) | &nbsp;&nbsp;&nbsp;&nbsp;$13711361 | &nbsp;&nbsp;&nbsp;&nbsp;647068 | &nbsp;&nbsp;&nbsp;&nbsp;$949036 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;47404594 | &nbsp;&nbsp;&nbsp;&nbsp;4649146 | &nbsp;&nbsp;&nbsp;&nbsp;(13115370) | &nbsp;&nbsp;&nbsp;&nbsp;6425594 | &nbsp;&nbsp;&nbsp;&nbsp;(13212743) | &nbsp;&nbsp;&nbsp;&nbsp;32151221 | &nbsp;&nbsp;&nbsp;&nbsp;535675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605949 |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958268 | &nbsp;&nbsp;&nbsp;&nbsp;1187278 | &nbsp;&nbsp;&nbsp;&nbsp;(1813636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260261 | &nbsp;&nbsp;&nbsp;&nbsp;(1923461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123367 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;50531292 |  |  |
| **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** |
| Schwab Fundamental US Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791966 | &nbsp;&nbsp;&nbsp;&nbsp;(1244377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8203) | &nbsp;&nbsp;&nbsp;&nbsp;(1299650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156460 | &nbsp;&nbsp;&nbsp;&nbsp;273092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658281 |
| Schwab Small-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;14217551 | &nbsp;&nbsp;&nbsp;&nbsp;3392638 | &nbsp;&nbsp;&nbsp;&nbsp;(4206181) | &nbsp;&nbsp;&nbsp;&nbsp;(306651) | &nbsp;&nbsp;&nbsp;&nbsp;(3458726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638631 | &nbsp;&nbsp;&nbsp;&nbsp;322686 | &nbsp;&nbsp;&nbsp;&nbsp;1134557 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13795091 |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;64326383 |  |  |
| **International Stocks 10.1%** | **International Stocks 10.1%** | **International Stocks 10.1%** | **International Stocks 10.1%** | **International Stocks 10.1%** | **International Stocks 10.1%** | **International Stocks 10.1%** | **International Stocks 10.1%** | **International Stocks 10.1%** |
| **Developed Markets 8.5%** | **Developed Markets 8.5%** | **Developed Markets 8.5%** | **Developed Markets 8.5%** | **Developed Markets 8.5%** | **Developed Markets 8.5%** | **Developed Markets 8.5%** | **Developed Markets 8.5%** | **Developed Markets 8.5%** |
| Schwab Fundamental International Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690648 | &nbsp;&nbsp;&nbsp;&nbsp;1034823 | &nbsp;&nbsp;&nbsp;&nbsp;(1779129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10908) | &nbsp;&nbsp;&nbsp;&nbsp;(1258137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677297 | &nbsp;&nbsp;&nbsp;&nbsp;556159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252770 |
| Schwab Fundamental International Small Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5744117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525000) | &nbsp;&nbsp;&nbsp;&nbsp;(103586) | &nbsp;&nbsp;&nbsp;&nbsp;(1662185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769235 | &nbsp;&nbsp;&nbsp;&nbsp;353587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315889 |
| Schwab International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;15566944 | &nbsp;&nbsp;&nbsp;&nbsp;1834556 | &nbsp;&nbsp;&nbsp;&nbsp;(2633552) | &nbsp;&nbsp;&nbsp;&nbsp;(176021) | &nbsp;&nbsp;&nbsp;&nbsp;(3828479) | &nbsp;&nbsp;&nbsp;&nbsp;10763448 | &nbsp;&nbsp;&nbsp;&nbsp;592375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516716 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19209980 |  |  |
| **Emerging Markets 1.6%** | **Emerging Markets 1.6%** | **Emerging Markets 1.6%** | **Emerging Markets 1.6%** | **Emerging Markets 1.6%** | **Emerging Markets 1.6%** | **Emerging Markets 1.6%** | **Emerging Markets 1.6%** | **Emerging Markets 1.6%** |
| Schwab Fundamental Emerging Markets Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14423) | &nbsp;&nbsp;&nbsp;&nbsp;(1488324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3671489 | &nbsp;&nbsp;&nbsp;&nbsp;499522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245076 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22881469 |  |  |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** |
| Schwab U.S. REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234542 | &nbsp;&nbsp;&nbsp;&nbsp;(1349523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132524 | &nbsp;&nbsp;&nbsp;&nbsp;(1313116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616828 | &nbsp;&nbsp;&nbsp;&nbsp;239090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124390 |
| **Fixed Income 55.7%** | **Fixed Income 55.7%** | **Fixed Income 55.7%** | **Fixed Income 55.7%** | **Fixed Income 55.7%** | **Fixed Income 55.7%** | **Fixed Income 55.7%** | **Fixed Income 55.7%** | **Fixed Income 55.7%** |
| **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** | **Intermediate-Term Bond 54.7%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;183900598 | &nbsp;&nbsp;&nbsp;&nbsp;13965471 | &nbsp;&nbsp;&nbsp;&nbsp;(43035923) | &nbsp;&nbsp;&nbsp;(5742878) | &nbsp;&nbsp;&nbsp;&nbsp;(24358395) | &nbsp;&nbsp;&nbsp;&nbsp;124728873 | 14503357 | &nbsp;&nbsp;&nbsp;&nbsp;3592868 |
| **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297908 | &nbsp;&nbsp;&nbsp;&nbsp;246557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43717 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;127026781 |  |  |

---

<sub>39</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Conservative Portfolio

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$9220832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75242 | &nbsp;&nbsp;&nbsp;&nbsp;($1250220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($2021) | &nbsp;&nbsp;&nbsp;&nbsp;$8043203 | &nbsp;&nbsp;&nbsp;8043203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85083 |
| **Total Affiliated Underlying Funds<br> (Cost $202,271,486)** | **$331092630** | **$30029124** | **($79017343)** | **$1799399** | **($57009146)** | **$226894664** |  | **$8647699** |
| **Total Investments in Securities<br> (Cost $202,271,486)** |  |  |  |  |  | **$226894664** |  |  |

---

(a) Distributions
 received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of
Operations, if applicable (See financial note 2(d) for additional information).

(b) The
 rate shown is the annualized 7-day yield.

ETF — Exchange traded fund <br> REIT — Real Estate Investment Trust

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds and ETFs are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds and ETFs, which could be Level 1, Level 2 or Level 3. (see financial note 2(a) for additional information).

<sub>40</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Conservative Portfolio

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $202,271,486) |  | &nbsp;&nbsp;$226894664 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282848 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4119420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15863 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**231840764** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59747 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3850231** |
| **Net assets** |  | **$227990533** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$202174552 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;25815981 |
| **Net assets** |  | **$227990533** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $227990533 |  | 15304913 |  | $14.90 |

---

<sub>41</sub>

Schwab MarketTrack Portfolios \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

Schwab MarketTrack Conservative Portfolio

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$6170406 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6175875** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702592 |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373899 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42715 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24115 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20163 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12943 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12357 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7548 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 |
| Interest expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7063 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1206980** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1205271** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4970604** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477293 |
| Net realized gains on sales of securities - affiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799399 |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4276692** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated** | + | &nbsp;&nbsp;&nbsp;**(57009146)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(52732454)** |
| **Decrease in net assets resulting from operations** |  | **($47761850)** |

---

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

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Schwab MarketTrack Conservative Portfolio

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$4970604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4473107 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926449 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(57009146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27412068 |
| **Increase (decrease) in net assets resulting from operations** |  | **($47761850)** | &nbsp;&nbsp;&nbsp;**$42811624** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($15825504)** | &nbsp;&nbsp;&nbsp;&nbsp;**($9242129)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;2222481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37874315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87446661 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;773587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13558318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876623 |
| Shares redeemed | + | &nbsp;&nbsp;(5830067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94964552) | &nbsp;&nbsp;&nbsp;&nbsp;(4084996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72665622) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;**(2833999)** | &nbsp;&nbsp;&nbsp;&nbsp;**($43531919)** | &nbsp;&nbsp;&nbsp;&nbsp;**1234160** | &nbsp;&nbsp;&nbsp;&nbsp;**$22657662** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;18138912 | &nbsp;&nbsp;&nbsp;&nbsp;$335109806 | &nbsp;&nbsp;&nbsp;&nbsp;16904752 | &nbsp;&nbsp;&nbsp;&nbsp;$278882649 |
| Total increase (decrease) | + | &nbsp;&nbsp;(2833999) | &nbsp;&nbsp;&nbsp;&nbsp;(107119273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56227157 |
| **End of period** |  | **15304913** | &nbsp;&nbsp;&nbsp;**$227990533** | &nbsp;&nbsp;&nbsp;**18138912** | &nbsp;&nbsp;&nbsp;**$335109806** |

---

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Schwab MarketTrack Portfolios

## Financial Notes

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1. Business Structure of the Funds:

Schwab MarketTrack All Equity Portfolio, Schwab MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio, and Schwab MarketTrack Conservative Portfolio (the funds) are each a series of Schwab Capital Trust (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:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** | **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** |
| **Schwab MarketTrack All Equity Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Fund |
| **Schwab MarketTrack Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Fund |
| **Schwab MarketTrack Balanced Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Fund |
| **Schwab MarketTrack Conservative Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Fund |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Fund |
| Schwab Small-Cap Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Large Company Index Fund |
| Schwab Total Stock Market Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Small Company Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Large Company Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Small Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Large Company Index Fund |
| Schwab International Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Global Real Estate Index Fund |
| Schwab International Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Target Payout |
| Schwab Target 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Income Payout |

---

The funds are primarily "funds of funds." Each of the funds seeks to achieve its investment objective by investing mainly in a combination of other Schwab Funds (underlying funds) in accordance with its target portfolio allocation. The funds may also invest directly in equity or fixed-income securities, other mutual funds, exchange-traded funds (ETFs) and cash equivalents, including money market securities, to achieve their investment objectives.

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

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

------

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).

The financial statements of the funds should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

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Schwab MarketTrack Portfolios

## Financial Notes (continued)

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2. Significant Accounting Policies (continued):

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities 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 funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;• **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash management sweep time deposits:** Balances held in cash management sweep time deposits were accounted for on a cost basis, which approximates fair value.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 ETFs. Investments in mutual funds are valued daily at their NAVs, and investments in ETFs are valued daily at the last reported sale price or the official closing price, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

&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;• 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

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2. Significant Accounting Policies (continued):

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 funds' results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2022 are disclosed in the Portfolio Holdings.

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

**Cash Management Transactions: Effective May 23, 2022 Brown Brothers Harriman & Co. (BBH) was replaced by Citibank, N.A as custodian of the funds. The funds no longer subscribe to the BBH Cash Management Service Sweep (CMS Sweep). The BBH CMS Sweep was an investment product that automatically swept the funds' cash balances into overnight offshore time deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allowed the funds to earn interest on cash balances. Excess cash invested with deposit institutions domiciled outside of the U.S., as with any offshore deposit, was subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. The funds assumed the risk associated with the repayment of principal and payment of interest on such instruments by the institution with which the deposit was ultimately placed. The funds terminated the CMS Sweep program and cash was returned to the funds prior to terminating services with BBH.**

**Cash Investments: The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by 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. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

(e) Expenses:

Pursuant to the Amended and Restated Investment Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds. Such expenses are reflected in the net asset values of the underlying funds.

(f) Distributions to Shareholders:

The funds make distributions from net investment income and net realized capital gains, if any, once a year, except for the Schwab MarketTrack Conservative Portfolio, which makes distributions from net investment income at the end of each calendar quarter. 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.

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2. Significant Accounting Policies (continued):

(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:

In October 2022, 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 funds' streamlined shareholder reports 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 will be effective on January 24, 2023 and the compliance date will be 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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3. Risk Factors:

Investing in the funds may involve certain risks, as discussed in the funds' prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

**Asset Allocation Risk. The funds are subject to the risk that the selection of the underlying funds and the allocation of a fund's assets among the various asset classes and market segments may cause the funds to underperform other funds with a similar investment objective. The funds are not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the funds are appropriate investments in light of their current financial position and retirement needs.**

**Conflicts of Interest Risk. The investment adviser's authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of a fund. However, the investment adviser is a fiduciary to each fund and is legally obligated to act in each fund's best interests when selecting underlying funds.**

**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. 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.**

**Exchange-Traded Fund (ETF) Risk. When a fund invests in an ETF, it will bear a proportionate share of the ETF's expenses. In addition, lack of liquidity in the market for an ETF's shares can result in its value being more volatile than the underlying portfolio of securities.**

**Direct Investment Risk. The funds may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain their allocations. A fund's direct investment in these securities is subject to the same or similar risks as an underlying fund's investment in the same securities.**

**Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.**

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3. Risk Factors (continued):

**Underlying Fund Investment Risk. Before investing in the funds, investors should assess the risks associated with the underlying funds in which the funds may invest, which include any combination of the risks described below.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Risk.** The funds may experience losses with respect to their investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Style Risk**. Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund's expenses, the underlying fund's performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund's index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund's index's rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Tracking Error Risk.** Each underlying index fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of an underlying fund and its index, positive or negative, is called "tracking error." Tracking error can be caused by many factors and it may be significant. If an underlying fund utilizes a sampling approach, it may not track the return of the index as well as it would if the underlying fund purchased all of the securities in the index.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk.** The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed-Income Risk.** Interest rates rise and fall over time, which will affect an underlying fund's yield and share price. A change in a central bank's monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund's share price to fall. The credit quality of a portfolio investment could also cause an underlying fund's share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund's yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Capitalization Risk.** Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund's performance could be impacted.

&nbsp;&nbsp;&nbsp;&nbsp;• **Real Estate Investment Risk.** An underlying fund that has a policy of concentrating its investments in real estate companies and companies related to the real estate industry is subject to risks associated with the direct ownership of real estate securities. These risks include, among others, declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds or other limits to accessing the credit or capital markets; defaults by borrowers or tenants, particularly during an economic downturn; and changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;• **Money Market Fund Risk.** The funds may invest in underlying money market funds that either seek to maintain a stable $1.00 net asset value ("stable share price money market funds") or that have a share price that fluctuates ("variable share price money market funds"). Although an underlying stable share price money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. Because the share price of an underlying variable share price money market fund will fluctuate, when a fund sells the shares it owns they may be worth more or less than what the fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

&nbsp;&nbsp;&nbsp;&nbsp;• **Concentration Risk.** To the extent that an underlying fund's or the index's portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector, country or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political, or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.

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3. Risk Factors (continued):

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** An underlying fund's investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); 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 an underlying fund's investments, and could impair the underlying fund's ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk.** Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Risk.** An underlying fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are options, futures, options on futures and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in which the seller agrees to make a payment to the buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.

An underlying fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as leverage risk, liquidity risk and market risk are discussed elsewhere in this section. An underlying fund's use of derivatives is also subject to lack of availability risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause an underlying fund to realize higher amounts of short-term capital gains. An underlying fund's use of derivatives could reduce the underlying fund's performance, increase its volatility, and could cause the underlying fund to lose more than the initial amount invested. The use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) by an underlying fund could cause a fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk.** Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund's portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio Turnover Risk.** Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund's performance and may increase the likelihood of capital gains distributions.

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

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------

**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 of 0.13%, payable monthly, based on a percentage of each fund's average daily net assets.

#### Shareholder Servicing
The Board has adopted a Shareholder Servicing 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 of up to 0.25%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the funds (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the funds). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

#### Expense Limitation
Although these agreements specify certain fees for these services, the investment adviser and its affiliates have agreed with the funds, 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 as a percentage of average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| SCHWAB <br> MARKETTRACK<br> ALL EQUITY<br> PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp;SCHWAB <br> MARKETTRACK<br> GROWTH<br> PORTFOLIO | &nbsp;&nbsp;SCHWAB <br> MARKETTRACK<br> BALANCED<br> PORTFOLIO | &nbsp;&nbsp;SCHWAB <br> MARKETTRACK<br> CONSERVATIVE<br> PORTFOLIO |
| 0.50% | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% |

---

The agreement to limit the funds' total expenses charged is limited to each fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by each fund through its investments in the underlying funds.

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Schwab MarketTrack Portfolios

## Financial Notes (continued)

------

4. Affiliates and Affiliated Transactions (continued):

#### Investments in Affiliates
The funds may engage in certain transactions involving related parties. Pursuant to an exemptive order issued by the SEC, the funds may invest in other related funds. As of October 31, 2022, each Schwab MarketTrack Portfolio's ownership percentages of other related funds' shares are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| UNDERLYING FUNDS | SCHWAB <br> MARKETTRACK<br> ALL EQUITY<br> PORTFOLIO | &nbsp;&nbsp;SCHWAB <br> MARKETTRACK<br> GROWTH<br> PORTFOLIO | &nbsp;&nbsp;SCHWAB <br> MARKETTRACK<br> BALANCED<br> PORTFOLIO | &nbsp;&nbsp;SCHWAB <br> MARKETTRACK<br> CONSERVATIVE<br> PORTFOLIO |
| Schwab Fundamental Emerging Markets Large Company Index Fund | 5.7% | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;0.6% |
| Schwab Fundamental International Large Company Index Fund | 2.7% | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;0.3% |
| Schwab Fundamental International Small Company Index Fund | 6.5% | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;0.7% |
| Schwab Fundamental US Large Company Index Fund | 1.5% | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;0.2% |
| Schwab Fundamental US Small Company Index Fund | 2.0% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;0.3% |
| Schwab International Index Fund | 1.3% | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;0.2% |
| Schwab S&P 500 Index Fund | 0.4% | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;0.1% |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;0.1% |
| Schwab Small-Cap Index Fund | 1.4% | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;0.2% |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;3.1% |
| Schwab U.S. Large-Cap Growth Index Fund | 3.6% | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;0.5% |
| Schwab U.S. REIT ETF | 0.6% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;0.1% |
| Schwab Variable Share Price Money Fund, Ultra Shares | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;0.2% |

---

#### Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the 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.

#### Interfund Transactions
The funds may engage in direct 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 October 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:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | &nbsp;&nbsp;SALE PROCEEDS | &nbsp;&nbsp;REALIZED GAINS (LOSSES) |
| Schwab MarketTrack All Equity Portfolio | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;186983 | &nbsp;&nbsp;11499 |

---

------

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 they 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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Schwab MarketTrack Portfolios

## Financial Notes (continued)

------

**6. 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 line of credit amount increasing to $1 billion, maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to 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.

------

7. Purchases and Sales of Investment Securities:

For the period ended October 31, 2022, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br> OF SECURITIES | &nbsp;&nbsp;SALES <br> OF SECURITIES |
| Schwab MarketTrack All Equity Portfolio | $67449698 | &nbsp;&nbsp;$56113306 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;&nbsp;79623617 | &nbsp;&nbsp;&nbsp;&nbsp;70448608 |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;&nbsp;65997582 | &nbsp;&nbsp;&nbsp;&nbsp;79030866 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;30029124 | &nbsp;&nbsp;&nbsp;&nbsp;79017343 |

---

------

8. Federal Income Taxes:

As of October 31, 2022, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | &nbsp;&nbsp;GROSS UNREALIZED<br> APPRECIATION | &nbsp;&nbsp;GROSS UNREALIZED<br> DEPRECIATION | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) |
| Schwab MarketTrack All Equity Portfolio | $456086011 | &nbsp;&nbsp;$255851821 | &nbsp;&nbsp;($16171928) | &nbsp;&nbsp;$239679893 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;537383167 | &nbsp;&nbsp;&nbsp;286978148 | &nbsp;&nbsp;&nbsp;(26946732) | &nbsp;&nbsp;&nbsp;260031416 |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;409273295 | &nbsp;&nbsp;&nbsp;144494892 | &nbsp;&nbsp;&nbsp;(36900548) | &nbsp;&nbsp;&nbsp;107594344 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;206049797 | &nbsp;&nbsp;&nbsp;&nbsp;44369704 | &nbsp;&nbsp;&nbsp;(23524837) | &nbsp;&nbsp;&nbsp;&nbsp;20844867 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br> ORDINARY<br> INCOME | &nbsp;&nbsp;UNDISTRIBUTED <br> LONG-TERM<br> CAPITAL GAINS | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ON INVESTMENTS | &nbsp;&nbsp;TOTAL |
| Schwab MarketTrack All Equity Portfolio | $898023 | &nbsp;&nbsp;$22574323 | &nbsp;&nbsp;$239679893 | &nbsp;&nbsp;$263152239 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;&nbsp;917601 | &nbsp;&nbsp;&nbsp;21871324 | &nbsp;&nbsp;&nbsp;260031416 | &nbsp;&nbsp;&nbsp;282820341 |
| Schwab MarketTrack Balanced Portfolio | 2533286 | &nbsp;&nbsp;&nbsp;11727583 | &nbsp;&nbsp;&nbsp;107594344 | &nbsp;&nbsp;&nbsp;121855213 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;251980 | &nbsp;&nbsp;&nbsp;&nbsp;4719134 | &nbsp;&nbsp;&nbsp;&nbsp;20844867 | &nbsp;&nbsp;&nbsp;&nbsp;25815981 |

---

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.

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------

8. Federal Income Taxes (continued):

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 | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS | &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS |
| Schwab MarketTrack All Equity Portfolio | $19017789 | &nbsp;&nbsp;$13762591 | &nbsp;&nbsp;$7460784 | &nbsp;&nbsp;$39354505 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;16666445 | &nbsp;&nbsp;&nbsp;31287063 | &nbsp;&nbsp;12895152 | &nbsp;&nbsp;&nbsp;51712898 |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;11374707 | &nbsp;&nbsp;&nbsp;20448843 | &nbsp;&nbsp;&nbsp;9583547 | &nbsp;&nbsp;&nbsp;25198263 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;5450344 | &nbsp;&nbsp;&nbsp;10375160 | &nbsp;&nbsp;&nbsp;5222343 | &nbsp;&nbsp;&nbsp;&nbsp;4019786 |

---

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 October 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 October 31, 2022, the funds did not incur any interest or penalties.

------

9. Subsequent Events:

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

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Schwab MarketTrack Portfolios

## Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab MarketTrack All Equity Portfolio, Schwab MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio, and Schwab MarketTrack Conservative Portfolio:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab MarketTrack All Equity Portfolio, Schwab MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio, and Schwab MarketTrack Conservative Portfolio (the "Funds"), four of the funds constituting Schwab Capital Trust, as of October 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 October 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 October 31, 2019 were audited by other auditors, whose report, dated December 16, 2019, 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 October 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

#### Deloitte & Touche LLP<br> Denver, Colorado<br> December 16, 2022
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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Schwab MarketTrack Portfolios

## Other Federal Tax Information (unaudited)

------

The funds may elect to pass on the benefits of the foreign tax credit to their shareholders for the fiscal year ended October 31, 2022. The foreign tax credit and the foreign source income amounts are as follows:

---

| | | |
|:---|:---|:---|
|  | FOREIGN TAX CREDIT | &nbsp;&nbsp;FOREIGN SOURCE INCOME |
| Schwab MarketTrack All Equity Portfolio | $753447 | &nbsp;&nbsp;$7978881 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;&nbsp;575051 | &nbsp;&nbsp;&nbsp;&nbsp;6101724 |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;&nbsp;289455 | &nbsp;&nbsp;&nbsp;&nbsp;3079227 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;97972 | &nbsp;&nbsp;&nbsp;&nbsp;1041215 |

---

For corporate shareholders, the following percentage of the funds' dividend distributions paid during the fiscal year ended October 31, 2022, qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Schwab MarketTrack All Equity Portfolio | 44.10% |
| Schwab MarketTrack Growth Portfolio | 40.48% |
| Schwab MarketTrack Balanced Portfolio | 31.72% |
| Schwab MarketTrack Conservative Portfolio | 21.65% |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts of the dividend distributions as qualified dividends for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab MarketTrack All Equity Portfolio | $19616954 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;&nbsp;16779760 |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;8249706 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;2882608 |

---

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

---

| | |
|:---|:---|
| Schwab MarketTrack All Equity Portfolio | $13762591 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;&nbsp;31287063 |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;&nbsp;20448843 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;10375160 |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab MarketTrack All Equity Portfolio | $721178 |
| Schwab MarketTrack Growth Portfolio | &nbsp;&nbsp;&nbsp;512118 |
| Schwab MarketTrack Balanced Portfolio | &nbsp;&nbsp;&nbsp;276221 |
| Schwab MarketTrack Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;85132 |

---

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

---

| | |
|:---|:---|
| Schwab MarketTrack All Equity Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Schwab MarketTrack Growth Portfolio | 0.53% |
| Schwab MarketTrack Balanced Portfolio | 0.91% |
| Schwab MarketTrack Conservative Portfolio | 1.74% |

---

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Schwab MarketTrack Portfolios

## Shareholder Vote Results (unaudited)

------

A Special Meeting of Shareholders of Schwab Capital Trust (the "Trust") was held on June 1, 2022, for the purpose of seeking shareholder approval to elect the following individuals as trustees of the Trust: Walter W. Bettinger II, Richard A. Wurster, Michael J. Beer, Robert W. Burns, Nancy F. Heller, David L. Mahoney, Jane P. Moncreiff, Kiran M. Patel, Kimberly S. Patmore, and J. Derek Penn. The number of votes necessary to conduct the Special Meeting and approve the proposal was obtained. The results of the shareholder vote are listed below:

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095577106.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838980.968 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117598789.555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93817297.918 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116890447.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94525639.968 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117915860.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500227.363 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119878732.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91537355.339 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069125022.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142291065.039 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120187927.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228159.635 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116689111.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726975.902 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119941056.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91475031.414 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117666014.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93750073.352 |

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## Liquidity Risk Management Program (unaudited)

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The funds have adopted and implemented a liquidity risk management program (the "program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The funds' Board of Trustees (the "Board") has designated the funds' investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. The program is reasonably designed to assess and manage a fund's liquidity risk, taking into consideration the fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser's process of determining the degree of liquidity of each fund's investments is supported by third-party liquidity assessment vendors.

The funds' Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity risk metrics. No significant liquidity events impacting any of the funds were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each fund's liquidity risk.

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## Investment Advisory Agreement Approval

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

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

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

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval.

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

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

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

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

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

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

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

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

**Fund Performance. The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and market trends, as well as in consideration of each Fund's investment style and strategy attributes and disclosures. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Although Schwab MarketTrack Conservative Portfolio and Schwab MarketTrack All Equity Portfolio had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board concluded that other factors relevant to performance supported renewal of the Agreement with respect to each Fund including that the underperformance was attributable, to a significant extent, to investment decisions by the investment adviser that were reasonable and consistent with the each Fund's investment objective and policies and that the investment adviser had taken steps designed to help improve performance. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.**

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

Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of each Fund from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to keep each Fund's expense cap for so long as it serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, and any differences in the market for these types of accounts. The Trustees noted that shareholders of the Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Funds invest. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

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

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Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; (ii) graduated investment advisory fee schedules or unitary fee structures, fee waivers, or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has shared any economies of scale with the Funds by investing in the investment adviser's infrastructure, as discussed above, over time and that the investment adviser's internal costs of

providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. The Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from high fees, including for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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## Trustees and Officers

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The tables below give information about the trustees and officers of Schwab Capital Trust, 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.

---

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

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Kiran M. Patel<br> 1948<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)** | Retired. | 105 | Director (2008 – present), KLA-Tencor Corporation |
| **Kimberly S. Patmore<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)** | Consultant (2008 – present), Patmore Management Consulting (management consulting). | 105 |  |
| **<br> J. Derek Penn<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 105 |  |

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Walter W. Bettinger II<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)** | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 105 | Director (2008 – present), The Charles Schwab Corporation |

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested 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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Richard A. Wurster<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)** | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 105 |  |

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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>) | 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 Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)** | Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
| **Mark Fischer<br> 1970<br> Treasurer, Chief Financial Officer and Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)** | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc. |
| **Omar Aguilar<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **Brett Wander<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **William P. McMahon, Jr.<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |

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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>) | Principal Occupations During the Past Five Years |
| **Catherine MacGregor<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)** | Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |

---

<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.

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## Glossary

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**All Equity Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio asset allocation. Effective July 1, 2020, the index is composed of 31.33% S&P 500 Index, 5.0% Russell 1000 Growth Index, 13.5% Russell RAFI US Large Company Index, 10.33% Russell 2000 Index, 4.5% Russell RAFI US Small Company Index, 13.83% MSCI EAFE Index (Net), 6.0% Russell RAFI Developed ex US Large Company Index (Net), 5.0% Russell RAFI Developed ex US Small Company Index (Net), 5.0% Russell RAFI Emerging Markets Large Company Index (Net), 5.0% Dow Jones Equity All REIT Capped Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. From February 28, 2020 through June 30, 2020, the index was composed of 31.33% S&P 500 Index, 5.0% Russell 1000 Growth Index, 13.5% Russell RAFI US Large Company Index, 10.33% Russell 2000 Index, 4.5% Russell RAFI US Small Company Index, 13.83% MSCI EAFE Index (Net), 6.0% Russell RAFI Developed ex US Large Company Index (Net), 5.0% Russell RAFI Developed ex US Small Company Index (Net), 5.0% Russell RAFI Emerging Markets Large Company Index (Net), 5.0% Dow Jones U.S. Select REIT Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. From December 1, 2014 through February 27, 2020, the index was composed of 31.33% S&P 500 Index, 17.33% Russell 2000 Index, 13.50% Russell RAFI US Large Company Index, 7.50% Russell RAFI US Small Company Index, 13.83% MSCI EAFE Index (Net), 6% Russell RAFI Developed ex US Large Company Index (Net), 5% Russell RAFI Developed ex US Small Company Index (Net), 5% Russell RAFI Emerging Markets Large Company Index (Net), and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. From March 1, 2014 through November 30, 2014, the index was composed of 45% S&P 500 Index, 25% Russell 2000 Index and 30% MSCI EAFE Index (Net). On March 1, 2014, the combination of the S&P 500 Index and Russell 2000 Index replaced the Dow Jones U.S. Total Stock Market Index in the custom index. Prior to March 1, 2014, the index was composed of 70% Dow Jones U.S. Total Stock Market Index and 30% MSCI EAFE Index (Net). Percentages listed may not total to 100% due to rounding.**

#### asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage.

#### asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
**Balanced Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio asset allocation. Effective July 1, 2020 the index is composed of 21.0% S&P 500 Index, 3.0% Russell 1000 Growth Index, 9.0% Russell RAFI US Large Company Index, 6.3% Russell 2000 Index, 2.7% Russell RAFI US Small Company Index, 7.0% MSCI EAFE Index (Net), 3.0% Russell RAFI Developed ex US Large Company Index (Net), 2.5% Russell RAFI Developed ex US Small Company Index (Net), 2.5% Russell RAFI Emerging Markets Large Company Index (Net), 3.0% Dow Jones Equity All REIT Capped Index, 35.0% Bloomberg US Aggregate Bond Index, 1.0% Bloomberg US Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From February 28, 2020 through June 30, 2020, the index was composed of 21% S&P 500 Index, 3.0% Russell 1000 Growth Index, 9.0% Russell RAFI US Large Company Index, 6.3% Russell 2000 Index, 2.7% Russell RAFI US Small Company Index, 7.0% MSCI EAFE Index (Net), 3.0% Russell RAFI Developed ex US Large Company Index (Net), 2.5% Russell RAFI Developed ex US Small Company Index (Net), 2.5% Russell RAFI Emerging Markets Large Company Index (Net), 3.0% Dow Jones U.S. Select REIT Index, 35.0% Bloomberg US Aggregate Bond Index, 1.0% Bloomberg US Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From December 1, 2014**

through February 27, 2020, the Balanced Composite Index was composed of 21% S&P 500 Index, 10.5% Russell 2000 Index, 9% Russell RAFI US Large Company Index, 4.5% Russell RAFI US Small Company Index, 7% MSCI EAFE Index (Net), 3% Russell RAFI Developed ex US Large Company Index (Net), 2.5% Russell RAFI Developed ex US Small Company Index (Net), 2.5% Russell RAFI Emerging Markets Large Company Index (Net), 35% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. From March 1, 2014 through November 30, 2014, the index was composed of 30% S&P 500 Index, 15% Russell 2000 Index, 15% MSCI EAFE Index (Net), 35% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. On March 1, 2014, the combination of the S&P 500 Index and Russell 2000 Index replaced the Dow Jones U.S. Total Stock Market Index in the custom index. Prior to March 1, 2014, the index was composed of 45% Dow Jones U.S. Total Stock Market Index, 15% MSCI EAFE Index (Net), 35% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. Percentages listed may not total to 100% due to rounding.

**Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Government/Credit 1–5 Year Index An index that is a broad-based benchmark measuring the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds that have a remaining maturity of greater than or equal to one year and less than five years. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have a remaining maturity greater than or equal to one year and less than five years. The index excludes certain types of securities, including, bonds with equity type features (e.g., warrants, convertibles and preferreds), tax-exempt municipal securities, inflation-linked bonds, floating rate issues, strips, private placements, U.S. dollar-denominated 25 and 50 par retail bonds, structured notes and pass-through certificates. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.**

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Schwab MarketTrack Portfolios

**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 fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund's net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.**

#### cap, capitalization See "market cap."
**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 capital gain or loss is considered unrealized appreciation or depreciation.**

**Conservative Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio asset allocation. Effective July 1, 2020, the index is composed of 14.0% S&P 500 Index, 2.0% Russell 1000 Growth Index, 6.0% Russell RAFI US Large Company Index, 4.67% MSCI EAFE Index (Net), 4.2% Russell 2000 Index, 1.8% Russell RAFI US Small Company Index, 2.0% Russell RAFI Developed ex US Large Company Index (Net), 1.67% Russell RAFI Developed ex US Small Company Index (Net), 1.67% Russell RAFI Emerging Markets Large Company Index (Net), 2.0% Dow Jones Equity All REIT Capped Index, 55.0% Bloomberg US Aggregate Bond Index, 1.0% Bloomberg US Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From February 28, 2020 through June 30, 2020, the index was composed of 14.0% S&P 500 Index, 2.0% Russell 1000 Growth Index, 6.0% Russell RAFI US Large Company Index, 4.67% MSCI EAFE Index (Net), 4.2% Russell 2000 Index, 1.8% Russell RAFI US Small Company Index, 2.0% Russell RAFI Developed ex US Large Company Index (Net), 1.67% Russell RAFI Developed ex US Small Company Index (Net), 1.67% Russell RAFI Emerging Markets Large Company Index (Net), 2.0% Dow Jones U.S. Select REIT Index, 55.0% Bloomberg US Aggregate Bond Index, 1.0% Bloomberg US Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From December 1, 2014, through February 27, 2020, the index was composed of 14.0% S&P 500 Index, 7.0% Russell 2000 Index, 6.0% Russell RAFI US Large Company Index, 3.0% Russell RAFI US Small Company Index, 4.67% MSCI EAFE Index (Net), 2.0% Russell RAFI Developed ex US Large Company Index (Net), 1.67% Russell RAFI Developed ex US Small Company Index (Net), 1.67% Russell RAFI Emerging Markets Large Company Index (Net), 55.0% Bloomberg US Aggregate Bond Index, and 5.0% Bloomberg US Treasury Bills 1-3 Month Index. From March 1, 2014 through November 30, 2014, the index was composed of 20% S&P 500 Index, 10% Russell 2000 Index, 10% MSCI EAFE Index (Net), 55% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. On March 1, 2014, the combination of the S&P 500 Index and Russell 2000 Index replaced the Dow Jones U.S. Total Stock Market Index in the custom index. Prior to March 1, 2014, the index was composed of 30% Dow Jones U.S. Total Stock Market Index, 10% MSCI EAFE Index (Net), 55% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. Percentages listed may not total to 100% due to rounding.**

**Dow Jones Equity All REIT Capped Index A float-adjusted market cap weighted index that is designed to measure all equity real estate investment trusts (REITs) in the Dow Jones U.S. Total Stock Market Index, as defined by the S&P Dow Jones Indices REIT/RESI Industry Classification Hierarchy, that meet the minimum float market capitalization (FMC) and liquidity thresholds. The aggregate weight of all companies weighing more than 4.5% cannot exceed 22.5%, and no single company's weight can exceed 10%. The index is reviewed daily based on each company's capped market capitalization weight. Daily capping is only performed when the sum of companies with weights great than 5% exceeds 25%.**

**Dow Jones U.S. Select REIT Index An index that is a float-adjusted market-capitalization weighted index comprised of income-producing commercial and/or residential real estate investment trusts (REITs). The index excludes mortgage REITs, net-lease REITs, real estate finance companies, mortgage brokers and bankers, commercial and residential real estate brokers and estate agents, homebuilders, large landowners and sub-dividers of unimproved land, hybrid REITs, timber REITs and companies that have more than 25% of their assets in direct mortgage investments.**

**Dow Jones U.S. Total Stock Market Index An index which includes all U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace.**

**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.**

**FTSE non-US Dollar World Government Bond Index A market capitalization index that measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least 1 year.**

**Growth Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio asset allocation. Effective July 1, 2020 the index is composed of 28.0% S&P 500 Index, 3.3% Russell 1000 Growth Index, 12.0% Russell RAFI US Large Company Index, 8.9% Russell 2000 Index, 3.8% Russell RAFI US Small Company Index, 9.33% MSCI EAFE Index (Net), 4.0% Russell RAFI Developed ex US Large Company Index (Net), 3.33% Russell RAFI Developed ex US Small Company Index (Net), 3.33% Russell RAFI Emerging Markets Large Company Index (Net), 4.0% Dow Jones Equity All REIT Capped Index, 16.0% Bloomberg US Aggregate Bond Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From February 28, 2020 through June 30, 2020, the index was composed of 28.0% S&P 500 Index, 3.3% Russell 1000 Growth Index, 12.0% Russell RAFI US Large Company Index, 8.9% Russell 2000 Index, 3.8% Russell RAFI US Small Company Index, 9.33% MSCI EAFE Index (Net), 4.0% Russell RAFI Developed ex US Large Company Index (Net), 3.33% Russell RAFI Developed ex US Small Company Index (Net), 3.33% Russell RAFI Emerging Markets Large Company Index (Net), 4.0% Dow Jones U.S. Select REIT Index, 16.0% Bloomberg US Aggregate Bond Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From December 1, 2014 through February 27, 2020, the Growth Composite Index was composed of 28% S&P 500 Index, 14% Russell 2000 Index, 12% Russell RAFI US Large Company Index, 6% Russell RAFI US Small Company Index, 9.33% MSCI EAFE Index (Net), 4% Russell RAFI Developed ex US Large Company Index (Net), 3.33% Russell RAFI Developed ex US Small Company Index (Net), 3.33% Russell RAFI Emerging Markets Large Company Index (Net), 15% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. From March 1, 2014 through November 30, 2014, the index was composed of 40% S&P 500 Index, 20% Russell 2000 Index, 20% MSCI EAFE Index (Net), 15% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. On March 1, 2014, the**

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Schwab MarketTrack Portfolios

combination of the S&P 500 Index and Russell 2000 Index replaced the Dow Jones U.S. Total Stock Market Index in the custom index. Prior to March 1, 2014 the index was composed of 60% Dow Jones U.S. Total Stock Market Index, 20% MSCI EAFE Index (Net), 15% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. Percentages listed may not total to 100% due to rounding.

#### market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
**MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**MSCI Emerging Markets Index (Net) A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**net asset value (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.**

#### outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
**price-to-book ratio (P/B) The market price of a company's stock compared with its "book value." A mutual fund's P/B is the weighted average of the P/B of all stocks in the fund's portfolio.**

**price-to-earnings ratio (P/E) The market price of a company's stock compared with earnings over the past year. A mutual fund's P/E is the weighted average of the P/E of all stocks in the fund's portfolio.**

#### return on equity (ROE) The average yearly rate of return for each dollar of investors' money, measured over the past five years.

#### Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
**Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell 1000 Value Index An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.**

**Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell RAFI Developed ex US Large Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the**

index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the largest investable securities in developed countries globally, excluding companies assigned to the United States.

**Russell RAFI Developed ex US Small Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores rank below the 87.5% threshold. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the smallest investable securities in developed countries globally, excluding companies assigned to the United States.**

**Russell RAFI Emerging Markets Large Company Index (Net) An index that ranks emerging market companies in the FTSE Global Total Cap Index by measures of fundamental size and tracks the performance of those companies whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the emerging companies in the FTSE Global Total Cap Index measures the performance of the investable securities in emerging countries globally.**

**Russell RAFI US Large Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Large Company Index includes only those securities that are members of the U.S. portion whose fundamental scores are in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis.**

**Russell RAFI US Small Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Small Company Index includes only those securities that are members of the U.S. portion and rank below the 87.5% fundamental score threshold. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis.**

#### S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.

#### stock A share of ownership, or equity, in the issuing company.

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

#### weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund's portfolio.

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

## 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>

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### 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© 2022 Charles Schwab & Co., Inc. All rights reserved.<br> Member SIPC<sup>®</sup><br> Printed on recycled paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| 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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[**Table of Contents**](#job_schwa_e2b3c3be-192d-4111-b585-81dab4c31ae7_toc)

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g29907img9aa929681.jpg)

MFR13813-25<br> 00280554

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g56854img3ae520d71.jpg)

#### Annual Report \| October 31, 2022

## Schwab Target Funds

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Schwab Target 2010 Fund

Schwab Target 2015 Fund

Schwab Target 2020 Fund

Schwab Target 2025 Fund

Schwab Target 2030 Fund

Schwab Target 2035 Fund

Schwab Target 2040 Fund

Schwab Target 2045 Fund

Schwab Target 2050 Fund

Schwab Target 2055 Fund

Schwab Target 2060 Fund

Schwab Target 2065 Fund

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Schwab Target Funds

In This Report

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_a799a49e-91b9-4445-854d-2d596e70e792_1) | 2 |
| [From the President](#xx_91a7aa29-6fff-4fd7-b351-b918a12d830d_1) | 4 |
| [The Investment Environment](#xx_e716db2e-483e-4ee5-aee7-b9963685752b_1) | 5 |
| [Fund Management](#xx_82b91308-c533-48b5-b0a1-4c3855143564_1) | 7 |
| [Performance and Fund Facts](#xx_2200c248-fcfb-4701-8d18-bb9a83dd094a_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2010 Fund](#xx_2200c248-fcfb-4701-8d18-bb9a83dd094a_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2015 Fund](#xx_3bcf5cda-4b08-4eb5-83ca-4e991815a2ae_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2020 Fund](#xx_dd56a5b3-d468-4708-ab6d-806276e89995_1) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2025 Fund](#xx_60e953c6-a30d-4d4b-a268-96232d38af9a_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2030 Fund](#xx_eb125d17-53c7-4d19-b66e-1b6584bd502a_1) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2035 Fund](#xx_6c92dd58-9d3d-402d-ac7f-39700f3a0668_1) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2040 Fund](#xx_1bddaba4-c6cf-4137-b33e-3f88dc6e571b_1) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2045 Fund](#xx_01a4b151-5822-4acd-a6fd-be9f4a6f5f9e_1) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2050 Fund](#xx_ed9c9b9b-48a6-4a11-97ba-71be8a0771a0_1) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2055 Fund](#xx_76f19191-dcef-4c25-b6a3-cbcf74a17793_1) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2060 Fund](#xx_b122a79f-5df7-4801-83d0-bb81060bde4d_1) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2065 Fund](#xx_e5f00b44-2ac2-43a0-92f3-51a0e9cf97ab_1) | 41 |
| [Fund Expenses](#xx_98d2759d-09d2-430c-8a0e-89827ab9049e_1) | 44 |
| [Financial Statements and Portfolio Holdings](#xx_a299ac35-9eab-4113-b3ec-a807b14ba643_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2010 Fund](#xx_a299ac35-9eab-4113-b3ec-a807b14ba643_1) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2015 Fund](#xx_70e44870-c233-4715-bd80-d0e10f836df9_1) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2020 Fund](#xx_efba64ca-4488-4a41-812d-1b61a0337e3b_1) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2025 Fund](#xx_a3a96108-bce2-4967-b876-3bf06f623824_1) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2030 Fund](#xx_603d8982-ba4f-4fd0-b96b-1784b94ec8c8_1) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2035 Fund](#xx_e7433349-2c46-47a6-a8a7-53ec86c351a7_1) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2040 Fund](#xx_f7f92fd4-b4d0-470e-bac4-bff565b0f57a_1) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2045 Fund](#xx_231c894c-1fff-4655-9b49-e0f0b766d12e_1) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2050 Fund](#xx_e35a9d08-0d9f-43e2-ad52-d9443180cc13_1) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2055 Fund](#xx_6c2b5193-ee63-43ba-a675-8cdf23ef7d79_1) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2060 Fund](#xx_1f62fc06-f99f-4e2f-95c9-2f128930ffb8_1) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Target 2065 Fund](#xx_30ac20bc-0875-4544-9615-ffc473e7802d_1) | 112 |
| [Financial Notes](#xx_ba347ad5-1e03-469c-ac5d-35c38b78629e_1) | 118 |
| [Report of Independent Registered Public Accounting Firm](#xx_a31b3339-cc08-4ce7-a01e-7d2332dfc17e_1) | 129 |
| [Other Federal Tax Information](#xx_a442b138-b129-4477-8679-c7916fc6be23_1) | 130 |
| [Shareholder Vote Results](#xx_2148afb8-29c4-4c46-b65d-c78716b07bbc_1) | 132 |
| [Liquidity Risk Management Program](#xx_e96d99c2-9957-428b-a7f0-af13bc7e889f_1) | 133 |
| [Investment Advisory Agreement Approval](#xx_cbf0ccd0-1680-428a-a0e1-6b426ee3b48a_1) | 134 |
| [Trustees and Officers](#xx_76fa4b2e-27f7-46f2-b7c4-5607eb83b45f_1) | 137 |
| [Glossary](#xx_2ef9defb-4b7a-4b2a-bf37-8ea75f5c2367_1) | 141 |

---

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

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

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Schwab Target Funds

## Performance at a Glance

------

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

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab Target 2010 Fund (Ticker Symbol: SWBRX)** | -15.69% |
| Target 2010 Composite Index | -14.26% |
| Fund Category: Morningstar Target-Date 2000-2010<sup>1</sup> | -14.76% |
| *Performance Details* | *pages 8-10* |
| **Schwab Target 2015 Fund (Ticker Symbol: SWGRX)** | -16.15% |
| Target 2015 Composite Index | -14.50% |
| Fund Category: Morningstar Target-Date 2015<sup>1</sup> | -15.43% |
| *Performance Details* | *pages 11-13* |
| **Schwab Target 2020 Fund (Ticker Symbol: SWCRX)** | -16.35% |
| Target 2020 Composite Index | -14.67% |
| Fund Category: Morningstar Target-Date 2020<sup>1</sup> | -16.13% |
| *Performance Details* | *pages 14-16* |
| **Schwab Target 2025 Fund (Ticker Symbol: SWHRX)** | -17.39% |
| Target 2025 Composite Index | -15.34% |
| Fund Category: Morningstar Target-Date 2025<sup>1</sup> | -16.85% |
| *Performance Details* | *pages 17-19* |
| **Schwab Target 2030 Fund (Ticker Symbol: SWDRX)** | -18.51% |
| Target 2030 Composite Index | -16.15% |
| Fund Category: Morningstar Target-Date 2030<sup>1</sup> | -17.69% |
| *Performance Details* | *pages 20-22* |
| **Schwab Target 2035 Fund (Ticker Symbol: SWIRX)** | -19.41% |
| Target 2035 Composite Index | -16.84% |
| Fund Category: Morningstar Target-Date 2035<sup>1</sup> | -18.49% |
| *Performance Details* | *pages 23-25* |

---

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

The components that make up each of the composite indices may vary over time. For index definitions, please see the Glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, a fund's total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

<sup>1</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date. <br>

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Schwab Target Funds

## Performance at a Glance (continued)<br>

------

---

| | |
|:---|:---|
| **Total Return for the 12 Months Ended October 31, 2022** | **Total Return for the 12 Months Ended October 31, 2022** |
| **Schwab Target 2040 Fund (Ticker Symbol: SWERX)** | -20.10% |
| Target 2040 Composite Index | -17.44% |
| Fund Category: Morningstar Target-Date 2040<sup>1</sup> | -18.96% |
| *Performance Details* | *pages 26-28* |
| **Schwab Target 2045 Fund (Ticker Symbol: SWMRX)** | -20.76% |
| Target 2045 Composite Index | -17.98% |
| Fund Category: Morningstar Target-Date 2045<sup>1</sup> | -19.30% |
| *Performance Details* | *pages 29-31* |
| **Schwab Target 2050 Fund (Ticker Symbol: SWNRX)** | -21.22% |
| Target 2050 Composite Index | -18.32% |
| Fund Category: Morningstar Target-Date 2050<sup>1</sup> | -19.52% |
| *Performance Details* | *pages 32-34* |
| **Schwab Target 2055 Fund (Ticker Symbol: SWORX)** | -21.54% |
| Target 2055 Composite Index | -18.53% |
| Fund Category: Morningstar Target-Date 2055<sup>1</sup> | -19.63% |
| *Performance Details* | *pages 35-37* |
| **Schwab Target 2060 Fund (Ticker Symbol: SWPRX)** | -21.88% |
| Target 2060 Composite Index | -18.71% |
| Fund Category: Morningstar Target-Date 2060<sup>1</sup> | -19.63% |
| *Performance Details* | *pages 38-40* |
| **Schwab Target 2065 Fund (Ticker Symbol: SWQRX)** | -21.78% |
| Target 2065 Composite Index | -18.76% |
| Fund Category: Morningstar Target-Date 2065+<sup>1</sup> | -19.88% |
| *Performance Details* | *pages 41-43* |

---

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

The components that make up each of the composite indices may vary over time. For index definitions, please see the Glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, a fund's total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

<sup>1</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

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Schwab Target Funds

## From the President<br>

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![](g56854imga9dd4a8c2.jpg)

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

Geopolitical, economic, and market challenges abounded during the 12-month reporting period ended October 31, 2022. Although the period started off strong, with markets reaching new highs in the final months of 2021, the subsequent 10 months were beset by rapidly rising inflation, sharply climbing interest rates, steeply declining stock prices, and the onset of a war in Europe as Russia invaded Ukraine. Economic growth in the United States and most of the world slowed. By the end of the period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, lost nearly 20% of its value from its early-January 2022 peak and returned -14.6% for the reporting period. The MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, declined by more than 25% between early-January 2022 highs and the end of the reporting period and returned -23.0% for the reporting period. U.S. fixed-income markets slumped in the face of inflationary pressures, with the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, returning -15.7% for the reporting period.

At Schwab Asset Management, we recognize that today's turbulent investment environment may be unsettling for many investors. Market declines and volatility can rattle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, even in the face of market turmoil and volatility, most investors are best served by maintaining a diversified portfolio that reflects their risk tolerance and goals.

The Schwab Target Funds offer a diversified portfolio solution designed to reflect an investor's risk tolerance and investment goals as they change over time. As each fund draws closer to its designated target retirement date, its allocations shift from equity funds to fixed-income funds and from actively managed strategies to index strategies, helping you maintain a diversified portfolio that reflects your evolving risk appetite at every stage of your investment lifecycle up to and through retirement.

Thank you for investing with Schwab Asset Management. For more information about the Schwab Target 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,

![](g56854img11707f563.jpg)

" *The Schwab Target Funds offer a diversified portfolio solution designed to reflect an investor's risk tolerance and investment goals as they change over time.*"

Past performance is no guarantee of future results.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

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.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Target Funds

## The Investment Environment

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For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -14.61%. U.S. small-cap stocks underperformed U.S. large-cap stocks, with the Russell 2000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Index returning -18.54% and -16.38%, respectively. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks, with the Russell 1000<sup>®</sup> Growth Index and Russell 1000<sup>®</sup> Value Index returning -24.60% and -7.00%, respectively. Among U.S. industry sectors, only energy generated strong positive returns, driven by soaring oil and gas prices. Traditionally defensive sectors, such as consumer staples, utilities, and health care, tended to outperform the market average, while cyclically sensitive sectors, such as consumer discretionary, real estate, and information technology, lagged. Outside the United States, the MSCI EAFE<sup>®</sup> Index (Net)\*, a broad measure of developed international equity performance, returned -23.00% and the MSCI Emerging Markets Index (Net)\* returned -31.03%. U.S. and international bonds were also weak for the reporting period as economic uncertainty and rising interest rates by many central banks drove bond yields up and bond prices down. (Bond yields and bond prices typically move in opposite directions.) The Bloomberg US Aggregate Bond Index returned -15.68% and the FTSE non-US Dollar World Government Bond Index returned -27.64%.

After a recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, U.S. gross domestic product (GDP) increased at an annualized rate of 6.9% for the fourth quarter. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% and -0.6% for the first and second quarters of 2022, respectively. GDP growth was positive for the third quarter of 2022, increasing at an annualized rate of 2.9%, driven primarily by energy

#### Asset Class Performance Comparison % returns during the 12 months ended October 31, 2022

#### <br>
![](g56854img11393a374.jpg)

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not an indication of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

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

Management views may have changed since the report date.

\* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Target Funds

## The Investment Environment (continued)<br>

------

exports. Consumer spending also grew but at a slower pace than in the second quarter. Inflation remained stubbornly high, hitting a 40-year high in June due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs, before falling slightly by the end of the reporting period. The unemployment rate remained low, ending the reporting period near pre-pandemic lows.

Outside the United States, global economies also wrestled with the fallout of the COVID-19 pandemic, high energy costs, rising inflation, and the war in Ukraine. After spiking in early March 2022 as sanctions were imposed on Russian imports—and again in June on supply-and-demand imbalances—oil prices generally fell through the rest of the reporting period, ending at just over $86 per barrel. The eurozone, heavily impacted by the war in Ukraine and associated commodity price spikes, managed to eke out small gains in GDP for the fourth quarter of 2021 and first and second quarters of 2022, as COVID-19 restrictions eased and tourism increased in response to pent-up demand. The United Kingdom also posted small gains in GDP growth for the fourth quarter of 2021 and first and second quarters of 2022. Among emerging markets, China's GDP growth rate remained positive but slowed notably as China dealt with numerous headwinds including lockdowns and quarantines, declining domestic consumption, and a severe property downturn as a result of stalled demand, a decline in financing for property development, halted construction on in progress projects, and homeowners pausing mortgage payments on incomplete builds. India's GDP growth also remained positive over the reporting period, particularly in the second quarter of 2022, on rising consumer demand and a rapid decline in COVID-19 cases.

Monetary policy around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the U.S. Federal Reserve (Fed) shifted its stance. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate five times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—in its ongoing efforts to achieve a return to price stability. The federal funds rate ended the reporting period in a range of 3.00% to 3.25%. In June, the Fed also began to reduce the $9 trillion in assets it held on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. Outside the United States, central banks were similarly responsive. After holding its policy rate unchanged since March 2015, at 0.00%, the European Central Bank raised its interest rate three times over the reporting period in an effort to dampen demand and control inflation, which in October 2022 rose into double-digits. The Bank of England raised its key official bank rate seven times during the reporting period, bringing borrowing costs to a 13-year high as the Bank of England wrestles with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but raised its inflation forecast at its October 2022 meeting. Monetary policies in emerging markets were mixed. Central banks in India, Indonesia, Brazil, Mexico, and Pakistan raised their rates multiple times over the reporting period to counteract the impacts of inflation. In contrast, China cut its interest rate three times over the reporting period, in part as a result of a resurgence of COVID-19 cases and a lingering property downturn. Russia raised its benchmark policy rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia's invasion of Ukraine, but subsequently reduced it several times.

U.S. bond yields remained relatively flat through the final two months of 2021. However, as inflation continued to rise and Fed monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. Over the reporting period, the yield on the 10-year U.S. Treasury rose from 1.55% to 4.10%. Short-term rates also rose, with the yield on the three-month U.S. Treasury climbing from 0.05% to 4.22% over the reporting period. Outside the U.S., bond yields generally followed a similar trajectory.

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Schwab Target Funds

## Fund Management

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---

| | |
|:---|:---|
| ![](g56854img9509621b5.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Zifan Tang, Ph.D., CFA, Senior Portfolio Manager, is responsible for the co-management of the funds. Prior to joining Schwab in 2012, Ms. Tang was a product manager at Thomson Reuters and from 1997 to 2009 worked as a portfolio manager at Barclays Global Investors (now known as BlackRock).** |

---

---

| | |
|:---|:---|
| ![](g56854img1dc4c9ce6.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;**Patrick Kwok, CFA, Portfolio Manager, is responsible for the co-management of the funds. Previously, Mr. Kwok served as an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund administration manager, where he was responsible for oversight of sub-advisers, trading, cash management, and fund administration supporting the Charles Schwab Trust Bank Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in 2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust Company. He also worked for one year at State Street Bank & Trust as a portfolio accountant and pricing specialist.** |

---

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## Schwab Target 2010 Fund as of October 31, 2022

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**The Schwab Target 2010 Fund (the 2010 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2010 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2010 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2010 Fund's asset allocation was approximately 37.4% equity securities, 58.1% fixed-income securities, and 4.5% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2010 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2010 Fund returned -15.69%. The 2010 Fund's internally calculated comparative index, the Target 2010 Composite Index (the composite index), returned -14.26%.**

#### Positioning and Strategies. The 2010 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2010 Fund's fixed-income allocations detracted the most from the total return of the 2010 Fund. The Schwab U.S. Aggregate Bond Index Fund was the largest detractor from the total return of the fund, returning approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index.

The 2010 Fund's U.S. equity allocations, particularly the 2010 Fund's U.S. large-cap equity allocations, also detracted from the total return of the 2010 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index. The Schwab Fundamental US Large Company Index Fund and Schwab U.S. Mid-Cap Index Fund were the smallest detractors from the total return of the 2010 Fund, returning approximately -4% and -17%, respectively, for the reporting period.

The 2010 Fund's international equity allocations also detracted from the total return of the 2010 Fund. The Schwab International Opportunities Fund detracted from the total return of the 2010 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2010 Fund's real estate allocation was a small detractor from the total return of the 2010 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Target 2010 Fund

## Performance and Fund Facts as of October 31, 2022

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mp5.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Target 2010 Fund (7/1/05) | -15.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Target 2010 Composite Index | -14.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% |
| Fund Category: Morningstar Target-Date 2000-2010<sup>2</sup> | -14.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.31%; Gross 0.43%* | *Fund Expense Ratios<sup>3</sup>: Net 0.31%; Gross 0.43%* | *Fund Expense Ratios<sup>3</sup>: Net 0.31%; Gross 0.43%* | *Fund Expense Ratios<sup>3</sup>: Net 0.31%; Gross 0.43%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.31% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2010 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;20 |
| Portfolio Turnover Rate | 24% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854imgc6b102007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854img0ed2414c8.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

<sub>10</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2015 Fund as of October 31, 2022

------

**The Schwab Target 2015 Fund (the 2015 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2015 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2015 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and Schwab ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2015 Fund's asset allocation was approximately 40.9% equity securities, 55.0% fixed-income securities and 4.1% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2015 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2015 Fund returned -16.15%. The 2015 Fund's internally calculated comparative index, the Target 2015 Composite Index (the composite index), returned -14.50%.**

#### Positioning and Strategies. The 2015 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2015 Fund's fixed-income allocations detracted the most from the total return of the 2015 Fund. The Schwab U.S. Aggregate Bond Index Fund was the largest detractor from the total return of the fund, returning approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index.

The 2015 Fund's U.S. equity allocations, particularly the 2015 Fund's U.S. large-cap equity allocations, also detracted from the total return of the 2015 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index. The Schwab Fundamental US Large Company Index Fund and Schwab U.S. Mid-Cap Index Fund were the smallest detractors from the total return of the 2015 Fund, returning approximately -4% and -17%, respectively, for the reporting period.

The 2015 Fund's international equity allocations also detracted from the total return of the 2015 Fund. The Schwab International Opportunities Fund detracted from the total return of the 2015 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2015 Fund's real estate allocation was a small detractor from the total return of the 2015 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sub>11</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mq1.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Target 2015 Fund (3/12/08) | -16.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Target 2015 Composite Index | -14.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% |
| Fund Category: Morningstar Target-Date 2015<sup>2</sup> | -15.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.33%; Gross 0.41%* | *Fund Expense Ratios<sup>3</sup>: Net 0.33%; Gross 0.41%* | *Fund Expense Ratios<sup>3</sup>: Net 0.33%; Gross 0.41%* | *Fund Expense Ratios<sup>3</sup>: Net 0.33%; Gross 0.41%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.33% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>12</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;20 |
| Portfolio Turnover Rate | 19% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854img625c9c4f9.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854img030f62d610.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

<sub>13</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2020 Fund as of October 31, 2022

------

**The Schwab Target 2020 Fund (the 2020 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2020 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2020 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2020 Fund's asset allocation was approximately 43.3% equity securities, 52.9% fixed-income securities, and 3.8% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2020 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2020 Fund returned -16.35%. The 2020 Fund's internally calculated comparative index, the Target 2020 Composite Index (the composite index), returned -14.67%.**

#### Positioning and Strategies. The 2020 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2020 Fund's fixed-income allocations detracted the most from the total return of the 2020 Fund. The Schwab U.S. Aggregate Bond Index Fund was the largest detractor from the total return of the fund, returning approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index.

The 2020 Fund's U.S. equity allocations, particularly the 2020 Fund's U.S. large-cap equity allocations, also detracted from the total return of the 2020 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index. The Schwab Fundamental US Large Company Index Fund and Schwab U.S. Mid-Cap Index Fund were the smallest detractors from the total return of the 2020 Fund, returning approximately -4% and -17%, respectively, for the reporting period.

The 2020 Fund's international equity allocations also detracted from the total return of the 2020 Fund. The Schwab International Opportunities Fund detracted from the total return of the 2020 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2020 Fund's real estate allocation was a small detractor from the total return of the 2020 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sub>14</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mp6.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Target 2020 Fund (7/1/05) | -16.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Target 2020 Composite Index | -14.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% |
| Fund Category: Morningstar Target-Date 2020<sup>2</sup> | -16.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.34%; Gross 0.36%* | *Fund Expense Ratios<sup>3</sup>: Net 0.34%; Gross 0.36%* | *Fund Expense Ratios<sup>3</sup>: Net 0.34%; Gross 0.36%* | *Fund Expense Ratios<sup>3</sup>: Net 0.34%; Gross 0.36%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.34% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>15</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;20 |
| Portfolio Turnover Rate | 17% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854img62e8c3c511.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854img7df7693c12.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

<sub>16</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2025 Fund as of October 31, 2022

------

**The Schwab Target 2025 Fund (the 2025 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2025 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2025 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2025 Fund's asset allocation was approximately 53.4% equity securities, 43.5% fixed-income securities, and 3.1% cash and cash equivalents (including money market funds). At its target date, the 2025 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2025 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2025 Fund returned -17.39%. The 2025 Fund's internally calculated comparative index, the Target 2025 Composite Index (the composite index), returned -15.34%.**

#### Positioning and Strategies. The 2025 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2025 Fund's fixed-income allocations detracted the most from the total return of the 2025 Fund. The Schwab U.S. Aggregate Bond Index Fund returned approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index.

The 2025 Fund's U.S. equity allocations, particularly the 2025 Fund's U.S. large-cap equity allocations, also detracted from the total return of the 2025 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index. The Schwab Fundamental US Large Company Index Fund was the smallest detractor from the total return of the 2025 Fund, returning approximately -4% for the reporting period.

The 2025 Fund's international equity allocations also detracted from the total return of the 2025 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2025 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund. The Goldman Sachs Emerging Markets Equity Insights Fund was a small detractor from the total return of the 2025 Fund, returning approximately -30% for the reporting period.

The 2025 Fund's real estate allocation was a small detractor from the total return of the 2025 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sub>17</sub>

Schwab Target Funds \| Annual Report

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mq2.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Target 2025 Fund (3/12/08) | -17.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Target 2025 Composite Index | -15.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% |
| Fund Category: Morningstar Target-Date 2025<sup>2</sup> | -16.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.43%; Gross 0.45%* | *Fund Expense Ratios<sup>3</sup>: Net 0.43%; Gross 0.45%* | *Fund Expense Ratios<sup>3</sup>: Net 0.43%; Gross 0.45%* | *Fund Expense Ratios<sup>3</sup>: Net 0.43%; Gross 0.45%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.43% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>18</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;21 |
| Portfolio Turnover Rate | 19% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854imge2190b1d13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854img87178a4614.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

<sub>19</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2030 Fund as of October 31, 2022

------

**The Schwab Target 2030 Fund (the 2030 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2030 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2030 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2030 Fund's asset allocation was approximately 65.7% equity securities, 32.0% fixed-income securities, and 2.3% cash and cash equivalents (including money market funds). At its target date, the 2030 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2030 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2030 Fund returned -18.51%. The 2030 Fund's internally calculated comparative index, the Target 2030 Composite Index (the composite index), returned -16.15%.**

#### Positioning and Strategies. The 2030 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2030 Fund's U.S. equity allocations, particularly the 2030 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2030 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index. The Schwab Fundamental US Large Company Index Fund was the smallest detractor from the total return of the 2030 Fund, returning approximately -4% for the reporting period.

The 2030 Fund's international equity allocations also detracted from the total return of the 2030 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2030 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2030 Fund's fixed-income allocations also detracted from the total return of the 2030 Fund. The Schwab U.S. Aggregate Bond Index Fund returned approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index. The Schwab Treasury Inflation Protected Securities Index Fund was a small detractor from the total return of the 2030 Fund, returning approximately -12% for the reporting period.

The 2030 Fund's real estate allocation was a small detractor from the total return of the 2030 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sub>20</sub>

Schwab Target Funds \| Annual Report

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mp7.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Target 2030 Fund (7/1/05) | -18.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Target 2030 Composite Index | -16.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% |
| Fund Category: Morningstar Target-Date 2030<sup>2</sup> | -17.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.51%* | *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.51%* | *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.51%* | *Fund Expense Ratios<sup>3</sup>: Net 0.50%; Gross 0.51%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.50% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>21</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;21 |
| Portfolio Turnover Rate | 16% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854imgc80cfbe115.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854imgd79e2c5f16.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

<sub>22</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2035 Fund as of October 31, 2022

------

**The Schwab Target 2035 Fund (the 2035 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2035 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2035 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2035 Fund's asset allocation was approximately 74.8% equity securities, 23.4% fixed-income securities, and 1.8% cash and cash equivalents (including money market funds). At its target date, the 2035 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2035 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2035 Fund returned -19.41%. The 2035 Fund's internally calculated comparative index, the Target 2035 Composite Index (the composite index), returned -16.84%.**

#### Positioning and Strategies. The 2035 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2035 Fund's U.S. equity allocations, particularly the 2035 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2035 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index. The Schwab Fundamental US Large Company Index Fund was a small detractor from the total return of the 2035 Fund, returning approximately -4% for the reporting period.

The 2035 Fund's international equity allocations also detracted from the total return of the 2035 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2035 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2035 Fund's fixed-income allocations also detracted from the total return of the 2035 Fund. The Schwab U.S. Aggregate Bond Index Fund returned approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index. The Metropolitan West Total Return Bond Fund was removed from the 2035 Fund at the end of January 2022 and was the smallest detractor from the total return of the 2035 Fund, returning approximately -2% while held by the 2035 Fund.

The 2035 Fund's real estate allocation was a small detractor from the total return of the 2035 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sub>23</sub>

Schwab Target Funds \| Annual Report

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mq3.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Target 2035 Fund (3/12/08) | -19.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Target 2035 Composite Index | -16.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69% |
| Fund Category: Morningstar Target-Date 2035<sup>2</sup> | -18.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.56%; Gross 0.58%* | *Fund Expense Ratios<sup>3</sup>: Net 0.56%; Gross 0.58%* | *Fund Expense Ratios<sup>3</sup>: Net 0.56%; Gross 0.58%* | *Fund Expense Ratios<sup>3</sup>: Net 0.56%; Gross 0.58%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.56% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>24</sub>

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;20 |
| Portfolio Turnover Rate | 13% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854imge45c98d917.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854imgbac7bf6c18.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

<sub>25</sub>

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2040 Fund as of October 31, 2022

------

**The Schwab Target 2040 Fund (the 2040 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2040 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2040 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2040 Fund's asset allocation was approximately 82.3% equity securities, 16.4% fixed-income securities, and 1.3% cash and cash equivalents including money market funds). At its target date, the 2040 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2040 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2040 Fund returned -20.10%. The 2040 Fund's internally calculated comparative index, the Target 2040 Composite Index (the composite index), returned -17.44%.**

#### Positioning and Strategies. The 2040 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2040 Fund's U.S. equity allocations, particularly the 2040 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2040 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index.

The 2040 Fund's international equity allocations also detracted from the total return of the 2040 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2040 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2040 Fund's fixed-income allocations also detracted from the total return of the 2040 Fund. The Schwab U.S. Aggregate Bond Index Fund returned approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index. The Metropolitan West Total Return Bond Fund was removed from the 2040 Fund at the end of January 2022 and was the smallest detractor from the total return of the 2040 Fund, returning approximately -2% while held by the 2040 Fund. The Schwab Short-Term Bond Index Fund was another small detractor from the total return of the 2040 Fund, returning approximately -7% for the reporting period.

The 2040 Fund's real estate allocation was a small detractor from the total return of the 2040 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

<sub>26</sub>

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (October 31, 2012 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mp8.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Fund: Schwab Target 2040 Fund (7/1/05) | -20.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Target 2040 Composite Index | -17.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15% |
| Fund Category: Morningstar Target-Date 2040<sup>2</sup> | -18.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48% |
| *Fund Expense Ratios<sup>3</sup>: Net 0.60%; Gross 0.61%* | *Fund Expense Ratios<sup>3</sup>: Net 0.60%; Gross 0.61%* | *Fund Expense Ratios<sup>3</sup>: Net 0.60%; Gross 0.61%* | *Fund Expense Ratios<sup>3</sup>: Net 0.60%; Gross 0.61%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.60% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

<sub>27</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;20 |
| Portfolio Turnover Rate | 10% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854img8e8e7e4119.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854imga7be69fd20.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

<sub>28</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2045 Fund as of October 31, 2022

------

**The Schwab Target 2045 Fund (the 2045 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2045 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2045 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2045 Fund's asset allocation was approximately 88.4% equity securities, 10.7% fixed-income securities, and 0.9% cash and cash equivalents (including money market funds). At its target date, the 2045 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2045 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2045 Fund returned -20.76%. The 2045 Fund's internally calculated comparative index, the Target 2045 Composite Index (the composite index), returned -17.98%.**

#### Positioning and Strategies. The 2045 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2045 Fund's U.S. equity allocations, particularly the 2045 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2045 Fund. The Schwab S&P 500 Index Fund returned approximately -15% for the reporting period, generally tracking its comparative index, the S&P 500<sup>®</sup> Index.

The 2045 Fund's international equity allocations also detracted from the total return of the 2045 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2045 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2045 Fund's real estate allocation also detracted from the total return of the 2045 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

The 2045 Fund's fixed-income allocations were the smallest detractor from the total return of the 2045 Fund. The Schwab U.S. Aggregate Bond Index Fund returned approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index. The Metropolitan West Total Return Bond Fund was removed from the 2045 Fund at the end of January 2022 and was the smallest detractor from the total return of the 2045 Fund, returning approximately -2% while held by the 2045 Fund. The Schwab Short-Term Bond Index Fund was another small detractor from the total return of the 2045 Fund, returning approximately -7% for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (January 23, 2013 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mr1.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab Target 2045 Fund (1/23/13) | -20.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;11.87% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Target 2045 Composite Index | -17.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91% |
| Fund Category: Morningstar Target-Date 2045<sup>2</sup> | -19.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratios<sup>3</sup>: Net 0.64%; Gross 0.68%* | *Fund Expense Ratios<sup>3</sup>: Net 0.64%; Gross 0.68%* | *Fund Expense Ratios<sup>3</sup>: Net 0.64%; Gross 0.68%* | *Fund Expense Ratios<sup>3</sup>: Net 0.64%; Gross 0.68%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.64% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;20 |
| Portfolio Turnover Rate | 7% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854imgbaab044c21.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854imgc13da31422.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2050 Fund as of October 31, 2022

------

**The Schwab Target 2050 Fund (the 2050 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2050 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2050 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2050 Fund's asset allocation was approximately 92.0% equity securities, 7.3% fixed-income securities, and 0.6% cash and cash equivalents (including money market funds).<sup>1</sup> At its target date, the 2050 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2050 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2050 Fund returned -21.22%. The 2050 Fund's internally calculated comparative index, the Target 2050 Composite Index (the composite index), returned -18.32%.**

#### Positioning and Strategies. The 2050 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2050 Fund's U.S. equity allocations, particularly the 2050 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2050 Fund. The Schwab Select Large Cap Growth Fund returned approximately -37% for the reporting period, underperforming the U.S. large cap equity comparative index, the S&P 500<sup>®</sup> Index.

The 2050 Fund's international equity allocations also detracted from the total return of the 2050 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2050 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>2</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2050 Fund's real estate allocation also detracted from the total return of the 2050 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>2</sup>.

The 2050 Fund's fixed-income allocations were the smallest detractor from the total return of the 2050 Fund. The Schwab U.S. Aggregate Bond Index Fund returned approximately -16% for the reporting period, generally tracking its comparative index, the Bloomberg US Aggregate Bond Index. The Baird Aggregate Bond Fund and Metropolitan West Total Return Bond Fund were removed from the 2050 Fund at the end of January 2022 and were the smallest detractors from the total return of the 2050 Fund, with both returning approximately -2% while held by the 2050 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> Percentages may not add up to 100% due to rounding.

<sup>2</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (January 23, 2013 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mr2.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab Target 2050 Fund (1/23/13) | -21.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.39% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;11.87% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Target 2050 Composite Index | -18.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10% |
| Fund Category: Morningstar Target-Date 2050<sup>2</sup> | -19.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratios<sup>3</sup>: Net 0.67%; Gross 0.71%* | *Fund Expense Ratios<sup>3</sup>: Net 0.67%; Gross 0.71%* | *Fund Expense Ratios<sup>3</sup>: Net 0.67%; Gross 0.71%* | *Fund Expense Ratios<sup>3</sup>: Net 0.67%; Gross 0.71%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.67% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;19 |
| Portfolio Turnover Rate | 6% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854img60b94f1423.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,4,5</sup>

![](g56854imgea080abf24.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> Less than 0.05%.

<sup>4</sup> This list is not a recommendation of any security by the investment adviser.

<sup>5</sup> The holdings listed exclude any temporary liquidity investments.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2055 Fund as of October 31, 2022

------

**The Schwab Target 2055 Fund (the 2055 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2055 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2055 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2055 Fund's asset allocation was approximately 94.2% equity securities, 5.3% fixed-income securities, and 0.5% cash and cash equivalents (including money market funds). At its target date, the 2055 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2055 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2055 Fund returned -21.54%. The 2055 Fund's internally calculated comparative index, the Target 2055 Composite Index (the composite index), returned -18.53%.**

#### Positioning and Strategies. The 2055 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2055 Fund's U.S. equity allocations, particularly the 2055 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2055 Fund. The Schwab Select Large Cap Growth Fund returned approximately -37% for the reporting period, underperforming the U.S. large cap equity comparative index, the S&P 500<sup>®</sup> Index.

The 2055 Fund's international equity allocations also detracted from the total return of the 2055 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2055 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2055 Fund's real estate allocation also detracted from the total return of the 2055 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

The 2055 Fund's fixed-income allocations were the smallest detractor from the total return of the 2055 Fund. The Loomis Sayles Investment Grade Bond Fund returned approximately -14% for the reporting period. The Baird Aggregate Bond Fund and Metropolitan West Total Return Bond Fund were removed from the 2055 Fund at the end of January 2022 and were the smallest detractors from the total return of the 2055 Fund, with both returning approximately -2% while held by the 2055 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (January 23, 2013 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mr3.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab Target 2055 Fund (1/23/13) | -21.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;11.87% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Target 2055 Composite Index | -18.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.23% |
| Fund Category: Morningstar Target-Date 2055<sup>2</sup> | -19.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratios<sup>3</sup>: Net 0.68%; Gross 0.74%* | *Fund Expense Ratios<sup>3</sup>: Net 0.68%; Gross 0.74%* | *Fund Expense Ratios<sup>3</sup>: Net 0.68%; Gross 0.74%* | *Fund Expense Ratios<sup>3</sup>: Net 0.68%; Gross 0.74%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.68% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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Schwab Target Funds \| Annual Report

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;18 |
| Portfolio Turnover Rate | 4% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854img569a75b325.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854img6ab5950326.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2060 Fund as of October 31, 2022

------

**The Schwab Target 2060 Fund (the 2060 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2060 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2060 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2060 Fund's asset allocation was approximately 96.2% equity securities, 3.3% fixed-income securities, and 0.5% cash and cash equivalents (including money market funds). At its target date, the 2060 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2060 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2060 Fund returned -21.88%. The 2060 Fund's internally calculated comparative index, the Target 2060 Composite Index (the composite index), returned -18.71%.**

#### Positioning and Strategies. The 2060 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2060 Fund's U.S. equity allocations, particularly the 2060 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2060 Fund. The Schwab Select Large Cap Growth Fund returned approximately -37% for the reporting period, underperforming the U.S. large cap equity comparative index, the S&P 500<sup>®</sup> Index.

The 2060 Fund's international equity allocations also detracted from the total return of the 2060 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2060 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>. The Schwab International Opportunities Fund was the largest detractor from the relative return of the fund.

The 2060 Fund's real estate allocation also detracted from the total return of the 2060 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

The 2060 Fund's fixed-income allocations were the smallest detractor from the total return of the 2060 Fund. The Loomis Sayles Investment Grade Bond Fund returned approximately -14% for the reporting period. The Baird Aggregate Bond Fund and Metropolitan West Total Return Bond Fund were removed from the 2060 Fund at the end of January 2022 and were the smallest detractors from the total return of the 2060 Fund, with both returning approximately -2% while held by the 2060 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab Target 2060 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (August 25, 2016 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mv3.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab Target 2060 Fund (8/25/16) | -21.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.59% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72% | &nbsp;&nbsp;&nbsp;&nbsp;11.23% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-0.54% | &nbsp;&nbsp;&nbsp;&nbsp;-0.42% |
| Target 2060 Composite Index | -18.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41% |
| Fund Category: Morningstar Target-Date 2060<sup>2</sup> | -19.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratios<sup>3</sup>: Net 0.69%; Gross 0.91%* | *Fund Expense Ratios<sup>3</sup>: Net 0.69%; Gross 0.91%* | *Fund Expense Ratios<sup>3</sup>: Net 0.69%; Gross 0.91%* | *Fund Expense Ratios<sup>3</sup>: Net 0.69%; Gross 0.91%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.69% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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Schwab Target 2060 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;17 |
| Portfolio Turnover Rate | 15% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854img6807139227.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854img5893f06d28.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

## Schwab Target 2065 Fund as of October 31, 2022

------

**The Schwab Target 2065 Fund (the 2065 Fund) seeks to provide capital appreciation and income consistent with its current asset allocation. The 2065 Fund seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab Funds. The 2065 Fund may also invest in affiliated Schwab ETFs and unaffiliated third-party mutual funds and ETFs. The target asset allocation is adjusted annually by the investment adviser; as of the last annual adjustment at the beginning of February 2022, the 2065 Fund's asset allocation was approximately 97.0% equity securities, 2.5% fixed-income securities, and 0.5% cash and cash equivalents (including money market funds). At its target date, the 2065 Fund's allocation will be approximately 44.0% equity securities, 52.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). (For portfolio allocations as of the end of this reporting period, please see the 2065 Fund's Portfolio Holdings included in this report.)**

**Market Highlights. For the 12-month reporting period ended October 31, 2022, U.S. and international equity and bond markets lost ground. After several key market indices hit record highs through early January 2022, equity markets around the globe began to slide in reaction to growing headwinds, including accelerating inflation and the increasing likelihood of rising interest rates. In late February 2022, Russia's invasion of Ukraine drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. As the reporting period progressed, economic growth slowed, interest rates rose, and recession fears mounted. U.S. small-cap stocks underperformed U.S. large-cap stocks. Among U.S. large-cap stocks, growth stocks significantly underperformed value stocks. As inflation rose and U.S. Federal Reserve monetary policy shifted, bond yields began to rise in early 2022, ending October near reporting-period highs and exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The U.S. dollar continued to exhibit strength against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms.**

**Performance. For the 12-month reporting period ended October 31, 2022, the 2065 Fund returned -21.78%. The 2065 Fund's internally calculated comparative index, the Target 2065 Composite Index (the composite index), returned -18.76%.**

#### Positioning and Strategies. The 2065 Fund's asset allocations were broadly in line with those of the composite index over the reporting period.
The 2065 Fund's U.S. equity allocations, particularly the 2065 Fund's U.S. large-cap equity allocations, detracted the most from the total return of the 2065 Fund. The Schwab Select Large Cap Growth Fund returned approximately -37% for the reporting period, underperforming the U.S. large cap equity comparative index, the S&P 500<sup>®</sup> Index. The Schwab Select Large Cap Growth Fund was the largest detractor from the relative return of the fund.

The 2065 Fund's international equity allocations also detracted from the total return of the 2065 Fund. The Schwab International Opportunities Fund was the largest detractor from the total return of the 2065 Fund, returning approximately -35% for the reporting period, underperforming its comparative index, the MSCI EAFE<sup>®</sup> Index (Net)<sup>1</sup>.

The 2065 Fund's real estate allocation also detracted from the total return of the 2065 Fund. The Schwab Global Real Estate Fund returned approximately -25% for the reporting period, slightly underperforming its comparative index, the FTSE EPRA Nareit Global Index (Net)<sup>1</sup>.

The 2065 Fund's fixed-income allocations were the smallest detractor from the total return of the 2065 Fund. The Loomis Sayles Investment Grade Bond Fund returned approximately -14% for the reporting period. The Baird Aggregate Bond Fund and Metropolitan West Total Return Bond Fund were removed from the 2065 Fund at the end of January 2022 and were the smallest detractors from the total return of the 2065 Fund, with both returning approximately -2% while held by the 2065 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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

<sup>1</sup> The total return cited for the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2065 Fund

## Performance and Fund Facts as of October 31, 2022

------

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

Performance of Hypothetical $10,000 Investment (February 25, 2021 – October 31, 2022)<sup>1</sup>

![](g56854lg_2mr0.jpg)

#### <br>
Average Annual Total Returns<sup>1</sup>

---

| | | |
|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**Since Inception** |
| Fund: Schwab Target 2065 Fund (2/25/21) | -21.78% | &nbsp;&nbsp;&nbsp;&nbsp;-6.94% |
| Dow Jones U.S. Total Stock Market Index<sup>SM</sup> | -16.94% | &nbsp;&nbsp;&nbsp;&nbsp;-0.66% |
| Bloomberg US Aggregate Bond Index | -15.68% | &nbsp;&nbsp;&nbsp;&nbsp;-8.90% |
| Target 2065 Composite Index | -18.76% | &nbsp;&nbsp;&nbsp;&nbsp;-5.11% |
| Fund Category: Morningstar Target-Date 2065+<sup>2</sup> | -19.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| *Fund Expense Ratios<sup>3</sup>: Net 0.68%; Gross 2.58%* | *Fund Expense Ratios<sup>3</sup>: Net 0.68%; Gross 2.58%* | *Fund Expense Ratios<sup>3</sup>: Net 0.68%; Gross 2.58%* |

---

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

For index definitions, please see the Glossary.

<sup>1</sup> Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

<sup>2</sup> Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.

<sup>3</sup> As stated in the prospectus. Includes 0.68% of acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2065 Fund

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

------

Statistics

---

| | |
|:---|:---|
| Number of Holdings | &nbsp;&nbsp;&nbsp;17 |
| Portfolio Turnover Rate | 26% |

---

Asset Class Weightings % of Investments<sup>1,2</sup>

![](g56854imgf3fa93e929.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Top Holdings % of Net Assets<sup>1,3,4</sup>

![](g56854imgf699e92c30.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Portfolio holdings may have changed since the report date.

<sup>1</sup> The fund intends to invest in a combination of the underlying funds; however, the fund may also invest directly in equity and fixed-income securities, exchange-traded funds, and cash equivalents, including money market securities.

<sup>2</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.

<sup>3</sup> This list is not a recommendation of any security by the investment adviser.

<sup>4</sup> The holdings listed exclude any temporary liquidity investments.

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Schwab Target 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 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 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 May 1, 2022 and held through October 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 a 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 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;EXPENSE RATIO<br> (ANNUALIZED)<sup>1,2</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSE RATIO<br> (ANNUALIZED)<sup>3,4</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22<sup>2</sup> | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>2,5</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>4,5</sup> |
| **Schwab Target 2010 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.26% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$931.50 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.26% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.33 |
| **Schwab Target 2015 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.28% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$930.70 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.28% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.43 |
| **Schwab Target 2020 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$929.60 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.53 |
| **Schwab Target 2025 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$925.60 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$1.84 |
| **Schwab Target 2030 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.43% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$920.70 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.43% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.19 |
| **Schwab Target 2035 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.48% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$917.20 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.48% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.45 |
| **Schwab Target 2040 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.51% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$914.10 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.51% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.60 |
| **Schwab Target 2045 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$909.90 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.80 |
| **Schwab Target 2050 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$906.90 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.91 |
| **Schwab Target 2055 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$905.40 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$3.01 |

---

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[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target Funds

## Fund Expenses (Unaudited) (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;EXPENSE RATIO<br> (ANNUALIZED)<sup>1,2</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSE RATIO<br> (ANNUALIZED)<sup>3,4</sup> | &nbsp;&nbsp;BEGINNING <br> ACCOUNT VALUE<br> AT 5/1/22 | &nbsp;&nbsp;ENDING <br> ACCOUNT VALUE<br> (NET OF EXPENSES)<br> AT 10/31/22<sup>2</sup> | &nbsp;&nbsp;EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>2,5</sup> | &nbsp;&nbsp;EFFECTIVE <br> EXPENSES PAID<br> DURING PERIOD<br> 5/1/22-10/31/22<sup>4,5</sup> |
| **Schwab Target 2060 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$904.10 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$3.06 |
| **Schwab Target 2065 Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actual Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$902.70 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypothetical 5% Return | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1025.21 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$3.11 |

---

<sup>1</sup> Based on the most recent six-month expense ratio.

<sup>2</sup> Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Based on the most recent six-month acquired fund fees and expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio in the prospectus.

<sup>4</sup> Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 184 days of the period, and divided by the 365 days of the fiscal year.

<sub>45</sub>

Schwab Target Funds \| Annual Report

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2010 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$15.21 | &nbsp;&nbsp;&nbsp;&nbsp;$13.76 | &nbsp;&nbsp;&nbsp;&nbsp;$13.57 | &nbsp;&nbsp;&nbsp;&nbsp;$13.06 | &nbsp;&nbsp;&nbsp;&nbsp;$13.42 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.23 | &nbsp;&nbsp;&nbsp;&nbsp;$15.21 | &nbsp;&nbsp;&nbsp;&nbsp;$13.76 | &nbsp;&nbsp;&nbsp;&nbsp;$13.57 | &nbsp;&nbsp;&nbsp;&nbsp;$13.06 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;(15.69%) | &nbsp;&nbsp;&nbsp;&nbsp;13.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;10.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$46359 | &nbsp;&nbsp;$65477 | &nbsp;&nbsp;$55507 | &nbsp;&nbsp;$51106 | &nbsp;&nbsp;$51996 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>4</sup> Less than 0.005%; the ratio of net operating expenses would have been 0.00%, if certain non-routine expenses had not been incurred.

<sub>46</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2010 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS** |
| **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** | **U.S. Stocks 20.3%** |
| **Large-Cap 18.1%** | **Large-Cap 18.1%** | **Large-Cap 18.1%** | **Large-Cap 18.1%** | **Large-Cap 18.1%** | **Large-Cap 18.1%** | **Large-Cap 18.1%** | **Large-Cap 18.1%** | **Large-Cap 18.1%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$1568956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($295388) | &nbsp;&nbsp;&nbsp;&nbsp;$95241 | &nbsp;&nbsp;&nbsp;&nbsp;($542645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$826164 | &nbsp;&nbsp;&nbsp;&nbsp;42454 | &nbsp;&nbsp;&nbsp;&nbsp;$325091 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137540 | &nbsp;&nbsp;&nbsp;&nbsp;1083654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978652 | &nbsp;&nbsp;&nbsp;&nbsp;46185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23067 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;8383553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605099 | &nbsp;&nbsp;&nbsp;&nbsp;(2375887) | &nbsp;&nbsp;&nbsp;&nbsp;505149 | &nbsp;&nbsp;&nbsp;&nbsp;(1549821) | &nbsp;&nbsp;&nbsp;&nbsp;5568093 | &nbsp;&nbsp;&nbsp;&nbsp;92771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108464 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1421398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353542) | &nbsp;&nbsp;&nbsp;&nbsp;1015537 | &nbsp;&nbsp;&nbsp;&nbsp;51524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8388446 |  |  |
| **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13281 |
| **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70000) | &nbsp;&nbsp;&nbsp;&nbsp;(20388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705428 | &nbsp;&nbsp;&nbsp;&nbsp;37245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94736 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9404819 |  |  |
| **International Stocks 8.7%** | **International Stocks 8.7%** | **International Stocks 8.7%** | **International Stocks 8.7%** | **International Stocks 8.7%** | **International Stocks 8.7%** | **International Stocks 8.7%** | **International Stocks 8.7%** | **International Stocks 8.7%** |
| **Developed Markets 8.7%** | **Developed Markets 8.7%** | **Developed Markets 8.7%** | **Developed Markets 8.7%** | **Developed Markets 8.7%** | **Developed Markets 8.7%** | **Developed Markets 8.7%** | **Developed Markets 8.7%** | **Developed Markets 8.7%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1983253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513307) | &nbsp;&nbsp;&nbsp;&nbsp;(41170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468165) | &nbsp;&nbsp;&nbsp;&nbsp;1678548 | &nbsp;&nbsp;&nbsp;&nbsp;192715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64381 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;3840054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444296) | &nbsp;&nbsp;&nbsp;&nbsp;(144554) | &nbsp;&nbsp;&nbsp;&nbsp;(1722210) | &nbsp;&nbsp;&nbsp;&nbsp;2348144 | &nbsp;&nbsp;&nbsp;&nbsp;139026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549467 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4026692 |  |  |
| **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** |
| **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;1350166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147718) | &nbsp;&nbsp;&nbsp;&nbsp;(12971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387865) | &nbsp;&nbsp;&nbsp;&nbsp;1180683 | &nbsp;&nbsp;&nbsp;&nbsp;200116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40937 |
| **Fixed Income 41.8%** | **Fixed Income 41.8%** | **Fixed Income 41.8%** | **Fixed Income 41.8%** | **Fixed Income 41.8%** | **Fixed Income 41.8%** | **Fixed Income 41.8%** | **Fixed Income 41.8%** | **Fixed Income 41.8%** |
| **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** | **Inflation-Protected Bond 6.6%** |
| Schwab Treasury Inflation Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;4365856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(970430) | &nbsp;&nbsp;&nbsp;&nbsp;(49449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620100) | &nbsp;&nbsp;&nbsp;&nbsp;3062555 | &nbsp;&nbsp;&nbsp;&nbsp;293629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236678 |
| **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** | **Intermediate-Term Bond 25.5%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;16943429 | &nbsp;&nbsp;&nbsp;&nbsp;1784694 | &nbsp;&nbsp;&nbsp;&nbsp;(4260569) | &nbsp;&nbsp;&nbsp;&nbsp;(446917) | &nbsp;&nbsp;&nbsp;&nbsp;(2212779) | &nbsp;&nbsp;&nbsp;&nbsp;11807858 | 1373007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319585 |
| **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** | **Short-Term Bond 9.7%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;6499915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284521 | &nbsp;&nbsp;&nbsp;&nbsp;(1780441) | &nbsp;&nbsp;&nbsp;&nbsp;(98027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387752) | &nbsp;&nbsp;&nbsp;&nbsp;4518216 | &nbsp;&nbsp;&nbsp;&nbsp;484787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84492 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19388629 |  |  |

---

<sub>47</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2010 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$2041093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($350049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($474) | &nbsp;&nbsp;&nbsp;&nbsp;$1707758 | 1707758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19343 |
| **Total Affiliated Underlying Funds<br> (Cost $34,514,238)** | **$48359517** | **$7642477** | **($11510801)** | **($204000)** | **($8578612)** | **$35708581** |  | **$1879522** |
| **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.2% OF NET ASSETS** |
| **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** |
| **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1214671 | &nbsp;&nbsp;&nbsp;&nbsp;23812 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1286121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5828 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2500792 |  |  |
| **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2704806 |  |  |
| **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** |
| **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** | **Intermediate-Term Bond 14.2%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5392982 | &nbsp;&nbsp;&nbsp;&nbsp;578646 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418535 | &nbsp;&nbsp;&nbsp;&nbsp;44478 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786065 | &nbsp;&nbsp;&nbsp;&nbsp;87147 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6597582 |  |  |
| **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955308 | &nbsp;&nbsp;&nbsp;&nbsp;100453 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7552890 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $11,077,575)** |  |  |  |  |  | **$10257696** |  |  |
| **Total Investments in Securities<br> (Cost $45,591,813)** |  |  |  |  |  | **$45966277** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>48</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2010 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $34,514,238) |  | &nbsp;&nbsp;$35708581 |
| Investments in securities, at value - unaffiliated (cost $11,077,575) |  | &nbsp;&nbsp;&nbsp;10257696 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469156 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;1104582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9890 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**48024578** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;1593870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36323 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1665635** |
| **Net assets** |  | **$46358943** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$45125322 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;1233621 |
| **Net assets** |  | **$46358943** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $46358943 |  | 3789888 |  | $12.23 |

---

<sub>49</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2010 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$902279 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226917 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;**1130352** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21609 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21363 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12298 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77484** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74898 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2586** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;**1127766** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977243 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328219 |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204000) |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316571) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**784891** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(8578612) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;(2615892) |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(11194504)** |
| **Net realized and unrealized losses** |  | **(10409613)** |
| **Decrease in net assets resulting from operations** |  | **($9281847)** |

---

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

<sub>50</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2010 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;$1127766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$898910 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965368 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;(11194504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477633 |
| **Increase (decrease) in net assets resulting from operations** |  | **($9281847)** | &nbsp;&nbsp;&nbsp;&nbsp;**$7341911** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($3070834)** | &nbsp;&nbsp;&nbsp;**($1544083)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;570204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7624804 | &nbsp;&nbsp;&nbsp;&nbsp;1210571 | &nbsp;&nbsp;&nbsp;&nbsp;$17923236 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;188385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353144 |
| Shares redeemed | + | (1273388) | &nbsp;&nbsp;&nbsp;&nbsp;(17142875) | &nbsp;&nbsp;&nbsp;(1035698) | &nbsp;&nbsp;&nbsp;&nbsp;(15103593) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**(514799)** | &nbsp;&nbsp;&nbsp;&nbsp;**($6765763)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**269565** | &nbsp;&nbsp;&nbsp;&nbsp;**$4172787** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;4304687 | &nbsp;&nbsp;&nbsp;&nbsp;$65477387 | &nbsp;&nbsp;&nbsp;&nbsp;4035122 | &nbsp;&nbsp;&nbsp;&nbsp;$55506772 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;(514799) | &nbsp;&nbsp;&nbsp;&nbsp;(19118444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970615 |
| **End of period** |  | **3789888** | &nbsp;&nbsp;&nbsp;**$46358943** | &nbsp;&nbsp;&nbsp;&nbsp;**4304687** | &nbsp;&nbsp;&nbsp;**$65477387** |

---

<sub>51</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$13.36 | &nbsp;&nbsp;&nbsp;&nbsp;$12.18 | &nbsp;&nbsp;&nbsp;&nbsp;$12.07 | &nbsp;&nbsp;&nbsp;&nbsp;$11.49 | &nbsp;&nbsp;&nbsp;&nbsp;$12.21 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$10.48 | &nbsp;&nbsp;&nbsp;&nbsp;$13.36 | &nbsp;&nbsp;&nbsp;&nbsp;$12.18 | &nbsp;&nbsp;&nbsp;&nbsp;$12.07 | &nbsp;&nbsp;&nbsp;&nbsp;$11.49 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;(16.15%) | &nbsp;&nbsp;&nbsp;&nbsp;14.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;10.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$57879 | &nbsp;&nbsp;$81399 | &nbsp;&nbsp;$77274 | &nbsp;&nbsp;$81139 | &nbsp;&nbsp;$90292 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>4</sup> Less than 0.005%; the ratio of net operating expenses would have been 0.00%, if certain non-routine expenses had not been incurred.

<sub>52</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.7% OF NET ASSETS** |
| **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** | **U.S. Stocks 21.8%** |
| **Large-Cap 19.5%** | **Large-Cap 19.5%** | **Large-Cap 19.5%** | **Large-Cap 19.5%** | **Large-Cap 19.5%** | **Large-Cap 19.5%** | **Large-Cap 19.5%** | **Large-Cap 19.5%** | **Large-Cap 19.5%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$2277077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($518354) | &nbsp;&nbsp;$231402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($879274) | &nbsp;&nbsp;&nbsp;&nbsp;$1110851 | &nbsp;&nbsp;&nbsp;&nbsp;57084 | &nbsp;&nbsp;&nbsp;&nbsp;$477407 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84013 | &nbsp;&nbsp;&nbsp;&nbsp;1254375 | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32146) | &nbsp;&nbsp;&nbsp;&nbsp;1306242 | &nbsp;&nbsp;&nbsp;&nbsp;61644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;11092729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173692 | &nbsp;&nbsp;&nbsp;&nbsp;(1910465) | 1274290 | &nbsp;&nbsp;&nbsp;&nbsp;(2840412) | &nbsp;&nbsp;&nbsp;&nbsp;7789834 | &nbsp;&nbsp;&nbsp;&nbsp;129787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142213 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1409891 | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345163) | &nbsp;&nbsp;&nbsp;&nbsp;1064728 | &nbsp;&nbsp;&nbsp;&nbsp;54020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11271655 |  |  |
| **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** | **Mid-Cap 0.7%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150567) | &nbsp;&nbsp;&nbsp;&nbsp;43248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18018 |
| **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1092075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120000) | &nbsp;&nbsp;&nbsp;&nbsp;(22138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925566 | &nbsp;&nbsp;&nbsp;&nbsp;48868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118989 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12644040 |  |  |
| **International Stocks 10.0%** | **International Stocks 10.0%** | **International Stocks 10.0%** | **International Stocks 10.0%** | **International Stocks 10.0%** | **International Stocks 10.0%** | **International Stocks 10.0%** | **International Stocks 10.0%** | **International Stocks 10.0%** |
| **Developed Markets 10.0%** | **Developed Markets 10.0%** | **Developed Markets 10.0%** | **Developed Markets 10.0%** | **Developed Markets 10.0%** | **Developed Markets 10.0%** | **Developed Markets 10.0%** | **Developed Markets 10.0%** | **Developed Markets 10.0%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;2177755 | &nbsp;&nbsp;&nbsp;&nbsp;1262173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384340) | &nbsp;&nbsp;&nbsp;&nbsp;(46376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(610761) | &nbsp;&nbsp;&nbsp;&nbsp;2398451 | &nbsp;&nbsp;&nbsp;&nbsp;275367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59309 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;6019167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715072) | &nbsp;&nbsp;&nbsp;(209630) | &nbsp;&nbsp;&nbsp;&nbsp;(2677063) | &nbsp;&nbsp;&nbsp;&nbsp;3360046 | &nbsp;&nbsp;&nbsp;&nbsp;198937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861272 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5758497 |  |  |
| **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** |
| **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;1748366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175000) | &nbsp;&nbsp;&nbsp;&nbsp;(45143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517885) | &nbsp;&nbsp;&nbsp;&nbsp;1613749 | &nbsp;&nbsp;&nbsp;&nbsp;273517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55698 |
| **Fixed Income 38.7%** | **Fixed Income 38.7%** | **Fixed Income 38.7%** | **Fixed Income 38.7%** | **Fixed Income 38.7%** | **Fixed Income 38.7%** | **Fixed Income 38.7%** | **Fixed Income 38.7%** | **Fixed Income 38.7%** |
| **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** |
| Schwab Treasury Inflation Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;5118855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930185) | &nbsp;&nbsp;&nbsp;&nbsp;(12272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802074) | &nbsp;&nbsp;&nbsp;&nbsp;3659414 | &nbsp;&nbsp;&nbsp;&nbsp;350855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285090 |
| **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** | **Intermediate-Term Bond 23.3%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;19995824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647328 | &nbsp;&nbsp;&nbsp;&nbsp;(3991838) | &nbsp;&nbsp;&nbsp;(332662) | &nbsp;&nbsp;&nbsp;&nbsp;(2854404) | &nbsp;&nbsp;&nbsp;&nbsp;13464248 | 1565610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381206 |
| **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** | **Short-Term Bond 9.1%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;7560669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99084 | &nbsp;&nbsp;&nbsp;&nbsp;(1805524) | &nbsp;&nbsp;&nbsp;&nbsp;(80104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(494299) | &nbsp;&nbsp;&nbsp;&nbsp;5279826 | &nbsp;&nbsp;&nbsp;&nbsp;566505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99052 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22403488 |  |  |

---

<sub>53</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$2590441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($650061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($654) | &nbsp;&nbsp;&nbsp;&nbsp;$1957711 | 1957711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20460 |
| **Total Affiliated Underlying Funds<br> (Cost $41,343,822)** | **$60450489** | **$6914216** | **($11351406)** | **$800521** | **($12436335)** | **$44377485** |  | **$2522691** |
| **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS** |
| **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** | **U.S. Stocks 6.3%** |
| **Large-Cap 5.8%** | **Large-Cap 5.8%** | **Large-Cap 5.8%** | **Large-Cap 5.8%** | **Large-Cap 5.8%** | **Large-Cap 5.8%** | **Large-Cap 5.8%** | **Large-Cap 5.8%** | **Large-Cap 5.8%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1644845 | &nbsp;&nbsp;&nbsp;&nbsp;32246 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1703338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7719 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3348183 |  |  |
| **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7458 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3633360 |  |  |
| **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** | **Fixed Income 16.3%** |
| **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6081927 | &nbsp;&nbsp;&nbsp;&nbsp;652567 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659693 | &nbsp;&nbsp;&nbsp;&nbsp;70106 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1442547 | &nbsp;&nbsp;&nbsp;&nbsp;159928 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8184167 |  |  |
| **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1255534 | &nbsp;&nbsp;&nbsp;&nbsp;132023 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9439701 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $14,059,465)** |  |  |  |  |  | **$13073061** |  |  |
| **Total Investments in Securities<br> (Cost $55,403,287)** |  |  |  |  |  | **$57450546** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>54</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $41,343,822) |  | &nbsp;&nbsp;$44377485 |
| Investments in securities, at value - unaffiliated (cost $14,059,465) |  | &nbsp;&nbsp;&nbsp;13073061 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65979 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**58448609** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36771 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**569219** |
| **Net assets** |  | **$57879390** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$53424857 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;4454533 |
| **Net assets** |  | **$57879390** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $57879390 |  | 5522473 |  | $10.48 |

---

<sub>55</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$1085856 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288785 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1376864** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21643 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18839 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12443 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6942 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75897** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72645 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3252** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1373612** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436835 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414993 |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800521 |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177215) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2475134** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(12436335) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(3640272) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(16076607)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(13601473)** |
| **Decrease in net assets resulting from operations** |  | **($12227861)** |

---

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

<sub>56</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2015 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$1373612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1200315 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802441 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(16076607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018277 |
| **Increase (decrease) in net assets resulting from operations** |  | **($12227861)** | &nbsp;&nbsp;&nbsp;**$11021033** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($5182871)** | &nbsp;&nbsp;&nbsp;&nbsp;**($3467726)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;297978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3496419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8261663 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;380762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295303 |
| Shares redeemed | + | (1248825) | &nbsp;&nbsp;&nbsp;&nbsp;(14398775) | &nbsp;&nbsp;&nbsp;(1161720) | &nbsp;&nbsp;&nbsp;&nbsp;(14985882) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**(570085)** | &nbsp;&nbsp;&nbsp;&nbsp;**($6108562)** | &nbsp;&nbsp;&nbsp;&nbsp;**(252231)** | &nbsp;&nbsp;&nbsp;&nbsp;**($3428916)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;6092558 | &nbsp;&nbsp;&nbsp;&nbsp;$81398684 | &nbsp;&nbsp;&nbsp;&nbsp;6344789 | &nbsp;&nbsp;&nbsp;&nbsp;$77274293 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;(570085) | &nbsp;&nbsp;&nbsp;&nbsp;(23519294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124391 |
| **End of period** |  | **5522473** | &nbsp;&nbsp;&nbsp;**$57879390** | &nbsp;&nbsp;&nbsp;&nbsp;**6092558** | &nbsp;&nbsp;&nbsp;**$81398684** |

---

<sub>57</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$16.14 | &nbsp;&nbsp;&nbsp;&nbsp;$14.55 | &nbsp;&nbsp;&nbsp;&nbsp;$14.46 | &nbsp;&nbsp;&nbsp;&nbsp;$13.87 | &nbsp;&nbsp;&nbsp;&nbsp;$14.71 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.55 | &nbsp;&nbsp;&nbsp;&nbsp;$16.14 | &nbsp;&nbsp;&nbsp;&nbsp;$14.55 | &nbsp;&nbsp;&nbsp;&nbsp;$14.46 | &nbsp;&nbsp;&nbsp;&nbsp;$13.87 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.35%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$383963 | &nbsp;&nbsp;$531012 | &nbsp;&nbsp;$525444 | &nbsp;&nbsp;$548690 | &nbsp;&nbsp;$541856 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sub>58</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 76.2% OF NET ASSETS** |
| **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** | **U.S. Stocks 22.3%** |
| **Large-Cap 19.8%** | **Large-Cap 19.8%** | **Large-Cap 19.8%** | **Large-Cap 19.8%** | **Large-Cap 19.8%** | **Large-Cap 19.8%** | **Large-Cap 19.8%** | **Large-Cap 19.8%** | **Large-Cap 19.8%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$15100292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;($2084672) | &nbsp;&nbsp;&nbsp;&nbsp;$736346 | &nbsp;&nbsp;&nbsp;&nbsp;($5459059) | &nbsp;&nbsp;&nbsp;&nbsp;$8292907 | &nbsp;&nbsp;&nbsp;&nbsp;426151 | &nbsp;&nbsp;&nbsp;&nbsp;$3544693 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630096 | &nbsp;&nbsp;&nbsp;&nbsp;5899652 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138957 | &nbsp;&nbsp;&nbsp;&nbsp;289710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29826 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;75059726 | &nbsp;&nbsp;&nbsp;&nbsp;1181557 | &nbsp;&nbsp;&nbsp;&nbsp;(10325834) | &nbsp;&nbsp;&nbsp;&nbsp;6944063 | &nbsp;&nbsp;&nbsp;&nbsp;(17664164) | &nbsp;&nbsp;&nbsp;&nbsp;55195348 | &nbsp;&nbsp;&nbsp;&nbsp;919616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973848 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8482778 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2047836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434942 | &nbsp;&nbsp;&nbsp;&nbsp;326481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;76062154 |  |  |
| **Mid-Cap 0.9%** | **Mid-Cap 0.9%** | **Mid-Cap 0.9%** | **Mid-Cap 0.9%** | **Mid-Cap 0.9%** | **Mid-Cap 0.9%** | **Mid-Cap 0.9%** | **Mid-Cap 0.9%** | **Mid-Cap 0.9%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4461137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127673 |
| **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896580 | &nbsp;&nbsp;&nbsp;&nbsp;(1284522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2730) | &nbsp;&nbsp;&nbsp;&nbsp;(1751491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086616 | &nbsp;&nbsp;&nbsp;&nbsp;321363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896580 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;85459745 |  |  |
| **International Stocks 10.9%** | **International Stocks 10.9%** | **International Stocks 10.9%** | **International Stocks 10.9%** | **International Stocks 10.9%** | **International Stocks 10.9%** | **International Stocks 10.9%** | **International Stocks 10.9%** | **International Stocks 10.9%** |
| **Developed Markets 10.9%** | **Developed Markets 10.9%** | **Developed Markets 10.9%** | **Developed Markets 10.9%** | **Developed Markets 10.9%** | **Developed Markets 10.9%** | **Developed Markets 10.9%** | **Developed Markets 10.9%** | **Developed Markets 10.9%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;17711654 | &nbsp;&nbsp;&nbsp;&nbsp;7128958 | &nbsp;&nbsp;&nbsp;&nbsp;(2374019) | &nbsp;&nbsp;&nbsp;&nbsp;(222533) | &nbsp;&nbsp;&nbsp;&nbsp;(4813523) | &nbsp;&nbsp;&nbsp;&nbsp;17430537 | &nbsp;&nbsp;&nbsp;2001210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484294 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;40801835 | &nbsp;&nbsp;&nbsp;&nbsp;6734304 | &nbsp;&nbsp;&nbsp;&nbsp;(3251786) | &nbsp;&nbsp;&nbsp;(1005482) | &nbsp;&nbsp;&nbsp;&nbsp;(18713576) | &nbsp;&nbsp;&nbsp;&nbsp;24565295 | &nbsp;&nbsp;&nbsp;1454428 | &nbsp;&nbsp;&nbsp;&nbsp;5838263 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;41995832 |  |  |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| **Global Real Estate 3.0%** | **Global Real Estate 3.0%** | **Global Real Estate 3.0%** | **Global Real Estate 3.0%** | **Global Real Estate 3.0%** | **Global Real Estate 3.0%** | **Global Real Estate 3.0%** | **Global Real Estate 3.0%** | **Global Real Estate 3.0%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;12191759 | &nbsp;&nbsp;&nbsp;&nbsp;3422008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19874 | &nbsp;&nbsp;&nbsp;&nbsp;(3905583) | &nbsp;&nbsp;&nbsp;&nbsp;11428058 | &nbsp;&nbsp;&nbsp;1936959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378467 |
| **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** |
| **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** | **Inflation-Protected Bond 6.1%** |
| Schwab Treasury Inflation Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;32789992 | &nbsp;&nbsp;&nbsp;&nbsp;1807648 | &nbsp;&nbsp;&nbsp;&nbsp;(5863252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42790) | &nbsp;&nbsp;&nbsp;&nbsp;(5157485) | &nbsp;&nbsp;&nbsp;&nbsp;23534113 | &nbsp;&nbsp;&nbsp;2256387 | &nbsp;&nbsp;&nbsp;&nbsp;1807648 |
| **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** | **Intermediate-Term Bond 22.2%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;125307510 | &nbsp;&nbsp;&nbsp;&nbsp;3646314 | &nbsp;&nbsp;&nbsp;&nbsp;(23755451) | &nbsp;&nbsp;&nbsp;(1925917) | &nbsp;&nbsp;&nbsp;&nbsp;(18088025) | &nbsp;&nbsp;&nbsp;&nbsp;85184431 | &nbsp;&nbsp;&nbsp;9905166 | &nbsp;&nbsp;&nbsp;&nbsp;2393864 |
| **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** | **Short-Term Bond 8.6%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;46734024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616352 | &nbsp;&nbsp;&nbsp;&nbsp;(10792260) | &nbsp;&nbsp;&nbsp;&nbsp;(416171) | &nbsp;&nbsp;&nbsp;&nbsp;(3143528) | &nbsp;&nbsp;&nbsp;&nbsp;32998417 | &nbsp;&nbsp;&nbsp;3540603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616146 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;141716961 |  |  |

---

<sub>59</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$15951603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115537 | &nbsp;&nbsp;&nbsp;&nbsp;($4000381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($3743) | &nbsp;&nbsp;&nbsp;&nbsp;$12062266 | 12062266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130213 |
| **Total Affiliated Underlying Funds<br> (Cost $267,295,382)** | **$394968407** | **$40059361** | **($64432176)** | **$4132877** | **($82065607)** | **$292662862** |  | **$17221515** |
| **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS** |
| **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** |
| **Large-Cap 6.6%** | **Large-Cap 6.6%** | **Large-Cap 6.6%** | **Large-Cap 6.6%** | **Large-Cap 6.6%** | **Large-Cap 6.6%** | **Large-Cap 6.6%** | **Large-Cap 6.6%** | **Large-Cap 6.6%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$12044200 | &nbsp;&nbsp;&nbsp;&nbsp;236114 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13203535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59831 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;25247735 |  |  |
| **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55493 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27369803 |  |  |
| **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** |
| **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** | **Intermediate-Term Bond 13.9%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;37281857 | &nbsp;&nbsp;&nbsp;4000199 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072986 | &nbsp;&nbsp;&nbsp;&nbsp;539106 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10867217 | &nbsp;&nbsp;&nbsp;1204791 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;53222060 |  |  |
| **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8252800 | &nbsp;&nbsp;&nbsp;&nbsp;867802 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;61474860 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $95,056,039)** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;**$88844663** |  |  |
| **Total Investments in Securities<br> (Cost $362,351,421)** |  |  |  |  |  | **$381507525** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>60</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $267,295,382) |  | &nbsp;&nbsp;$292662862 |
| Investments in securities, at value - unaffiliated (cost $95,056,039) |  | &nbsp;&nbsp;&nbsp;&nbsp;88844663 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239731 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12512 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**386673433** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53646 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2710220** |
| **Net assets** |  | **$383963213** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$348674003 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;35289210 |
| **Net assets** |  | **$383963213** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $383963213 |  | 30585071 |  | $12.55 |

---

<sub>61</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$7103413 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898257 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9201 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9010871** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28350 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22433 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21385 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13182 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8847 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**132414** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111029 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21385** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8989486** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;10118102 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724057 |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132877 |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(1196173) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**15778863** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(82065607) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;(23848080) |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(105913687)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(90134824)** |
| **Decrease in net assets resulting from operations** |  | **($81145338)** |

---

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

<sub>62</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2020 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$8989486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7899808 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;15778863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27827003 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;(105913687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40880954 |
| **Increase (decrease) in net assets resulting from operations** |  | **($81145338)** | &nbsp;&nbsp;&nbsp;&nbsp;**$76607765** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($37368972)** | &nbsp;&nbsp;&nbsp;**($20699693)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;1284284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18669459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56415138 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;2320540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35086570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19426353 |
| Shares redeemed | + | &nbsp;&nbsp;(5910068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82290268) | &nbsp;&nbsp;&nbsp;&nbsp;(8142847) | &nbsp;&nbsp;&nbsp;&nbsp;(126181394) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;**(2305244)** | &nbsp;&nbsp;&nbsp;&nbsp;**($28534239)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3211168)** | &nbsp;&nbsp;&nbsp;&nbsp;**($50339903)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;32890315 | &nbsp;&nbsp;&nbsp;&nbsp;$531011762 | &nbsp;&nbsp;&nbsp;&nbsp;36101483 | &nbsp;&nbsp;&nbsp;&nbsp;$525443593 |
| Total increase (decrease) | + | &nbsp;&nbsp;(2305244) | &nbsp;&nbsp;&nbsp;&nbsp;(147048549) | &nbsp;&nbsp;&nbsp;&nbsp;(3211168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568169 |
| **End of period** |  | **30585071** | &nbsp;&nbsp;&nbsp;**$383963213** | &nbsp;&nbsp;&nbsp;**32890315** | &nbsp;&nbsp;&nbsp;**$531011762** |

---

<sub>63</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$17.30 | &nbsp;&nbsp;&nbsp;&nbsp;$14.81 | &nbsp;&nbsp;&nbsp;&nbsp;$14.74 | &nbsp;&nbsp;&nbsp;&nbsp;$14.10 | &nbsp;&nbsp;&nbsp;&nbsp;$14.71 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.43 | &nbsp;&nbsp;&nbsp;&nbsp;$17.30 | &nbsp;&nbsp;&nbsp;&nbsp;$14.81 | &nbsp;&nbsp;&nbsp;&nbsp;$14.74 | &nbsp;&nbsp;&nbsp;&nbsp;$14.10 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$494852 | &nbsp;&nbsp;$662236 | &nbsp;&nbsp;$571738 | &nbsp;&nbsp;$577095 | &nbsp;&nbsp;$530596 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sub>64</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS** |
| **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** | **U.S. Stocks 26.9%** |
| **Large-Cap 23.7%** | **Large-Cap 23.7%** | **Large-Cap 23.7%** | **Large-Cap 23.7%** | **Large-Cap 23.7%** | **Large-Cap 23.7%** | **Large-Cap 23.7%** | **Large-Cap 23.7%** | **Large-Cap 23.7%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$30810897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;($7337903) | $1496834 | &nbsp;&nbsp;&nbsp;&nbsp;($10640362) | &nbsp;&nbsp;&nbsp;&nbsp;$14329466 | &nbsp;&nbsp;&nbsp;&nbsp;736355 | &nbsp;&nbsp;&nbsp;&nbsp;$7232652 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143426 | &nbsp;&nbsp;&nbsp;&nbsp;7591725 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8345262 | &nbsp;&nbsp;&nbsp;&nbsp;393830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54124 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;112235211 | &nbsp;&nbsp;&nbsp;&nbsp;1735285 | &nbsp;&nbsp;&nbsp;&nbsp;(13533971) | &nbsp;&nbsp;&nbsp;3671638 | &nbsp;&nbsp;&nbsp;&nbsp;(20203251) | &nbsp;&nbsp;&nbsp;&nbsp;83904912 | &nbsp;&nbsp;&nbsp;1397949 | &nbsp;&nbsp;&nbsp;&nbsp;1456173 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443022 | &nbsp;&nbsp;&nbsp;&nbsp;10934857 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5739586) | &nbsp;&nbsp;&nbsp;&nbsp;10638293 | &nbsp;&nbsp;&nbsp;&nbsp;539741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646054 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;117217933 |  |  |
| **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1467228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264531 | &nbsp;&nbsp;&nbsp;&nbsp;101553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202483 |
| **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;15175891 | &nbsp;&nbsp;&nbsp;&nbsp;1653515 | &nbsp;&nbsp;&nbsp;&nbsp;(3010599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3318457) | &nbsp;&nbsp;&nbsp;&nbsp;10592938 | &nbsp;&nbsp;&nbsp;&nbsp;559289 | &nbsp;&nbsp;&nbsp;&nbsp;1653515 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;133075402 |  |  |
| **International Stocks 14.2%** | **International Stocks 14.2%** | **International Stocks 14.2%** | **International Stocks 14.2%** | **International Stocks 14.2%** | **International Stocks 14.2%** | **International Stocks 14.2%** | **International Stocks 14.2%** | **International Stocks 14.2%** |
| **Developed Markets 14.2%** | **Developed Markets 14.2%** | **Developed Markets 14.2%** | **Developed Markets 14.2%** | **Developed Markets 14.2%** | **Developed Markets 14.2%** | **Developed Markets 14.2%** | **Developed Markets 14.2%** | **Developed Markets 14.2%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;30940500 | &nbsp;&nbsp;&nbsp;&nbsp;6970703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632397) | &nbsp;&nbsp;&nbsp;&nbsp;(180062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8301032) | &nbsp;&nbsp;&nbsp;&nbsp;28797712 | &nbsp;&nbsp;&nbsp;3306282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870352 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;65698592 | &nbsp;&nbsp;&nbsp;&nbsp;10428183 | &nbsp;&nbsp;&nbsp;&nbsp;(2610000) | &nbsp;&nbsp;(1001078) | &nbsp;&nbsp;&nbsp;&nbsp;(30974438) | &nbsp;&nbsp;&nbsp;&nbsp;41541259 | &nbsp;&nbsp;&nbsp;2459518 | &nbsp;&nbsp;&nbsp;&nbsp;9400696 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;70338971 |  |  |
| **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** |
| **Global Real Estate 3.6%** | **Global Real Estate 3.6%** | **Global Real Estate 3.6%** | **Global Real Estate 3.6%** | **Global Real Estate 3.6%** | **Global Real Estate 3.6%** | **Global Real Estate 3.6%** | **Global Real Estate 3.6%** | **Global Real Estate 3.6%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;19340678 | &nbsp;&nbsp;&nbsp;&nbsp;4611799 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6190981) | &nbsp;&nbsp;&nbsp;&nbsp;17761496 | &nbsp;&nbsp;&nbsp;3010423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605625 |
| **Fixed Income 27.5%** | **Fixed Income 27.5%** | **Fixed Income 27.5%** | **Fixed Income 27.5%** | **Fixed Income 27.5%** | **Fixed Income 27.5%** | **Fixed Income 27.5%** | **Fixed Income 27.5%** | **Fixed Income 27.5%** |
| **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** | **Inflation-Protected Bond 3.6%** |
| Schwab Treasury Inflation Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;19066823 | &nbsp;&nbsp;&nbsp;&nbsp;4480921 | &nbsp;&nbsp;&nbsp;&nbsp;(2317741) | &nbsp;&nbsp;&nbsp;&nbsp;(232753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3459570) | &nbsp;&nbsp;&nbsp;&nbsp;17537680 | &nbsp;&nbsp;&nbsp;1681465 | &nbsp;&nbsp;&nbsp;&nbsp;1246654 |
| **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;116519168 | &nbsp;&nbsp;&nbsp;&nbsp;6257405 | &nbsp;&nbsp;&nbsp;&nbsp;(17406269) | &nbsp;&nbsp;(2559808) | &nbsp;&nbsp;&nbsp;&nbsp;(17061739) | &nbsp;&nbsp;&nbsp;&nbsp;85748757 | &nbsp;&nbsp;&nbsp;9970786 | &nbsp;&nbsp;&nbsp;&nbsp;2335249 |
| **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** | **Short-Term Bond 6.6%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;42631137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589127 | &nbsp;&nbsp;&nbsp;&nbsp;(7020166) | &nbsp;&nbsp;&nbsp;&nbsp;(488084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2951479) | &nbsp;&nbsp;&nbsp;&nbsp;32760535 | &nbsp;&nbsp;&nbsp;3515079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588938 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;136046972 |  |  |

---

<sub>65</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$12653373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$108982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($3804) | &nbsp;&nbsp;&nbsp;&nbsp;$12758249 | 12758249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124666 |
| **Total Affiliated Underlying Funds<br> (Cost $347,686,400)** | **$478733892** | **$55564985** | **($54469348)** | &nbsp;&nbsp;&nbsp;**$853377** | **($110701816)** | **$369981090** |  | **$26417181** |
| **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS** |
| **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** |
| **Large-Cap 7.8%** | **Large-Cap 7.8%** | **Large-Cap 7.8%** | **Large-Cap 7.8%** | **Large-Cap 7.8%** | **Large-Cap 7.8%** | **Large-Cap 7.8%** | **Large-Cap 7.8%** | **Large-Cap 7.8%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$16023054 | &nbsp;&nbsp;&nbsp;&nbsp;314116 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22386393 | &nbsp;&nbsp;&nbsp;&nbsp;101443 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;38409447 |  |  |
| **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96046 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42082236 |  |  |
| **International Stocks 0.2%** | **International Stocks 0.2%** | **International Stocks 0.2%** | **International Stocks 0.2%** | **International Stocks 0.2%** | **International Stocks 0.2%** | **International Stocks 0.2%** | **International Stocks 0.2%** | **International Stocks 0.2%** |
| **Emerging Markets 0.2%** | **Emerging Markets 0.2%** | **Emerging Markets 0.2%** | **Emerging Markets 0.2%** | **Emerging Markets 0.2%** | **Emerging Markets 0.2%** | **Emerging Markets 0.2%** | **Emerging Markets 0.2%** | **Emerging Markets 0.2%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150275 | &nbsp;&nbsp;&nbsp;&nbsp;167923 |  |
| **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** |
| **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** | **Intermediate-Term Bond 12.5%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;33988775 | &nbsp;&nbsp;&nbsp;3646864 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9952522 | &nbsp;&nbsp;&nbsp;1057654 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18054982 | &nbsp;&nbsp;&nbsp;2001661 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;61996279 |  |  |
| **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17073633 | &nbsp;&nbsp;&nbsp;1795335 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;79069912 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $130,814,564)** |  |  |  |  |  | **$122302423** |  |  |
| **Total Investments in Securities<br> (Cost $478,500,964)** |  |  |  |  |  | **$492283513** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>66</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $347,686,400) |  | &nbsp;&nbsp;$369981090 |
| Investments in securities, at value - unaffiliated (cost $130,814,564) |  | &nbsp;&nbsp;&nbsp;122302423 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787330 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8598 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**499245748** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56479 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4394090** |
| **Net assets** |  | **$494851658** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$462882749 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;31968909 |
| **Net assets** |  | **$494851658** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $494851658 |  | 36845846 |  | $13.43 |

---

<sub>67</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7952874 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614670 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15243 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10582787** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27493 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27157 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22633 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14852 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**155207** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128050 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27157** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10555630** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18464307 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204343 |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853377 |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2445598) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**21076429** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(110701816) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(31989045) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(142690861)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(121614432)** |
| **Decrease in net assets resulting from operations** |  | **($111058802)** |

---

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

<sub>68</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2025 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$10555630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8465976 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21076429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27687865 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(142690861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77630122 |
| **Increase (decrease) in net assets resulting from operations** |  | **($111058802)** | &nbsp;&nbsp;&nbsp;**$113783963** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($40238108)** | &nbsp;&nbsp;&nbsp;&nbsp;**($17910599)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;3386870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52261525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926067 | &nbsp;&nbsp;&nbsp;&nbsp;$114143701 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;2343986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38464811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17189589 |
| Shares redeemed | + | &nbsp;&nbsp;(7174723) | &nbsp;&nbsp;&nbsp;&nbsp;(106813544) | &nbsp;&nbsp;&nbsp;&nbsp;(8322542) | &nbsp;&nbsp;&nbsp;&nbsp;(136708712) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;**(1443867)** | &nbsp;&nbsp;&nbsp;&nbsp;**($16087208)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(307837)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($5375422)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;38289713 | &nbsp;&nbsp;&nbsp;&nbsp;$662235776 | &nbsp;&nbsp;&nbsp;&nbsp;38597550 | &nbsp;&nbsp;&nbsp;&nbsp;$571737834 |
| Total increase (decrease) | + | &nbsp;&nbsp;(1443867) | &nbsp;&nbsp;&nbsp;&nbsp;(167384118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90497942 |
| **End of period** |  | **36845846** | &nbsp;&nbsp;&nbsp;**$494851658** | &nbsp;&nbsp;&nbsp;**38289713** | &nbsp;&nbsp;&nbsp;**$662235776** |

---

<sub>69</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$18.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.67 | &nbsp;&nbsp;&nbsp;&nbsp;$15.79 | &nbsp;&nbsp;&nbsp;&nbsp;$15.24 | &nbsp;&nbsp;&nbsp;&nbsp;$16.10 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.88 | &nbsp;&nbsp;&nbsp;&nbsp;$15.67 | &nbsp;&nbsp;&nbsp;&nbsp;$15.79 | &nbsp;&nbsp;&nbsp;&nbsp;$15.24 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$901007 | &nbsp;&nbsp;$1166390 | &nbsp;&nbsp;$965288 | &nbsp;&nbsp;$998681 | &nbsp;&nbsp;$957756 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sub>70</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS** |
| **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** | **U.S. Stocks 32.5%** |
| **Large-Cap 28.2%** | **Large-Cap 28.2%** | **Large-Cap 28.2%** | **Large-Cap 28.2%** | **Large-Cap 28.2%** | **Large-Cap 28.2%** | **Large-Cap 28.2%** | **Large-Cap 28.2%** | **Large-Cap 28.2%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;$70910149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($17497159) | &nbsp;&nbsp;$5603493 | &nbsp;&nbsp;&nbsp;&nbsp;($26571225) | &nbsp;&nbsp;&nbsp;&nbsp;$32445258 | &nbsp;&nbsp;&nbsp;1667279 | &nbsp;&nbsp;$16645684 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893250 | &nbsp;&nbsp;&nbsp;&nbsp;17463390 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1525648) | &nbsp;&nbsp;&nbsp;&nbsp;21830992 | &nbsp;&nbsp;&nbsp;1030250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278957 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;217688882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294756 | &nbsp;&nbsp;&nbsp;&nbsp;(17014706) | &nbsp;&nbsp;&nbsp;&nbsp;2059431 | &nbsp;&nbsp;&nbsp;&nbsp;(34848464) | &nbsp;&nbsp;&nbsp;&nbsp;171179899 | &nbsp;&nbsp;&nbsp;2852048 | &nbsp;&nbsp;&nbsp;&nbsp;2824361 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;23583922 | &nbsp;&nbsp;&nbsp;&nbsp;22721646 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(17302576) | &nbsp;&nbsp;&nbsp;&nbsp;29002992 | &nbsp;&nbsp;&nbsp;1471486 | &nbsp;&nbsp;&nbsp;&nbsp;2799271 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;254459141 |  |  |
| **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;14994937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3004354) | &nbsp;&nbsp;&nbsp;&nbsp;11694004 | &nbsp;&nbsp;&nbsp;&nbsp;225579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429138 |
| **Small-Cap 3.0%** | **Small-Cap 3.0%** | **Small-Cap 3.0%** | **Small-Cap 3.0%** | **Small-Cap 3.0%** | **Small-Cap 3.0%** | **Small-Cap 3.0%** | **Small-Cap 3.0%** | **Small-Cap 3.0%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;36286126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953615 | &nbsp;&nbsp;&nbsp;&nbsp;(5477495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7695771) | &nbsp;&nbsp;&nbsp;&nbsp;26985882 | &nbsp;&nbsp;&nbsp;1424809 | &nbsp;&nbsp;&nbsp;&nbsp;3953615 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;293139027 |  |  |
| **International Stocks 17.6%** | **International Stocks 17.6%** | **International Stocks 17.6%** | **International Stocks 17.6%** | **International Stocks 17.6%** | **International Stocks 17.6%** | **International Stocks 17.6%** | **International Stocks 17.6%** | **International Stocks 17.6%** |
| **Developed Markets 17.6%** | **Developed Markets 17.6%** | **Developed Markets 17.6%** | **Developed Markets 17.6%** | **Developed Markets 17.6%** | **Developed Markets 17.6%** | **Developed Markets 17.6%** | **Developed Markets 17.6%** | **Developed Markets 17.6%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;72385637 | &nbsp;&nbsp;&nbsp;&nbsp;12608044 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19620844) | &nbsp;&nbsp;&nbsp;&nbsp;65372837 | &nbsp;&nbsp;&nbsp;7505492 | &nbsp;&nbsp;&nbsp;&nbsp;2036199 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;133184630 | &nbsp;&nbsp;&nbsp;&nbsp;28875176 | &nbsp;&nbsp;&nbsp;&nbsp;(2400000) | &nbsp;&nbsp;&nbsp;&nbsp;(680181) | &nbsp;&nbsp;&nbsp;&nbsp;(65919741) | &nbsp;&nbsp;&nbsp;&nbsp;93059884 | &nbsp;&nbsp;&nbsp;5509762 | &nbsp;&nbsp;&nbsp;&nbsp;19057154 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;158432721 |  |  |
| **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** |
| **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;38745994 | &nbsp;&nbsp;&nbsp;&nbsp;14122196 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(13518688) | &nbsp;&nbsp;&nbsp;&nbsp;39349502 | &nbsp;&nbsp;&nbsp;6669407 | &nbsp;&nbsp;&nbsp;&nbsp;1289064 |
| **Fixed Income 17.4%** | **Fixed Income 17.4%** | **Fixed Income 17.4%** | **Fixed Income 17.4%** | **Fixed Income 17.4%** | **Fixed Income 17.4%** | **Fixed Income 17.4%** | **Fixed Income 17.4%** | **Fixed Income 17.4%** |
| **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** | **Inflation-Protected Bond 1.2%** |
| Schwab Treasury Inflation Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8963030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986015 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2070471) | &nbsp;&nbsp;&nbsp;&nbsp;10878574 | &nbsp;&nbsp;&nbsp;1043008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679621 |
| **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** | **Intermediate-Term Bond 11.7%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;145012045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925545 | &nbsp;&nbsp;&nbsp;&nbsp;(17678679) | &nbsp;&nbsp;&nbsp;(2643670) | &nbsp;&nbsp;&nbsp;&nbsp;(21897672) | &nbsp;&nbsp;&nbsp;&nbsp;105717569 | 12292741 | &nbsp;&nbsp;&nbsp;&nbsp;2924613 |
| **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;52149714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727497 | &nbsp;&nbsp;&nbsp;&nbsp;(8174887) | &nbsp;&nbsp;&nbsp;&nbsp;(607381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3634791) | &nbsp;&nbsp;&nbsp;&nbsp;40460152 | &nbsp;&nbsp;&nbsp;4341218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727263 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;157056295 |  |  |

---

<sub>71</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;$14659600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$126262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($4407) | &nbsp;&nbsp;&nbsp;&nbsp;$14781105 | 14781105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144432 |
| **Total Affiliated Underlying Funds<br> (Cost $581,454,997)** | **$834457916** | **$111233280** | **($69043276)** | **$3725382** | **($217614652)** | **$662758650** |  | **$53789372** |
| **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS** |
| **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** | **U.S. Stocks 10.1%** |
| **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$31964432 | &nbsp;&nbsp;&nbsp;&nbsp;626631 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;49191048 | &nbsp;&nbsp;&nbsp;&nbsp;222907 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;81155480 |  |  |
| **Small-Cap 1.1%** | **Small-Cap 1.1%** | **Small-Cap 1.1%** | **Small-Cap 1.1%** | **Small-Cap 1.1%** | **Small-Cap 1.1%** | **Small-Cap 1.1%** | **Small-Cap 1.1%** | **Small-Cap 1.1%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9990306 | &nbsp;&nbsp;&nbsp;&nbsp;261253 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;91145786 |  |  |
| **International Stocks 1.1%** | **International Stocks 1.1%** | **International Stocks 1.1%** | **International Stocks 1.1%** | **International Stocks 1.1%** | **International Stocks 1.1%** | **International Stocks 1.1%** | **International Stocks 1.1%** | **International Stocks 1.1%** |
| **Emerging Markets 1.1%** | **Emerging Markets 1.1%** | **Emerging Markets 1.1%** | **Emerging Markets 1.1%** | **Emerging Markets 1.1%** | **Emerging Markets 1.1%** | **Emerging Markets 1.1%** | **Emerging Markets 1.1%** | **Emerging Markets 1.1%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9774218 | &nbsp;&nbsp;&nbsp;1426893 |  |
| **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** |
| **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** | **Intermediate-Term Bond 10.5%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35305494 | &nbsp;&nbsp;&nbsp;3788143 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26121867 | &nbsp;&nbsp;&nbsp;2775969 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;33383102 | &nbsp;&nbsp;&nbsp;3701009 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;94810463 |  |  |
| **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;36412018 | &nbsp;&nbsp;&nbsp;3828814 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;131222481 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $247,994,990)** |  |  |  |  |  | **$232142485** |  |  |
| **Total Investments in Securities<br> (Cost $829,449,987)** |  |  |  |  |  | **$894901135** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>72</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $581,454,997) |  | &nbsp;&nbsp;$662758650 |
| Investments in securities, at value - unaffiliated (cost $247,994,990) |  | &nbsp;&nbsp;&nbsp;232142485 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716356 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8192469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5908 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17481 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**907770636** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67540 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6763799** |
| **Net assets** |  | **$901006837** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$794195411 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;106811426 |
| **Net assets** |  | **$901006837** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $901006837 |  | 62603231 |  | $14.39 |

---

<sub>73</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$12398635 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4636340 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31262 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17066237** |
| **Expenses** | **Expenses** | **Expenses** |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48078 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38435 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32845 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24081 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23489 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9617 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13972 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**195190** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147112 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48078** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17018159** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41390737 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770261 |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725382 |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3082106) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**51804274** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(217614652) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(62742341) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(280356993)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(228552719)** |
| **Decrease in net assets resulting from operations** |  | **($211534560)** |

---

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

<sub>74</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2030 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$17018159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13372126 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51804274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51402654 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(280356993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168319075 |
| **Increase (decrease) in net assets resulting from operations** |  | **($211534560)** | &nbsp;&nbsp;&nbsp;**$233093855** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($76077422)** | &nbsp;&nbsp;&nbsp;&nbsp;**($33685506)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;4812363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80128583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$154456722 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;4101491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73252632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32455024 |
| Shares redeemed | + | &nbsp;&nbsp;(8083930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131152076) | &nbsp;&nbsp;&nbsp;(10436498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185218592) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**829924** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$22229139** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**161221** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1693154** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;61773307 | &nbsp;&nbsp;&nbsp;$1166389680 | &nbsp;&nbsp;&nbsp;&nbsp;61612086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$965288177 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;829924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265382843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201101503 |
| **End of period** |  | **62603231** | &nbsp;&nbsp;&nbsp;&nbsp;**$901006837** | &nbsp;&nbsp;&nbsp;**61773307** | &nbsp;&nbsp;&nbsp;**$1166389680** |

---

<sub>75</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$19.05 | &nbsp;&nbsp;&nbsp;&nbsp;$15.34 | &nbsp;&nbsp;&nbsp;&nbsp;$15.46 | &nbsp;&nbsp;&nbsp;&nbsp;$14.94 | &nbsp;&nbsp;&nbsp;&nbsp;$15.58 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$14.51 | &nbsp;&nbsp;&nbsp;&nbsp;$19.05 | &nbsp;&nbsp;&nbsp;&nbsp;$15.34 | &nbsp;&nbsp;&nbsp;&nbsp;$15.46 | &nbsp;&nbsp;&nbsp;&nbsp;$14.94 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$482594 | &nbsp;&nbsp;$612195 | &nbsp;&nbsp;$476911 | &nbsp;&nbsp;$483191 | &nbsp;&nbsp;$446711 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>4</sup> Less than 0.005%; the ratio of net operating expenses would have been 0.00%, if certain non-routine expenses had not been incurred.

<sub>76</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.1% OF NET ASSETS** |
| **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** | **U.S. Stocks 37.5%** |
| **Large-Cap 31.9%** | **Large-Cap 31.9%** | **Large-Cap 31.9%** | **Large-Cap 31.9%** | **Large-Cap 31.9%** | **Large-Cap 31.9%** | **Large-Cap 31.9%** | **Large-Cap 31.9%** | **Large-Cap 31.9%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$41894424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($10323893) | &nbsp;&nbsp;$1817068 | &nbsp;&nbsp;&nbsp;&nbsp;($14169209) | &nbsp;&nbsp;&nbsp;&nbsp;$19218390 | &nbsp;&nbsp;&nbsp;&nbsp;987584 | &nbsp;&nbsp;&nbsp;&nbsp;$9834436 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215216 | &nbsp;&nbsp;&nbsp;&nbsp;14944082 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1284007) | &nbsp;&nbsp;&nbsp;&nbsp;20875291 | &nbsp;&nbsp;&nbsp;&nbsp;985148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341533 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;118696941 | &nbsp;&nbsp;&nbsp;&nbsp;1540010 | &nbsp;&nbsp;&nbsp;&nbsp;(7484015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870008 | &nbsp;&nbsp;&nbsp;&nbsp;(18936696) | &nbsp;&nbsp;&nbsp;&nbsp;94686248 | 1577578 | &nbsp;&nbsp;&nbsp;&nbsp;1540010 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;20266768 | &nbsp;&nbsp;&nbsp;&nbsp;11594267 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12575375) | &nbsp;&nbsp;&nbsp;&nbsp;19285660 | &nbsp;&nbsp;&nbsp;&nbsp;978471 | &nbsp;&nbsp;&nbsp;&nbsp;2405545 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;154065589 |  |  |
| **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259028 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1810989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7498973 | &nbsp;&nbsp;&nbsp;&nbsp;144656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259028 |
| **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;22651391 | &nbsp;&nbsp;&nbsp;&nbsp;3239228 | &nbsp;&nbsp;&nbsp;&nbsp;(1500000) | &nbsp;&nbsp;&nbsp;&nbsp;(127876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4704565) | &nbsp;&nbsp;&nbsp;&nbsp;19558178 | 1032639 | &nbsp;&nbsp;&nbsp;&nbsp;2468020 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;181122740 |  |  |
| **International Stocks 19.7%** | **International Stocks 19.7%** | **International Stocks 19.7%** | **International Stocks 19.7%** | **International Stocks 19.7%** | **International Stocks 19.7%** | **International Stocks 19.7%** | **International Stocks 19.7%** | **International Stocks 19.7%** |
| **Developed Markets 19.7%** | **Developed Markets 19.7%** | **Developed Markets 19.7%** | **Developed Markets 19.7%** | **Developed Markets 19.7%** | **Developed Markets 19.7%** | **Developed Markets 19.7%** | **Developed Markets 19.7%** | **Developed Markets 19.7%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;41509544 | &nbsp;&nbsp;&nbsp;&nbsp;10284573 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12250664) | &nbsp;&nbsp;&nbsp;&nbsp;39543453 | 4540006 | &nbsp;&nbsp;&nbsp;&nbsp;1299415 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;80171247 | &nbsp;&nbsp;&nbsp;&nbsp;15442256 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(40053990) | &nbsp;&nbsp;&nbsp;&nbsp;55559513 | 3289492 | &nbsp;&nbsp;&nbsp;&nbsp;11471562 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;95102966 |  |  |
| **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** |
| **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;23203409 | &nbsp;&nbsp;&nbsp;&nbsp;8280808 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8198352) | &nbsp;&nbsp;&nbsp;&nbsp;23285865 | 3946757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782792 |
| **Fixed Income 11.8%** | **Fixed Income 11.8%** | **Fixed Income 11.8%** | **Fixed Income 11.8%** | **Fixed Income 11.8%** | **Fixed Income 11.8%** | **Fixed Income 11.8%** | **Fixed Income 11.8%** | **Fixed Income 11.8%** |
| **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** | **Intermediate-Term Bond 8.6%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;55188599 | &nbsp;&nbsp;&nbsp;&nbsp;1116474 | &nbsp;&nbsp;&nbsp;&nbsp;(5527853) | &nbsp;&nbsp;&nbsp;&nbsp;(722563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8650829) | &nbsp;&nbsp;&nbsp;&nbsp;41403828 | 4814399 | &nbsp;&nbsp;&nbsp;&nbsp;1116122 |
| **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** | **Short-Term Bond 3.2%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;19015497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265570 | &nbsp;&nbsp;&nbsp;&nbsp;(1988311) | &nbsp;&nbsp;&nbsp;&nbsp;(102702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1440230) | &nbsp;&nbsp;&nbsp;&nbsp;15749824 | 1689895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265483 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;57153652 |  |  |
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6016506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | &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;(1809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066373 | 6066373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59276 |
| **Total Affiliated Underlying Funds<br> (Cost $336,957,725)** | **$444880476** | **$67018115** | **($26824215)** | **$1733935** | **($124076715)** | **$362731596** |  | **$31843222** |

---

<sub>77</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS** |
| **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** | **U.S. Stocks 11.0%** |
| **Large-Cap 9.8%** | **Large-Cap 9.8%** | **Large-Cap 9.8%** | **Large-Cap 9.8%** | **Large-Cap 9.8%** | **Large-Cap 9.8%** | **Large-Cap 9.8%** | **Large-Cap 9.8%** | **Large-Cap 9.8%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$19979005 | &nbsp;&nbsp;&nbsp;&nbsp;391668 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27007538 | &nbsp;&nbsp;&nbsp;&nbsp;122383 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;46986543 |  |  |
| **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5889946 | &nbsp;&nbsp;&nbsp;&nbsp;154026 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;52876489 |  |  |
| **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** |
| **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595503 | 1254818 |  |
| **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** |
| **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** | **Intermediate-Term Bond 8.1%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10387732 | 1114564 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15197342 | 1615020 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13645902 | 1512849 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;39230976 |  |  |
| **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** | **International Bond 3.5%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16909466 | 1778072 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;56140442 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $126,795,860)** |  |  |  |  |  | **$117612434** |  |  |
| **Total Investments in Securities<br> (Cost $463,753,585)** |  |  |  |  |  | **$480344030** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>78</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $336,957,725) |  | &nbsp;&nbsp;$362731596 |
| Investments in securities, at value - unaffiliated (cost $126,795,860) |  | &nbsp;&nbsp;&nbsp;117612434 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379946 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**487570594** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56748 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4976850** |
| **Net assets** |  | **$482593744** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$440113716 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;42480028 |
| **Net assets** |  | **$482593744** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $482593744 |  | 33250024 |  | $14.51 |

---

<sub>79</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6243748 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288055 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11825 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8543628** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31784 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27202 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25464 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22543 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15399 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8268 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6399 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9571 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**148068** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122604 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25464** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8518164** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25599474 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283526 |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733935 |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1292213) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**32324722** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(124076715) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(35211916) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(159288631)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(126963909)** |
| **Decrease in net assets resulting from operations** |  | **($118445745)** |

---

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

<sub>80</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2035 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8518164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6365426 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32324722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20324363 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(159288631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106391162 |
| **Increase (decrease) in net assets resulting from operations** |  | **($118445745)** | &nbsp;&nbsp;&nbsp;**$133080951** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($34334971)** | &nbsp;&nbsp;&nbsp;&nbsp;**($15121800)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;3692487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62406093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98912959 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;1828575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33316650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14737609 |
| Shares redeemed | + | &nbsp;&nbsp;(4400937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72542793) | &nbsp;&nbsp;&nbsp;&nbsp;(5406863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96325760) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**1120125** | &nbsp;&nbsp;&nbsp;&nbsp;**$23179950** | &nbsp;&nbsp;&nbsp;&nbsp;**1049792** | &nbsp;&nbsp;&nbsp;&nbsp;**$17324808** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;32129899 | &nbsp;&nbsp;&nbsp;&nbsp;$612194510 | &nbsp;&nbsp;&nbsp;&nbsp;31080107 | &nbsp;&nbsp;&nbsp;&nbsp;$476910551 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;1120125 | &nbsp;&nbsp;&nbsp;&nbsp;(129600766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135283959 |
| **End of period** |  | **33250024** | &nbsp;&nbsp;&nbsp;**$482593744** | &nbsp;&nbsp;&nbsp;**32129899** | &nbsp;&nbsp;&nbsp;**$612194510** |

---

<sub>81</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$20.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.24 | &nbsp;&nbsp;&nbsp;&nbsp;$16.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.27 | &nbsp;&nbsp;&nbsp;&nbsp;$17.14 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$15.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.52 | &nbsp;&nbsp;&nbsp;&nbsp;$16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.61 | &nbsp;&nbsp;&nbsp;&nbsp;$16.27 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.10%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$959722 | &nbsp;&nbsp;$1235538 | &nbsp;&nbsp;$985325 | &nbsp;&nbsp;$1011558 | &nbsp;&nbsp;$961899 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>4</sup> Less than 0.005%; the ratio of net operating expenses would have been 0.00%, if certain non-routine expenses had not been incurred.

<sub>82</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 75.9% OF NET ASSETS** |
| **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** | **U.S. Stocks 40.5%** |
| **Large-Cap 34.3%** | **Large-Cap 34.3%** | **Large-Cap 34.3%** | **Large-Cap 34.3%** | **Large-Cap 34.3%** | **Large-Cap 34.3%** | **Large-Cap 34.3%** | **Large-Cap 34.3%** | **Large-Cap 34.3%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;$91261565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($22738550) | &nbsp;&nbsp;$5908447 | &nbsp;&nbsp;&nbsp;&nbsp;($32932221) | &nbsp;&nbsp;&nbsp;&nbsp;$41499241 | 2132541 | &nbsp;&nbsp;$21423043 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;21802800 | &nbsp;&nbsp;&nbsp;&nbsp;22053362 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3204138) | &nbsp;&nbsp;&nbsp;&nbsp;40652024 | 1918453 | &nbsp;&nbsp;&nbsp;&nbsp;1032037 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;246182829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194050 | &nbsp;&nbsp;&nbsp;&nbsp;(8700000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432627 | &nbsp;&nbsp;&nbsp;&nbsp;(38969214) | &nbsp;&nbsp;&nbsp;&nbsp;202140292 | 3367882 | &nbsp;&nbsp;&nbsp;&nbsp;3194050 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;58761596 | &nbsp;&nbsp;&nbsp;&nbsp;18186555 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(31772368) | &nbsp;&nbsp;&nbsp;&nbsp;45175783 | 2292023 | &nbsp;&nbsp;&nbsp;&nbsp;6974652 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;329467340 |  |  |
| **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;18965177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542762 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3794715) | &nbsp;&nbsp;&nbsp;&nbsp;15713224 | &nbsp;&nbsp;&nbsp;&nbsp;303110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542762 |
| **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;53945780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877752 | &nbsp;&nbsp;&nbsp;&nbsp;(4750000) | &nbsp;&nbsp;&nbsp;&nbsp;(650588) | &nbsp;&nbsp;&nbsp;&nbsp;(10997733) | &nbsp;&nbsp;&nbsp;&nbsp;43425211 | 2292778 | &nbsp;&nbsp;&nbsp;&nbsp;5877752 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;388605775 |  |  |
| **International Stocks 21.3%** | **International Stocks 21.3%** | **International Stocks 21.3%** | **International Stocks 21.3%** | **International Stocks 21.3%** | **International Stocks 21.3%** | **International Stocks 21.3%** | **International Stocks 21.3%** | **International Stocks 21.3%** |
| **Developed Markets 21.3%** | **Developed Markets 21.3%** | **Developed Markets 21.3%** | **Developed Markets 21.3%** | **Developed Markets 21.3%** | **Developed Markets 21.3%** | **Developed Markets 21.3%** | **Developed Markets 21.3%** | **Developed Markets 21.3%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;95031438 | &nbsp;&nbsp;&nbsp;&nbsp;14047576 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26040322) | &nbsp;&nbsp;&nbsp;&nbsp;83038692 | 9533719 | &nbsp;&nbsp;&nbsp;&nbsp;2673222 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;174075204 | &nbsp;&nbsp;&nbsp;&nbsp;34671003 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(87319701) | &nbsp;&nbsp;&nbsp;&nbsp;121426506 | 7189254 | &nbsp;&nbsp;&nbsp;&nbsp;24908114 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;204465198 |  |  |
| **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** | **Real Estate 5.3%** |
| **Global Real Estate 5.3%** | **Global Real Estate 5.3%** | **Global Real Estate 5.3%** | **Global Real Estate 5.3%** | **Global Real Estate 5.3%** | **Global Real Estate 5.3%** | **Global Real Estate 5.3%** | **Global Real Estate 5.3%** | **Global Real Estate 5.3%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;51681449 | &nbsp;&nbsp;&nbsp;&nbsp;17580113 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18046496) | &nbsp;&nbsp;&nbsp;&nbsp;51215066 | 8680520 | &nbsp;&nbsp;&nbsp;&nbsp;1720968 |
| **Fixed Income 8.3%** | **Fixed Income 8.3%** | **Fixed Income 8.3%** | **Fixed Income 8.3%** | **Fixed Income 8.3%** | **Fixed Income 8.3%** | **Fixed Income 8.3%** | **Fixed Income 8.3%** | **Fixed Income 8.3%** |
| **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** | **Intermediate-Term Bond 6.1%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;75697757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562542 | &nbsp;&nbsp;&nbsp;&nbsp;(5779804) | &nbsp;&nbsp;&nbsp;&nbsp;(792854) | &nbsp;&nbsp;&nbsp;&nbsp;(12261313) | &nbsp;&nbsp;&nbsp;&nbsp;58426328 | 6793759 | &nbsp;&nbsp;&nbsp;&nbsp;1562051 |
| **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** | **Short-Term Bond 2.2%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;26529002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360353 | &nbsp;&nbsp;&nbsp;&nbsp;(3757024) | &nbsp;&nbsp;&nbsp;&nbsp;(151023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1922130) | &nbsp;&nbsp;&nbsp;&nbsp;21059178 | 2259568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360238 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;79485506 |  |  |
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | &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;(1466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918529 | 4918529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48061 |
| **Total Affiliated Underlying Funds<br> (Cost $624,999,475)** | **$918812694** | **$118118082** | **($45725494)** | **$4746609** | **($267261817)** | **$728690074** |  | **$70316950** |

---

<sub>83</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 23.4% OF NET ASSETS** |
| **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** | **U.S. Stocks 12.6%** |
| **Large-Cap 10.9%** | **Large-Cap 10.9%** | **Large-Cap 10.9%** | **Large-Cap 10.9%** | **Large-Cap 10.9%** | **Large-Cap 10.9%** | **Large-Cap 10.9%** | **Large-Cap 10.9%** | **Large-Cap 10.9%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$40924172 | &nbsp;&nbsp;&nbsp;&nbsp;802277 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;62943069 | &nbsp;&nbsp;&nbsp;&nbsp;285223 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;103867241 |  |  |
| **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16447673 | &nbsp;&nbsp;&nbsp;&nbsp;430117 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;120314914 |  |  |
| **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** |
| **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26056843 | 3803919 |  |
| **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** |
| **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014164 | &nbsp;&nbsp;&nbsp;&nbsp;967185 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28461003 | 3024549 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16560801 | 1836009 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;54035968 |  |  |
| **International Bond 2.5%** | **International Bond 2.5%** | **International Bond 2.5%** | **International Bond 2.5%** | **International Bond 2.5%** | **International Bond 2.5%** | **International Bond 2.5%** | **International Bond 2.5%** | **International Bond 2.5%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;23904493 | 2513617 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;77940461 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $240,004,289)** |  |  |  |  |  | **$224312218** |  |  |
| **Total Investments in Securities<br> (Cost $865,003,764)** |  |  |  |  |  | **$953002292** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>84</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $624,999,475) |  | &nbsp;&nbsp;$728690074 |
| Investments in securities, at value - unaffiliated (cost $240,004,289) |  | &nbsp;&nbsp;&nbsp;224312218 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706746 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15921 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**961040055** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74385 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1318226** |
| **Net assets** |  | **$959721829** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$816097710 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;143624119 |
| **Net assets** |  | **$959721829** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $959721829 |  | 62613531 |  | $15.33 |

---

<sub>85</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$12284603 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057653 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34375 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16376631** |
| **Expenses** | **Expenses** | **Expenses** |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50877 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34967 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33570 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29264 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23603 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14596 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**201973** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151096 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50877** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16325754** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58032347 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13733859 |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746609 |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1831953) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;**74680862** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(267261817) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(70063178) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(337324995)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(262644133)** |
| **Decrease in net assets resulting from operations** |  | **($246318379)** |

---

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

<sub>86</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2040 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$16325754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12284342 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74680862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51396989 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(337324995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234058424 |
| **Increase (decrease) in net assets resulting from operations** |  | **($246318379)** | &nbsp;&nbsp;&nbsp;**$297739755** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($81174869)** | &nbsp;&nbsp;&nbsp;&nbsp;**($36450563)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;4935695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87389811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$135282209 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;4103345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79686963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35757521 |
| Shares redeemed | + | &nbsp;&nbsp;(6646804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115399889) | &nbsp;&nbsp;&nbsp;&nbsp;(9615839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182116086) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**2392236** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51676885** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(466817)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**($11076356)** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;60221295 | &nbsp;&nbsp;&nbsp;$1235538192 | &nbsp;&nbsp;&nbsp;&nbsp;60688112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$985325356 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;2392236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275816363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250212836 |
| **End of period** |  | **62613531** | &nbsp;&nbsp;&nbsp;&nbsp;**$959721829** | &nbsp;&nbsp;&nbsp;**60221295** | &nbsp;&nbsp;&nbsp;**$1235538192** |

---

<sub>87</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$17.97 | &nbsp;&nbsp;&nbsp;&nbsp;$13.83 | &nbsp;&nbsp;&nbsp;&nbsp;$13.88 | &nbsp;&nbsp;&nbsp;&nbsp;$13.35 | &nbsp;&nbsp;&nbsp;&nbsp;$13.92 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.54 | &nbsp;&nbsp;&nbsp;&nbsp;$17.97 | &nbsp;&nbsp;&nbsp;&nbsp;$13.83 | &nbsp;&nbsp;&nbsp;&nbsp;$13.88 | &nbsp;&nbsp;&nbsp;&nbsp;$13.35 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.76%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$206203 | &nbsp;&nbsp;$252294 | &nbsp;&nbsp;$177992 | &nbsp;&nbsp;$162017 | &nbsp;&nbsp;$138813 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>4</sup> Less than 0.005%; the ratio of net operating expenses would have been 0.00%, if certain non-routine expenses had not been incurred.

<sub>88</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 77.6% OF NET ASSETS** |
| **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** | **U.S. Stocks 43.9%** |
| **Large-Cap 36.7%** | **Large-Cap 36.7%** | **Large-Cap 36.7%** | **Large-Cap 36.7%** | **Large-Cap 36.7%** | **Large-Cap 36.7%** | **Large-Cap 36.7%** | **Large-Cap 36.7%** | **Large-Cap 36.7%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$19914426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($4845615) | $137455 | &nbsp;&nbsp;&nbsp;&nbsp;($6057734) | &nbsp;&nbsp;&nbsp;&nbsp;$9148532 | &nbsp;&nbsp;&nbsp;&nbsp;470120 | &nbsp;&nbsp;&nbsp;&nbsp;$4674778 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691733 | &nbsp;&nbsp;&nbsp;&nbsp;4440638 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810815) | &nbsp;&nbsp;&nbsp;&nbsp;10321556 | &nbsp;&nbsp;&nbsp;&nbsp;487096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316754 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;50570503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400000) | &nbsp;&nbsp;&nbsp;&nbsp;(49384) | &nbsp;&nbsp;&nbsp;&nbsp;(7981258) | &nbsp;&nbsp;&nbsp;&nbsp;42795978 | &nbsp;&nbsp;&nbsp;&nbsp;713029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656117 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;15029286 | &nbsp;&nbsp;&nbsp;&nbsp;7027605 | &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;&nbsp;&nbsp;&nbsp;(8599145) | &nbsp;&nbsp;&nbsp;&nbsp;13457746 | &nbsp;&nbsp;&nbsp;&nbsp;682788 | &nbsp;&nbsp;&nbsp;&nbsp;1783887 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;75723812 |  |  |
| **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119942 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472391 | &nbsp;&nbsp;&nbsp;&nbsp;66983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119942 |
| **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;12082130 | &nbsp;&nbsp;&nbsp;&nbsp;1844224 | &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;&nbsp;&nbsp;&nbsp;(2580857) | &nbsp;&nbsp;&nbsp;&nbsp;11345497 | &nbsp;&nbsp;&nbsp;&nbsp;599023 | &nbsp;&nbsp;&nbsp;&nbsp;1316429 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;90541700 |  |  |
| **International Stocks 23.1%** | **International Stocks 23.1%** | **International Stocks 23.1%** | **International Stocks 23.1%** | **International Stocks 23.1%** | **International Stocks 23.1%** | **International Stocks 23.1%** | **International Stocks 23.1%** | **International Stocks 23.1%** |
| **Developed Markets 23.1%** | **Developed Markets 23.1%** | **Developed Markets 23.1%** | **Developed Markets 23.1%** | **Developed Markets 23.1%** | **Developed Markets 23.1%** | **Developed Markets 23.1%** | **Developed Markets 23.1%** | **Developed Markets 23.1%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;22705478 | &nbsp;&nbsp;&nbsp;&nbsp;2323952 | &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;&nbsp;&nbsp;&nbsp;(6078324) | &nbsp;&nbsp;&nbsp;&nbsp;18951106 | 2175787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643952 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;37401355 | &nbsp;&nbsp;&nbsp;&nbsp;10789802 | &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;&nbsp;&nbsp;&nbsp;(19426876) | &nbsp;&nbsp;&nbsp;&nbsp;28764281 | 1703036 | &nbsp;&nbsp;&nbsp;&nbsp;5478467 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;47715387 |  |  |
| **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** |
| **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;11378442 | &nbsp;&nbsp;&nbsp;&nbsp;4659841 | &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;&nbsp;&nbsp;&nbsp;(4219649) | &nbsp;&nbsp;&nbsp;&nbsp;11818634 | 2003158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396915 |
| **Fixed Income 4.7%** | **Fixed Income 4.7%** | **Fixed Income 4.7%** | **Fixed Income 4.7%** | **Fixed Income 4.7%** | **Fixed Income 4.7%** | **Fixed Income 4.7%** | **Fixed Income 4.7%** | **Fixed Income 4.7%** |
| **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** | **Intermediate-Term Bond 3.4%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9548183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183657 | &nbsp;&nbsp;&nbsp;&nbsp;(1270000) | &nbsp;&nbsp;&nbsp;&nbsp;(83922) | &nbsp;&nbsp;&nbsp;&nbsp;(1451172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926746 | &nbsp;&nbsp;&nbsp;&nbsp;805436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183595 |
| **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329999) | &nbsp;&nbsp;&nbsp;&nbsp;(36462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687055 | &nbsp;&nbsp;&nbsp;&nbsp;288311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47863 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9613801 |  |  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428943 | &nbsp;&nbsp;&nbsp;&nbsp;428943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191 |
| **Total Affiliated Underlying Funds<br> (Cost $162,776,180)** | **$193186717** | **$32097318** | **($6845624)** | **($32313)** | **($58287633)** | **$160118465** |  | **$15622890** |

---

<sub>89</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 21.7% OF NET ASSETS** |
| **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** | **U.S. Stocks 12.1%** |
| **Large-Cap 10.4%** | **Large-Cap 10.4%** | **Large-Cap 10.4%** | **Large-Cap 10.4%** | **Large-Cap 10.4%** | **Large-Cap 10.4%** | **Large-Cap 10.4%** | **Large-Cap 10.4%** | **Large-Cap 10.4%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7049467 | &nbsp;&nbsp;&nbsp;&nbsp;138198 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14361388 | &nbsp;&nbsp;&nbsp;&nbsp;65078 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21410855 |  |  |
| **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453020 | &nbsp;&nbsp;&nbsp;&nbsp;90299 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24863875 |  |  |
| **International Stocks 3.4%** | **International Stocks 3.4%** | **International Stocks 3.4%** | **International Stocks 3.4%** | **International Stocks 3.4%** | **International Stocks 3.4%** | **International Stocks 3.4%** | **International Stocks 3.4%** | **International Stocks 3.4%** |
| **Emerging Markets 3.4%** | **Emerging Markets 3.4%** | **Emerging Markets 3.4%** | **Emerging Markets 3.4%** | **Emerging Markets 3.4%** | **Emerging Markets 3.4%** | **Emerging Markets 3.4%** | **Emerging Markets 3.4%** | **Emerging Markets 3.4%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952100 | 1014905 |  |
| **Fixed Income 6.2%** | **Fixed Income 6.2%** | **Fixed Income 6.2%** | **Fixed Income 6.2%** | **Fixed Income 6.2%** | **Fixed Income 6.2%** | **Fixed Income 6.2%** | **Fixed Income 6.2%** | **Fixed Income 6.2%** |
| **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** | **Intermediate-Term Bond 4.5%** |
| Baird Aggregate Bond Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892739 | &nbsp;&nbsp;&nbsp;&nbsp;203084 |  |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319276 | &nbsp;&nbsp;&nbsp;&nbsp;565279 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161547 | &nbsp;&nbsp;&nbsp;&nbsp;239639 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9373562 |  |  |
| **International Bond 1.7%** | **International Bond 1.7%** | **International Bond 1.7%** | **International Bond 1.7%** | **International Bond 1.7%** | **International Bond 1.7%** | **International Bond 1.7%** | **International Bond 1.7%** | **International Bond 1.7%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505098 | &nbsp;&nbsp;&nbsp;&nbsp;368570 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12878660 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $48,251,531)** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;**$44694635** |  |  |
| **Total Investments in Securities<br> (Cost $211,027,711)** |  |  |  |  |  | **$204813100** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>90</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $162,776,180) |  | &nbsp;&nbsp;$160118465 |
| Investments in securities, at value - unaffiliated (cost $48,251,531) |  | &nbsp;&nbsp;&nbsp;&nbsp;44694635 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974743 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5936 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**206463312** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50470 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**260113** |
| **Net assets** |  | **$206203199** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$199945725 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6257474 |
| **Net assets** |  | **$206203199** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $206203199 |  | 15231148 |  | $13.54 |

---

<sub>91</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$2575016 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781488 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3363925** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26605 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23382 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21919 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11421 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10587 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7383 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**112807** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102220 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10587** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3353338** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;13047874 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152671 |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32313) |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360904) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**15807328** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(58287633) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;(14314504) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(72602137)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(56794809)** |
| **Decrease in net assets resulting from operations** |  | **($53441471)** |

---

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

<sub>92</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2045 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$3353338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2164292 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;15807328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977920 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(72602137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51929106 |
| **Increase (decrease) in net assets resulting from operations** |  | **($53441471)** | &nbsp;&nbsp;&nbsp;**$60071318** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($12672803)** | &nbsp;&nbsp;&nbsp;&nbsp;**($4963016)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;2459577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38547342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56732083 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;714175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12369502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851051 |
| Shares redeemed | + | &nbsp;&nbsp;(1981375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30893311) | &nbsp;&nbsp;&nbsp;&nbsp;(2547667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42389208) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**1192377** | &nbsp;&nbsp;&nbsp;&nbsp;**$20023533** | &nbsp;&nbsp;&nbsp;&nbsp;**1168064** | &nbsp;&nbsp;&nbsp;&nbsp;**$19193926** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;14038771 | &nbsp;&nbsp;&nbsp;&nbsp;$252293940 | &nbsp;&nbsp;&nbsp;&nbsp;12870707 | &nbsp;&nbsp;&nbsp;&nbsp;$177991712 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;1192377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46090741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74302228 |
| **End of period** |  | **15231148** | &nbsp;&nbsp;&nbsp;**$206203199** | &nbsp;&nbsp;&nbsp;**14038771** | &nbsp;&nbsp;&nbsp;**$252293940** |

---

<sub>93</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$18.48 | &nbsp;&nbsp;&nbsp;&nbsp;$14.03 | &nbsp;&nbsp;&nbsp;&nbsp;$14.03 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;$14.07 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.74 | &nbsp;&nbsp;&nbsp;&nbsp;$18.48 | &nbsp;&nbsp;&nbsp;&nbsp;$14.03 | &nbsp;&nbsp;&nbsp;&nbsp;$14.03 | &nbsp;&nbsp;&nbsp;&nbsp;$13.49 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.22%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$203896 | &nbsp;&nbsp;$245059 | &nbsp;&nbsp;$181391 | &nbsp;&nbsp;$161003 | &nbsp;&nbsp;$122459 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>4</sup> Less than 0.005%; the ratio of net operating expenses would have been 0.00%, if certain non-routine expenses had not been incurred.

<sub>94</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.5% OF NET ASSETS** |
| **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** | **U.S. Stocks 45.3%** |
| **Large-Cap 37.7%** | **Large-Cap 37.7%** | **Large-Cap 37.7%** | **Large-Cap 37.7%** | **Large-Cap 37.7%** | **Large-Cap 37.7%** | **Large-Cap 37.7%** | **Large-Cap 37.7%** | **Large-Cap 37.7%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$20714110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($5228355) | $157179 | &nbsp;&nbsp;&nbsp;&nbsp;($6286788) | &nbsp;&nbsp;&nbsp;&nbsp;$9356146 | &nbsp;&nbsp;&nbsp;&nbsp;480789 | &nbsp;&nbsp;&nbsp;&nbsp;$4862499 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501204 | &nbsp;&nbsp;&nbsp;&nbsp;4338486 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(901805) | &nbsp;&nbsp;&nbsp;&nbsp;10937885 | &nbsp;&nbsp;&nbsp;&nbsp;516181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355069 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;49586015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643345 | &nbsp;&nbsp;&nbsp;&nbsp;(1190000) | &nbsp;&nbsp;(124119) | &nbsp;&nbsp;&nbsp;&nbsp;(7703572) | &nbsp;&nbsp;&nbsp;&nbsp;41211669 | &nbsp;&nbsp;&nbsp;&nbsp;686632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643345 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;16862105 | &nbsp;&nbsp;&nbsp;&nbsp;8078331 | &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;&nbsp;&nbsp;&nbsp;(9633666) | &nbsp;&nbsp;&nbsp;&nbsp;15306770 | &nbsp;&nbsp;&nbsp;&nbsp;776599 | &nbsp;&nbsp;&nbsp;&nbsp;2001431 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;76812470 |  |  |
| **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392226 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(823331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531016 | &nbsp;&nbsp;&nbsp;&nbsp;68114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113391 |
| **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;12824393 | &nbsp;&nbsp;&nbsp;&nbsp;1877303 | &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;&nbsp;&nbsp;&nbsp;(2724169) | &nbsp;&nbsp;&nbsp;&nbsp;11977527 | &nbsp;&nbsp;&nbsp;&nbsp;632393 | &nbsp;&nbsp;&nbsp;&nbsp;1397303 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;92321013 |  |  |
| **International Stocks 24.6%** | **International Stocks 24.6%** | **International Stocks 24.6%** | **International Stocks 24.6%** | **International Stocks 24.6%** | **International Stocks 24.6%** | **International Stocks 24.6%** | **International Stocks 24.6%** | **International Stocks 24.6%** |
| **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** | **Developed Markets 24.6%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;22597338 | &nbsp;&nbsp;&nbsp;&nbsp;4180268 | &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;&nbsp;&nbsp;&nbsp;(6353624) | &nbsp;&nbsp;&nbsp;&nbsp;20423982 | 2344889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655269 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;38092718 | &nbsp;&nbsp;&nbsp;&nbsp;11440451 | &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;&nbsp;&nbsp;&nbsp;(19896601) | &nbsp;&nbsp;&nbsp;&nbsp;29636568 | 1754681 | &nbsp;&nbsp;&nbsp;&nbsp;5549543 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;50060550 |  |  |
| **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** |
| **Global Real Estate 6.1%** | **Global Real Estate 6.1%** | **Global Real Estate 6.1%** | **Global Real Estate 6.1%** | **Global Real Estate 6.1%** | **Global Real Estate 6.1%** | **Global Real Estate 6.1%** | **Global Real Estate 6.1%** | **Global Real Estate 6.1%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;11579737 | &nbsp;&nbsp;&nbsp;&nbsp;5344429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;(31841) | &nbsp;&nbsp;&nbsp;&nbsp;(4270425) | &nbsp;&nbsp;&nbsp;&nbsp;12421900 | 2105407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406604 |
| **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** |
| **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018149 | &nbsp;&nbsp;&nbsp;&nbsp;1090265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440000) | &nbsp;&nbsp;&nbsp;&nbsp;(36924) | &nbsp;&nbsp;&nbsp;&nbsp;(1042988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5588502 | &nbsp;&nbsp;&nbsp;&nbsp;649826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130225 |
| **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** | **Short-Term Bond 0.8%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620000) | &nbsp;&nbsp;&nbsp;&nbsp;(60357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651101 | &nbsp;&nbsp;&nbsp;&nbsp;177157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30587 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7239603 |  |  |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| Schwab Variable Share Price Money Fund, Ultra Shares, 3.10% <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28287 | &nbsp;&nbsp;&nbsp;&nbsp;28287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
| **Total Affiliated Underlying Funds<br> (Cost $165,737,191)** | **$191686313** | **$37915941** | **($7678355)** | **($96062)** | **($59756484)** | **$162071353** |  | **$16145542** |

---

<sub>95</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.9% OF NET ASSETS** |
| **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** |
| **Large-Cap 9.9%** | **Large-Cap 9.9%** | **Large-Cap 9.9%** | **Large-Cap 9.9%** | **Large-Cap 9.9%** | **Large-Cap 9.9%** | **Large-Cap 9.9%** | **Large-Cap 9.9%** | **Large-Cap 9.9%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5945323 | &nbsp;&nbsp;&nbsp;&nbsp;116552 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14145799 | &nbsp;&nbsp;&nbsp;&nbsp;64101 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20091122 |  |  |
| **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895006 | &nbsp;&nbsp;&nbsp;&nbsp;101857 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;23986128 |  |  |
| **International Stocks 4.1%** | **International Stocks 4.1%** | **International Stocks 4.1%** | **International Stocks 4.1%** | **International Stocks 4.1%** | **International Stocks 4.1%** | **International Stocks 4.1%** | **International Stocks 4.1%** | **International Stocks 4.1%** |
| **Emerging Markets 4.1%** | **Emerging Markets 4.1%** | **Emerging Markets 4.1%** | **Emerging Markets 4.1%** | **Emerging Markets 4.1%** | **Emerging Markets 4.1%** | **Emerging Markets 4.1%** | **Emerging Markets 4.1%** | **Emerging Markets 4.1%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8422505 | 1229563 |  |
| **Fixed Income 4.0%** | **Fixed Income 4.0%** | **Fixed Income 4.0%** | **Fixed Income 4.0%** | **Fixed Income 4.0%** | **Fixed Income 4.0%** | **Fixed Income 4.0%** | **Fixed Income 4.0%** | **Fixed Income 4.0%** |
| **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806184 | &nbsp;&nbsp;&nbsp;&nbsp;404483 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773376 | &nbsp;&nbsp;&nbsp;&nbsp;196605 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579560 |  |  |
| **International Bond 1.3%** | **International Bond 1.3%** | **International Bond 1.3%** | **International Bond 1.3%** | **International Bond 1.3%** | **International Bond 1.3%** | **International Bond 1.3%** | **International Bond 1.3%** | **International Bond 1.3%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556387 | &nbsp;&nbsp;&nbsp;&nbsp;268810 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135947 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $43,884,031)** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;**$40544580** |  |  |
| **Total Investments in Securities<br> (Cost $209,621,222)** |  |  |  |  |  | **$202615933** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

(b) The rate shown is the annualized 7-day yield.

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>96</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $165,737,191) |  | &nbsp;&nbsp;$162071353 |
| Investments in securities, at value - unaffiliated (cost $43,884,031) |  | &nbsp;&nbsp;&nbsp;&nbsp;40544580 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705937 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**204145011** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51990 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**249126** |
| **Net assets** |  | **$203895885** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$198097778 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798107 |
| **Net assets** |  | **$203895885** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $203895885 |  | 14840935 |  | $13.74 |

---

<sub>97</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$2537933 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702383 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7382 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3247698** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25382 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23207 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21909 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13318 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7371 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3519 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**112615** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102228 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10387** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3237311** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;13607609 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331104 |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96062) |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263349) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**16579302** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(59756484) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;(13896515) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(73652999)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(57073697)** |
| **Decrease in net assets resulting from operations** |  | **($53836386)** |

---

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

<sub>98</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2050 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$3237311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2054026 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;16579302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389566 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(73652999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53519263 |
| **Increase (decrease) in net assets resulting from operations** |  | **($53836386)** | &nbsp;&nbsp;&nbsp;**$62962855** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($14164921)** | &nbsp;&nbsp;&nbsp;&nbsp;**($4905042)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;&nbsp;2707954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42898468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58030659 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;779861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13787936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791072 |
| Shares redeemed | + | &nbsp;&nbsp;(1908268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29847949) | &nbsp;&nbsp;&nbsp;&nbsp;(3366800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57211988) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**1579547** | &nbsp;&nbsp;&nbsp;&nbsp;**$26838455** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**335575** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5609743** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;13261388 | &nbsp;&nbsp;&nbsp;&nbsp;$245058737 | &nbsp;&nbsp;&nbsp;&nbsp;12925813 | &nbsp;&nbsp;&nbsp;&nbsp;$181391181 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;1579547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41162852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63667556 |
| **End of period** |  | **14840935** | &nbsp;&nbsp;&nbsp;**$203895885** | &nbsp;&nbsp;&nbsp;**13261388** | &nbsp;&nbsp;&nbsp;**$245058737** |

---

<sub>99</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$18.74 | &nbsp;&nbsp;&nbsp;&nbsp;$14.11 | &nbsp;&nbsp;&nbsp;&nbsp;$14.15 | &nbsp;&nbsp;&nbsp;&nbsp;$13.60 | &nbsp;&nbsp;&nbsp;&nbsp;$14.18 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$13.97 | &nbsp;&nbsp;&nbsp;&nbsp;$18.74 | &nbsp;&nbsp;&nbsp;&nbsp;$14.11 | &nbsp;&nbsp;&nbsp;&nbsp;$14.15 | &nbsp;&nbsp;&nbsp;&nbsp;$13.60 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.54%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86% | &nbsp;&nbsp;&nbsp;&nbsp;10.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$135741 | &nbsp;&nbsp;$158223 | &nbsp;&nbsp;$107401 | &nbsp;&nbsp;$93743 | &nbsp;&nbsp;$73259 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>4</sup> Less than 0.005%; the ratio of net operating expenses would have been 0.00%, if certain non-routine expenses had not been incurred.

<sub>100</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS** |
| **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** | **U.S. Stocks 45.9%** |
| **Large-Cap 38.2%** | **Large-Cap 38.2%** | **Large-Cap 38.2%** | **Large-Cap 38.2%** | **Large-Cap 38.2%** | **Large-Cap 38.2%** | **Large-Cap 38.2%** | **Large-Cap 38.2%** | **Large-Cap 38.2%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$13228444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;($3026432) | &nbsp;&nbsp;$63899 | &nbsp;&nbsp;&nbsp;&nbsp;($4025565) | &nbsp;&nbsp;&nbsp;&nbsp;$6240346 | &nbsp;&nbsp;&nbsp;&nbsp;320676 | &nbsp;&nbsp;&nbsp;&nbsp;$3105288 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397376 | &nbsp;&nbsp;&nbsp;&nbsp;2747029 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7508334 | &nbsp;&nbsp;&nbsp;&nbsp;354334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255485 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;31762806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412099 | &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;&nbsp;&nbsp;(5060136) | &nbsp;&nbsp;&nbsp;&nbsp;27114769 | &nbsp;&nbsp;&nbsp;&nbsp;451762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412099 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;12058925 | &nbsp;&nbsp;&nbsp;&nbsp;5944008 | &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;&nbsp;&nbsp;(6994178) | &nbsp;&nbsp;&nbsp;&nbsp;11008755 | &nbsp;&nbsp;&nbsp;&nbsp;558537 | &nbsp;&nbsp;&nbsp;&nbsp;1431322 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;51872204 |  |  |
| **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78541 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273781 | &nbsp;&nbsp;&nbsp;&nbsp;43862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78541 |
| **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8858802 | &nbsp;&nbsp;&nbsp;&nbsp;1265226 | &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;&nbsp;&nbsp;(1904195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8219833 | &nbsp;&nbsp;&nbsp;&nbsp;433993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965225 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;62365818 |  |  |
| **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** |
| **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;14639313 | &nbsp;&nbsp;&nbsp;&nbsp;3681667 | &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;&nbsp;&nbsp;(4251647) | &nbsp;&nbsp;&nbsp;&nbsp;14069333 | 1615308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461667 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;25342418 | &nbsp;&nbsp;&nbsp;&nbsp;7982091 | &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;&nbsp;&nbsp;(13268731) | &nbsp;&nbsp;&nbsp;&nbsp;20055778 | 1187435 | &nbsp;&nbsp;&nbsp;&nbsp;3692079 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;34125111 |  |  |
| **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** | **Real Estate 6.3%** |
| **Global Real Estate 6.3%** | **Global Real Estate 6.3%** | **Global Real Estate 6.3%** | **Global Real Estate 6.3%** | **Global Real Estate 6.3%** | **Global Real Estate 6.3%** | **Global Real Estate 6.3%** | **Global Real Estate 6.3%** | **Global Real Estate 6.3%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795440 | &nbsp;&nbsp;&nbsp;&nbsp;3618201 | &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;&nbsp;&nbsp;(2893226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520415 | 1444138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271651 |
| **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** |
| **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** | **Intermediate-Term Bond 1.6%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399999) | &nbsp;&nbsp;&nbsp;(19506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198825 | &nbsp;&nbsp;&nbsp;&nbsp;255677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51511 |
| **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364664 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152808 | &nbsp;&nbsp;&nbsp;&nbsp;123692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14662 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351633 |  |  |
| **Total Affiliated Underlying Funds<br> (Cost $112,444,230)** | **$125268352** | **$26545053** | **($3426431)** | **$44393** | **($40068390)** | **$108362977** |  | **$10739530** |

---

<sub>101</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS** |
| **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** | **U.S. Stocks 11.8%** |
| **Large-Cap 9.7%** | **Large-Cap 9.7%** | **Large-Cap 9.7%** | **Large-Cap 9.7%** | **Large-Cap 9.7%** | **Large-Cap 9.7%** | **Large-Cap 9.7%** | **Large-Cap 9.7%** | **Large-Cap 9.7%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3593334 | &nbsp;&nbsp;&nbsp;&nbsp;70444 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9594637 | &nbsp;&nbsp;&nbsp;&nbsp;43478 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13187971 |  |  |
| **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783720 | &nbsp;&nbsp;&nbsp;&nbsp;72796 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15971691 |  |  |
| **International Stocks 4.5%** | **International Stocks 4.5%** | **International Stocks 4.5%** | **International Stocks 4.5%** | **International Stocks 4.5%** | **International Stocks 4.5%** | **International Stocks 4.5%** | **International Stocks 4.5%** | **International Stocks 4.5%** |
| **Emerging Markets 4.5%** | **Emerging Markets 4.5%** | **Emerging Markets 4.5%** | **Emerging Markets 4.5%** | **Emerging Markets 4.5%** | **Emerging Markets 4.5%** | **Emerging Markets 4.5%** | **Emerging Markets 4.5%** | **Emerging Markets 4.5%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087651 | &nbsp;&nbsp;&nbsp;&nbsp;888708 |  |
| **Fixed Income 3.4%** | **Fixed Income 3.4%** | **Fixed Income 3.4%** | **Fixed Income 3.4%** | **Fixed Income 3.4%** | **Fixed Income 3.4%** | **Fixed Income 3.4%** | **Fixed Income 3.4%** | **Fixed Income 3.4%** |
| **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** | **Intermediate-Term Bond 2.5%** |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525987 | &nbsp;&nbsp;&nbsp;&nbsp;268436 |  |
| Western Asset Core Plus Bond Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885627 | &nbsp;&nbsp;&nbsp;&nbsp;98185 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411614 |  |  |
| **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223518 | &nbsp;&nbsp;&nbsp;&nbsp;128656 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635132 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $28,935,461)** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;**$26694474** |  |  |
| **Total Investments in Securities<br> (Cost $141,379,691)** |  |  |  |  |  | **$135057451** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>102</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $112,444,230) |  | &nbsp;&nbsp;$108362977 |
| Investments in securities, at value - unaffiliated (cost $28,935,461) |  | &nbsp;&nbsp;&nbsp;&nbsp;26694474 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701282 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**135848808** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42201 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**108044** |
| **Net assets** |  | **$135740764** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$133571725 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169039 |
| **Net assets** |  | **$135740764** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $135740764 |  | 9713327 |  | $13.97 |

---

<sub>103</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$1664281 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451075 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2119495** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23652 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21768 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13953 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13385 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6775 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96719** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89944 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6775** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2112720** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9075249 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229685 |
| Net realized gains on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44393 |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57984) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**11291343** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(40068390) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;(9117630) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(49186020)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(37894677)** |
| **Decrease in net assets resulting from operations** |  | **($35781957)** |

---

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

<sub>104</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2055 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$2112720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1237409 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;11291343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679483 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(49186020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34739616 |
| **Increase (decrease) in net assets resulting from operations** |  | **($35781957)** | &nbsp;&nbsp;&nbsp;**$39656508** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($8207354)** | &nbsp;&nbsp;&nbsp;&nbsp;**($2778154)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;2031561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32815671 | &nbsp;&nbsp;&nbsp;&nbsp;2415853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41626853 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;442294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710532 |
| Shares redeemed | + | (1204703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19292293) | &nbsp;&nbsp;&nbsp;(1750620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30393721) |
| **Net transactions in fund shares** |  | **1269152** | &nbsp;&nbsp;&nbsp;&nbsp;**$21506784** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**834536** | &nbsp;&nbsp;&nbsp;&nbsp;**$13943664** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;8444175 | &nbsp;&nbsp;&nbsp;&nbsp;$158223291 | &nbsp;&nbsp;&nbsp;&nbsp;7609639 | &nbsp;&nbsp;&nbsp;&nbsp;$107401273 |
| Total increase (decrease) | + | &nbsp;&nbsp;1269152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22482527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50822018 |
| **End of period** |  | **9713327** | &nbsp;&nbsp;&nbsp;**$135740764** | &nbsp;&nbsp;&nbsp;&nbsp;**8444175** | &nbsp;&nbsp;&nbsp;**$158223291** |

---

<sub>105</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2060 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/20– <br> 10/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/19– <br> 10/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/18– <br> 10/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/17– <br> 10/31/18 |
| **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;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;&nbsp;$12.21 | &nbsp;&nbsp;&nbsp;&nbsp;$12.16 | &nbsp;&nbsp;&nbsp;&nbsp;$11.53 | &nbsp;&nbsp;&nbsp;&nbsp;$12.02 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.26 | &nbsp;&nbsp;&nbsp;&nbsp;$16.42 | &nbsp;&nbsp;&nbsp;&nbsp;$12.21 | &nbsp;&nbsp;&nbsp;&nbsp;$12.16 | &nbsp;&nbsp;&nbsp;&nbsp;$11.53 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;(21.88%) | &nbsp;&nbsp;&nbsp;&nbsp;36.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;10.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64%) |
| **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<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$39741 | &nbsp;&nbsp;$40077 | &nbsp;&nbsp;$21509 | &nbsp;&nbsp;$15765 | &nbsp;&nbsp;$10479 |

---

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

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sub>106</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2060 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 82.1% OF NET ASSETS** |
| **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** | **U.S. Stocks 47.9%** |
| **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;$3258883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$379376 | &nbsp;&nbsp;&nbsp;&nbsp;($733176) | &nbsp;&nbsp;&nbsp;&nbsp;($22401) | &nbsp;&nbsp;&nbsp;&nbsp;($976659) | &nbsp;&nbsp;&nbsp;&nbsp;$1906023 | &nbsp;&nbsp;&nbsp;97946 | &nbsp;&nbsp;&nbsp;&nbsp;$765001 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;1474879 | &nbsp;&nbsp;&nbsp;&nbsp;1552075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488313) | &nbsp;&nbsp;&nbsp;&nbsp;(33561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125252) | &nbsp;&nbsp;&nbsp;&nbsp;2379828 | 112309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69814 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;8131219 | &nbsp;&nbsp;&nbsp;&nbsp;2020456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(978762) | &nbsp;&nbsp;&nbsp;&nbsp;(130431) | &nbsp;&nbsp;&nbsp;&nbsp;(1133407) | &nbsp;&nbsp;&nbsp;&nbsp;7909075 | 131774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105497 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;3322582 | &nbsp;&nbsp;&nbsp;&nbsp;2888892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307395) | &nbsp;&nbsp;&nbsp;&nbsp;(157179) | &nbsp;&nbsp;&nbsp;&nbsp;(1933278) | &nbsp;&nbsp;&nbsp;&nbsp;3813622 | 193487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426011 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16008548 |  |  |
| **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220728 | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752172 | &nbsp;&nbsp;&nbsp;14509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20728 |
| **Small-Cap 5.8%** | **Small-Cap 5.8%** | **Small-Cap 5.8%** | **Small-Cap 5.8%** | **Small-Cap 5.8%** | **Small-Cap 5.8%** | **Small-Cap 5.8%** | **Small-Cap 5.8%** | **Small-Cap 5.8%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;2241296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318580) | &nbsp;&nbsp;&nbsp;&nbsp;(69864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398231) | &nbsp;&nbsp;&nbsp;&nbsp;2301005 | 121489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254121 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19061725 |  |  |
| **International Stocks 25.9%** | **International Stocks 25.9%** | **International Stocks 25.9%** | **International Stocks 25.9%** | **International Stocks 25.9%** | **International Stocks 25.9%** | **International Stocks 25.9%** | **International Stocks 25.9%** | **International Stocks 25.9%** |
| **Developed Markets 25.9%** | **Developed Markets 25.9%** | **Developed Markets 25.9%** | **Developed Markets 25.9%** | **Developed Markets 25.9%** | **Developed Markets 25.9%** | **Developed Markets 25.9%** | **Developed Markets 25.9%** | **Developed Markets 25.9%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;4222062 | &nbsp;&nbsp;&nbsp;&nbsp;1869805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(747137) | &nbsp;&nbsp;&nbsp;&nbsp;(210049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(973409) | &nbsp;&nbsp;&nbsp;&nbsp;4161272 | 477758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125667 |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;6269552 | &nbsp;&nbsp;&nbsp;&nbsp;3794643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302708) | &nbsp;&nbsp;&nbsp;&nbsp;(227877) | &nbsp;&nbsp;&nbsp;&nbsp;(3390737) | &nbsp;&nbsp;&nbsp;&nbsp;6142873 | 363699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975468 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10304145 |  |  |
| **Real Estate 6.7%** | **Real Estate 6.7%** | **Real Estate 6.7%** | **Real Estate 6.7%** | **Real Estate 6.7%** | **Real Estate 6.7%** | **Real Estate 6.7%** | **Real Estate 6.7%** | **Real Estate 6.7%** |
| **Global Real Estate 6.7%** | **Global Real Estate 6.7%** | **Global Real Estate 6.7%** | **Global Real Estate 6.7%** | **Global Real Estate 6.7%** | **Global Real Estate 6.7%** | **Global Real Estate 6.7%** | **Global Real Estate 6.7%** | **Global Real Estate 6.7%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;2031876 | &nbsp;&nbsp;&nbsp;&nbsp;1651199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205977) | &nbsp;&nbsp;&nbsp;&nbsp;(66022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760429) | &nbsp;&nbsp;&nbsp;&nbsp;2650647 | 449262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77870 |
| **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** |
| **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385826) | &nbsp;&nbsp;&nbsp;&nbsp;(34900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436257 | &nbsp;&nbsp;&nbsp;50728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10794 |
| **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128696) | &nbsp;&nbsp;&nbsp;&nbsp;(10549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200989 | &nbsp;&nbsp;&nbsp;21565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637246 |  |  |
| **Total Affiliated Underlying Funds<br> (Cost $35,274,190)** | **$32115714** | **$15997538** | **($4596570)** | **($962833)** | **($9900086)** | **$32653763** |  | **$2833658** |

---

<sub>107</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2060 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** |
| **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** |
| **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1043647 | &nbsp;&nbsp;&nbsp;20460 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2476702 | &nbsp;&nbsp;&nbsp;11223 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3520349 |  |  |
| **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763152 | &nbsp;&nbsp;&nbsp;19957 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4283501 |  |  |
| **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** |
| **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2142710 | 312804 |  |
| **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** |
| **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456924 | &nbsp;&nbsp;&nbsp;48557 |  |
| **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217853 | &nbsp;&nbsp;&nbsp;22908 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674777 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $7,865,071)** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;**$7100988** |  |  |
| **Total Investments in Securities<br> (Cost $43,139,261)** |  |  |  |  |  | **$39754751** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>108</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2060 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $35,274,190) |  | &nbsp;&nbsp;$32653763 |
| Investments in securities, at value - unaffiliated (cost $7,865,071) |  | &nbsp;&nbsp;&nbsp;&nbsp;7100988 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242905 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;3708521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**43754143** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;3972119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38987 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4013380** |
| **Net assets** |  | **$39740763** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$42069542 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;(2328779) |
| **Net assets** |  | **$39740763** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $39740763 |  | 3241892 |  | $12.26 |

---

<sub>109</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2060 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;$441435 |
| Dividends received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107652 |
| Interest received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**550404** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21578 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20411 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12097 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79698** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77874 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1824** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**548580** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;2392223 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609550 |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962833) |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176682) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;**1862258** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(9900086) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;(2229203) |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(12129289)** |
| **Net realized and unrealized losses** |  | **(10267031)** |
| **Decrease in net assets resulting from operations** |  | **($9718451)** |

---

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

<sub>110</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2060 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;11/1/20-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;$548580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$254444 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;1862258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732256 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;(12129289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7778541 |
| **Increase (decrease) in net assets resulting from operations** |  | **($9718451)** | &nbsp;&nbsp;&nbsp;**$8765241** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1894146)** | &nbsp;&nbsp;&nbsp;&nbsp;**($458337)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | 1472977 | &nbsp;&nbsp;&nbsp;&nbsp;$20023654 | &nbsp;&nbsp;&nbsp;&nbsp;1163081 | &nbsp;&nbsp;&nbsp;&nbsp;$17567794 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;115712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444437 |
| Shares redeemed | + | &nbsp;&nbsp;&nbsp;(787575) | &nbsp;&nbsp;&nbsp;&nbsp;(10587897) | &nbsp;&nbsp;&nbsp;&nbsp;(515554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7751420) |
| **Net transactions in fund shares** |  | &nbsp;&nbsp;&nbsp;**801114** | &nbsp;&nbsp;&nbsp;**$11276734** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**679341** | &nbsp;&nbsp;&nbsp;**$10260811** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/20-10/31/21 | 11/1/20-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | 2440778 | &nbsp;&nbsp;&nbsp;&nbsp;$40076626 | &nbsp;&nbsp;&nbsp;&nbsp;1761437 | &nbsp;&nbsp;&nbsp;&nbsp;$21508911 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;801114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18567715 |
| **End of period** |  | **3241892** | &nbsp;&nbsp;&nbsp;**$39740763** | &nbsp;&nbsp;&nbsp;**2440778** | &nbsp;&nbsp;&nbsp;**$40076626** |

---

<sub>111</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2065 Fund

## Financial Statements

#### FINANCIAL HIGHLIGHTS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/1/21– <br> 10/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;2/26/21 <sup>1</sup>–<br> 10/31/21 |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp;$11.33 | &nbsp;&nbsp;$10.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(2.51) | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Less distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.63 | &nbsp;&nbsp;$11.33 |
| Total return | &nbsp;&nbsp;&nbsp;(21.78%) | &nbsp;&nbsp;&nbsp;&nbsp;13.30% <sup>3</sup> |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross operating expenses<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10% <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.90% <sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% <sup>6</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% <sup>3</sup> |
| Net assets, end of period (x 1,000) | &nbsp;&nbsp;$6611 | &nbsp;&nbsp;$4489 |

---

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

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

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

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

<sup>6</sup> Annualized.

<sub>112</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2065 Fund

## Portfolio Holdings as of October 31, 2022<br>

------

This section shows all the securities in the fund's portfolio and their values as of the report date, including a summary of the fund's transactions with its affiliated underlying funds during the period.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to 20 days after the end of the month on the fund's website.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** | **AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS** |
| **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** |
| **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$362105 | &nbsp;&nbsp;&nbsp;&nbsp;$108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($25000) | &nbsp;&nbsp;&nbsp;&nbsp;($7001) | &nbsp;&nbsp;&nbsp;&nbsp;($117597) | &nbsp;&nbsp;&nbsp;&nbsp;$320507 | 16470 | &nbsp;&nbsp;&nbsp;$85002 |
| Schwab Fundamental US Large Company Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;166209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395448 | 18662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9454 |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;924860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300536) | &nbsp;&nbsp;&nbsp;&nbsp;(15845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178610) | &nbsp;&nbsp;&nbsp;&nbsp;1318648 | 21970 | &nbsp;&nbsp;&nbsp;&nbsp;11779 |
| Schwab Select Large Cap Growth Fund (formerly Laudus U.S. Large Cap Growth Fund) \* | &nbsp;&nbsp;&nbsp;&nbsp;375362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77001) | &nbsp;&nbsp;&nbsp;&nbsp;(26522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623625 | 31640 | &nbsp;&nbsp;&nbsp;&nbsp;50589 |
| Schwab U.S. Large-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &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;&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;2658228 |  |  |
| **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60297 | &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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117344 | &nbsp;&nbsp;&nbsp;2264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 |
| **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** |
| Schwab Small-Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;250158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375251 | 19813 | &nbsp;&nbsp;&nbsp;&nbsp;29486 |
| Schwab U.S. Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &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;&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;&nbsp;375251 |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3150823 |  |  |
| **International Stocks 26.4%** | **International Stocks 26.4%** | **International Stocks 26.4%** | **International Stocks 26.4%** | **International Stocks 26.4%** | **International Stocks 26.4%** | **International Stocks 26.4%** | **International Stocks 26.4%** | **International Stocks 26.4%** |
| **Developed Markets 26.4%** | **Developed Markets 26.4%** | **Developed Markets 26.4%** | **Developed Markets 26.4%** | **Developed Markets 26.4%** | **Developed Markets 26.4%** | **Developed Markets 26.4%** | **Developed Markets 26.4%** | **Developed Markets 26.4%** |
| Schwab International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;531592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209098) | &nbsp;&nbsp;&nbsp;&nbsp;(24218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737144 | 84632 | &nbsp;&nbsp;&nbsp;&nbsp;15437 |
| Schwab International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab International Opportunities Fund (formerly Laudus International MarketMasters Fund) | &nbsp;&nbsp;&nbsp;&nbsp;645158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100012) | &nbsp;&nbsp;&nbsp;&nbsp;(46305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445786) | &nbsp;&nbsp;&nbsp;&nbsp;1011213 | 59870 | &nbsp;&nbsp;&nbsp;111727 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1748357 |  |  |
| **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** |
| **Global Real Estate 6.6%** | **Global Real Estate 6.6%** | **Global Real Estate 6.6%** | **Global Real Estate 6.6%** | **Global Real Estate 6.6%** | **Global Real Estate 6.6%** | **Global Real Estate 6.6%** | **Global Real Estate 6.6%** | **Global Real Estate 6.6%** |
| Schwab Global Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;223516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434086 | 73574 | &nbsp;&nbsp;&nbsp;&nbsp;10810 |
| **Fixed Income 0.9%** | **Fixed Income 0.9%** | **Fixed Income 0.9%** | **Fixed Income 0.9%** | **Fixed Income 0.9%** | **Fixed Income 0.9%** | **Fixed Income 0.9%** | **Fixed Income 0.9%** | **Fixed Income 0.9%** |
| **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** | **Intermediate-Term Bond 0.4%** |
| Schwab U.S. Aggregate Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28329 | &nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** |
| Schwab Short-Term Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31877 | &nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60206 |  |  |
| **Total Affiliated Underlying Funds<br> (Cost $6,568,386)** | **$3601954** | **$4554606** | **($1223913)** | **($141947)** | **($1397228)** | **$5393472** |  | **$327966** |

---

<sub>113</sub>

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See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2065 Fund

## Portfolio Holdings as of October 31, 2022 (continued)<br>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/21 | PURCHASES | SALES | REALIZED <br> GAINS (LOSSES) | NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) | VALUE AT<br> 10/31/22 | BALANCE <br> OF SHARES<br> HELD AT<br> 10/31/22 | DISTRIBUTIONS <br> RECEIVED<sup>(a)</sup> |
| **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** | **UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS** |
| **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** | **U.S. Stocks 11.1%** |
| **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** | **Large-Cap 9.0%** |
| ClearBridge Large Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$183786 | &nbsp;&nbsp;&nbsp;3603 |  |
| Dodge & Cox Stock Fund, Class I |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410982 | &nbsp;&nbsp;&nbsp;1862 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594768 |  |  |
| **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** | **Small-Cap 2.1%** |
| ClearBridge Small Cap Growth Fund, Class IS \* |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140979 | &nbsp;&nbsp;&nbsp;3687 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735747 |  |  |
| **International Stocks 5.2%** | **International Stocks 5.2%** | **International Stocks 5.2%** | **International Stocks 5.2%** | **International Stocks 5.2%** | **International Stocks 5.2%** | **International Stocks 5.2%** | **International Stocks 5.2%** | **International Stocks 5.2%** |
| **Emerging Markets 5.2%** | **Emerging Markets 5.2%** | **Emerging Markets 5.2%** | **Emerging Markets 5.2%** | **Emerging Markets 5.2%** | **Emerging Markets 5.2%** | **Emerging Markets 5.2%** | **Emerging Markets 5.2%** | **Emerging Markets 5.2%** |
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341062 | 49790 |  |
| **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** | **Fixed Income 1.6%** |
| **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** | **Intermediate-Term Bond 1.1%** |
| Loomis Sayles Investment Grade Bond Fund, Class Y |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69875 | &nbsp;&nbsp;&nbsp;7426 |  |
| **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** |
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36104 | &nbsp;&nbsp;&nbsp;3796 |  |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105979 |  |  |
| **Total Unaffiliated Underlying Funds<br> (Cost $1,452,402)** |  |  |  |  |  | **$1182788** |  |  |
| **Total Investments in Securities<br> (Cost $8,020,788)** |  |  |  |  |  | **$6576260** |  |  |

---

\* Non-income producing security.

(a) Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(d) for additional information).

ETF — Exchange traded fund

At October 31, 2022, all of the fund's investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3. (See financial note 2(a) for additional information).

<sub>114</sub>

Schwab Target Funds \| Annual Report

See financial notes

------

[**Table of Contents**](#job_schwa_093b6d36-cc59-4ecb-b061-f8227b833533_toc)

Schwab Target 2065 Fund

## Statement of Assets and Liabilities

------

As of October 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $6,568,386) |  | &nbsp;&nbsp;$5393472 |
| Investments in securities, at value - unaffiliated (cost $1,452,402) |  | &nbsp;&nbsp;&nbsp;1182788 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;204853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;182000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investment adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 |
| **Total assets** |  | &nbsp;&nbsp;&nbsp;**6973838** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;196601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian |  | &nbsp;&nbsp;&nbsp;&nbsp;134764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31633 |
| **Total liabilities** |  | &nbsp;&nbsp;&nbsp;&nbsp;**363313** |
| **Net assets** |  | **$6610525** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | &nbsp;&nbsp;$7954641 |
| Total distributable loss | + | &nbsp;&nbsp;(1344116) |
| **Net assets** |  | **$6610525** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** | **Net Asset Value (NAV)** |
| **Net Assets** | **÷** | **Shares <br> Outstanding** | **=** | **NAV** |
| $6610525 |  | 766235 |  | $8.63 |

---

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Schwab Target 2065 Fund

## Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 | For the period November 1, 2021 through October 31, 2022 |
| **Investment Income** | **Investment Income** | **Investment Income** |
| Dividends received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53455 |
| Dividends received from securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13793 |
| **Total investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67248** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18390 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14880 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643 |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 |
| Proxy fees<sup>1</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579 |
| **Total expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62953** |
| Expense reduction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62708 |
| **Net expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**245** |
| **Net investment income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67003** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274511 |
| Realized capital gain distributions received from underlying funds - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71093 |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141947) |
| Net realized losses on sales of securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40786) |
| **Net realized gains** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**162871** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;(1397228) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290186) |
| **Net change in unrealized appreciation (depreciation)** | **+** | &nbsp;&nbsp;&nbsp;**(1687414)** |
| **Net realized and unrealized losses** |  | &nbsp;&nbsp;&nbsp;**(1524543)** |
| **Decrease in net assets resulting from operations** |  | **($1457540)** |

---

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

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Schwab Target 2065 Fund

## Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | &nbsp;&nbsp;&nbsp;2/26/21 <sup>1</sup>-10/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5881 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2415) |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;(1687414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242886 |
| **Increase (decrease) in net assets resulting from operations** |  | **($1457540)** | &nbsp;&nbsp;&nbsp;**$246352** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | &nbsp;&nbsp;&nbsp;**($132928)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 2/26/21 <sup>1</sup>-10/31/21 | 2/26/21 <sup>1</sup>-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;VALUE |
| Shares sold |  | &nbsp;&nbsp;558480 | &nbsp;&nbsp;&nbsp;&nbsp;$5553563 | &nbsp;&nbsp;&nbsp;&nbsp;438998 | &nbsp;&nbsp;&nbsp;&nbsp;$4713650 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112123 | &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;&nbsp;— |
| Shares redeemed | + | (198386) | &nbsp;&nbsp;&nbsp;&nbsp;(1953828) | &nbsp;&nbsp;&nbsp;&nbsp;(42877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470867) |
| **Net transactions in fund shares** |  | **370114** | &nbsp;&nbsp;&nbsp;**$3711858** | &nbsp;&nbsp;&nbsp;**396121** | &nbsp;&nbsp;&nbsp;**$4242783** |
| **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** |
|  | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 11/1/21-10/31/22 | 2/26/21 <sup>1</sup>-10/31/21 | 2/26/21 <sup>1</sup>-10/31/21 |
|  |  | SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;&nbsp;SHARES | &nbsp;&nbsp;&nbsp;NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;396121 | &nbsp;&nbsp;&nbsp;&nbsp;$4489135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Total increase | + | &nbsp;&nbsp;370114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121390 | &nbsp;&nbsp;&nbsp;&nbsp;396121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489135 |
| **End of period** |  | **766235** | &nbsp;&nbsp;&nbsp;**$6610525** | &nbsp;&nbsp;&nbsp;**396121** | &nbsp;&nbsp;&nbsp;**$4489135** |

---

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

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Schwab Target Funds

## Financial Notes

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1. Business Structure of the Funds:

Each of the funds in this report is a series of Schwab Capital Trust (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:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** | **SCHWAB CAPITAL TRUST (ORGANIZED MAY 7, 1993)** |
| **Schwab Target 2010 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Dividend Equity Fund |
| **Schwab Target 2015 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Large-Cap Growth Fund |
| **Schwab Target 2020 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Small-Cap Equity Fund |
| **Schwab Target 2025 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Health Care Fund |
| **Schwab Target 2030 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab International Core Equity Fund |
| **Schwab Target 2035 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Large Company Index Fund |
| **Schwab Target 2040 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental US Small Company Index Fund |
| **Schwab Target 2045 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Large Company Index Fund |
| **Schwab Target 2050 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental International Small Company Index Fund |
| **Schwab Target 2055 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Emerging Markets Large Company Index Fund |
| **Schwab Target 2060 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Fundamental Global Real Estate Index Fund |
| **Schwab Target 2065 Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2010 Index Fund |
| Schwab S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2015 Index Fund |
| Schwab Small-Cap Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2020 Index Fund |
| Schwab Total Stock Market Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2025 Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2030 Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2035 Index Fund |
| Schwab U.S. Mid-Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2040 Index Fund |
| Schwab International Index Fund<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2045 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2050 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2055 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2060 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Target 2065 Index Fund |
| Schwab International Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Target Payout |
| Schwab Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Flexible Payout |
| Schwab Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schwab Monthly Income Fund - Income Payout |

---

The Schwab Target Funds are "funds of funds." Each of the funds seeks to achieve its investment objective by investing primarily in a combination of other affiliated Schwab mutual funds. Each fund may also invest in affiliated Schwab exchange-traded funds (ETFs) and unaffiliated third party mutual funds and ETFs (all such mutual funds and ETFs referred to herein as the "underlying funds"). Each fund invests in the underlying funds in accordance with its target portfolio allocation. Each fund may also invest directly in equity and fixed-income securities, and cash and cash equivalents, including money market securities.

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

The Schwab Target 2065 Fund commenced operations on February 26, 2021.

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.

------

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).

The financial statements of the funds should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

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Schwab Target Funds

## Financial Notes (continued)

------

2. Significant Accounting Policies (continued):

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities 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 funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;• **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash management sweep time deposits:** Balances held in cash management sweep time deposits were accounted for on a cost basis, which approximates fair value.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 ETFs. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

&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;• 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

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2. Significant Accounting Policies (continued):

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 funds' results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2022 are disclosed in the Portfolio Holdings.

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

**Cash Management Transactions: Effective May 23, 2022 Brown Brothers Harriman & Co. (BBH) was replaced by Citibank, N.A as custodian of the funds. The funds no longer subscribe to the BBH Cash Management Service Sweep (CMS Sweep). The BBH CMS Sweep was an investment product that automatically swept the funds' cash balances into overnight offshore time deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allowed the funds to earn interest on cash balances. Excess cash invested with deposit institutions domiciled outside of the U.S., as with any offshore deposit, was subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. The funds assumed the risk associated with the repayment of principal and payment of interest on such instruments by the institution with which the deposit was ultimately placed. The funds terminated the CMS Sweep program and cash was returned to the funds prior to terminating services with BBH.**

**Cash Investments: The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by 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. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

(e) Expenses:

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 bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by the fund through its investments in the underlying funds. Such expenses are reflected in the net asset values of the underlying funds.

(f) Distributions to Shareholders:

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive distributions, 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.

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2. Significant Accounting Policies (continued):

(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:

In October 2022, 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 funds' streamlined shareholder reports 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 will be effective on January 24, 2023 and the compliance date will be 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.

------

3. Risk Factors:

Investing in the funds may involve certain risks, as discussed in the funds' prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

**Asset Allocation Risk. The funds are subject to the risk that the selection of the underlying funds and the allocation of a fund's assets among the various asset classes and market segments may cause the funds to underperform other funds with a similar investment objective. The funds are not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the funds are an appropriate investment in light of their current financial position and retirement needs.**

**Conflicts of Interest Risk. The investment adviser's authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of a fund. However, the investment adviser is a fiduciary to each fund and is legally obligated to act in each fund's best interests when selecting underlying funds.**

**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. 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.**

**Exchange-Traded Fund (ETF) Risk. When a fund invests in an ETF, it will bear a proportionate share of the ETF's expenses. In addition, lack of liquidity in the market for an ETF's shares can result in its value being more volatile than the underlying portfolio of securities.**

**Direct Investment Risk. The funds may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain their allocations. A fund's direct investment in these securities is subject to the same or similar risks as an underlying fund's investment in the same securities.**

**Underlying Fund Investment Risk. Before investing in the funds, investors should assess the risks associated with the underlying funds in which the funds may invest, which include any combination of the risks described below.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Risk.** The funds may experience losses with respect to their investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective.

&nbsp;&nbsp;&nbsp;&nbsp;• **Management Risk.** Generally, the underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk that its investment adviser (or sub-adviser(s)) will make poor security selections. An underlying fund's adviser applies its own investment techniques and risk analyses in making investment decisions for the underlying fund, but there can be no guarantee that they will produce the desired results.

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3. Risk Factors (continued):

&nbsp;&nbsp;&nbsp;&nbsp;• **Fixed-Income Risk.** Interest rates rise and fall over time, which will affect an underlying fund's yield and share price. A change in a central bank's monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund's share price to fall. The credit quality of a portfolio investment could also cause an underlying fund's share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund's yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk.** The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Capitalization Risk.** Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund's performance could be impacted.

&nbsp;&nbsp;&nbsp;&nbsp;• **Money Market Fund Risk**. The funds may invest in underlying money market funds that either seek to maintain a stable $1.00 net asset value ("stable share price money market funds") or that have a share price that fluctuates ("variable share price money market funds"). Although an underlying stable share price money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. Because the share price of an underlying variable share price money market fund will fluctuate, when a fund sells the shares it owns they may be worth more or less than what the fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

&nbsp;&nbsp;&nbsp;&nbsp;• **ETF Risk.** When an underlying fund invests in an ETF, it will bear a proportionate share of the ETF's expenses. In addition, lack of liquidity in the market for an ETF's shares can result in its value being more volatile than the underlying portfolio of securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investment Risk.** An underlying fund's investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); 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 an underlying fund's investments, and could impair the underlying fund's ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk**. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recording requirements and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives Risk.** An underlying fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are options, futures, options on futures and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in which the seller agrees to make a payment to the buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.

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3. Risk Factors (continued):

An underlying fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as leverage risk, liquidity risk and market risk, are discussed elsewhere in this section. An underlying fund's use of derivatives is also subject to lack of availability risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause an underlying fund to realize higher amounts of short-term capital gains. An underlying fund's use of derivatives could reduce the underlying fund's performance, increase its volatility, and could cause the underlying fund to lose more than the initial amount invested. The use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) by an underlying fund could cause a fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk.** Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund's portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio Turnover Risk.** Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund's performance and may increase the likelihood of capital gains distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Securities Lending Risk.** An underlying fund may lend its portfolio securities to brokers, dealers, and other financial institutions. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

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

------

4. Affiliates and Affiliated Transactions:

#### Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management (the investment adviser), a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to the Investment Advisory and Administration Agreement between the investment adviser and the trust. The investment adviser does not receive a fee for the services it performs for the fund. However, the investment adviser is entitled to receive an annual management fee from each of the affiliated Schwab Funds that serve as underlying funds.

#### Shareholder Servicing
The Board has adopted a Shareholder Servicing 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., a broker-dealer affiliate of the investment adviser (together, service providers), of certain shareholder services to the current shareholders of the funds. The funds are not subject to any fee under the Plan.

#### Expense Limitation
The investment adviser and its affiliates have agreed with the funds, for so long as the investment adviser serves as the investment adviser to the funds, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 0.00%.

The agreement to limit the funds' total expenses charged is limited to each fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in the underlying funds.

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Schwab Target Funds

## Financial Notes (continued)

------

4. Affiliates and Affiliated Transactions (continued):

#### Investments in Affiliates
The funds may engage in certain transactions involving related parties. Pursuant to an exemptive order issued by the SEC, the funds may invest in other related funds. As of October 31, 2022, each Schwab Target Fund's ownership percentages of other related funds' shares are:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| UNDERLYING FUNDS | SCHWAB <br> TARGET<br> 2010<br> FUND | SCHWAB <br> TARGET<br> 2015<br> FUND | SCHWAB <br> TARGET<br> 2020<br> FUND | SCHWAB <br> TARGET<br> 2025<br> FUND | SCHWAB <br> TARGET<br> 2030<br> FUND | SCHWAB <br> TARGET<br> 2035<br> FUND | SCHWAB <br> TARGET<br> 2040<br> FUND | SCHWAB <br> TARGET<br> 2045<br> FUND | SCHWAB <br> TARGET<br> 2050<br> FUND | SCHWAB <br> TARGET<br> 2055<br> FUND | SCHWAB <br> TARGET<br> 2060<br> FUND | SCHWAB <br> TARGET<br> 2065<br> FUND |
| Schwab Core Equity Fund | 0.1% | 0.1% | 0.7% | 1.1% | &nbsp;&nbsp;&nbsp;2.6% | 1.5% | &nbsp;&nbsp;&nbsp;3.3% | 0.7% | 0.7% | 0.5% | 0.2% | 0.0%\* |
| Schwab Fundamental US Large Company Index Fund | 0.0%\* | 0.0%\* | 0.1% | 0.1% | &nbsp;&nbsp;&nbsp;0.3% | 0.3% | &nbsp;&nbsp;&nbsp;0.6% | 0.2% | 0.2% | 0.1% | 0.0%\* | 0.0%\* |
| Schwab Global Real Estate Fund | 0.4% | 0.6% | 4.1% | 6.3% | 14.0% | 8.3% | 18.2% | 4.2% | 4.4% | 3.0% | 0.9% | 0.2% |
| Schwab International Core Equity Fund | 0.3% | 0.5% | 3.4% | 5.7% | 12.9% | 7.8% | 16.4% | 3.7% | 4.0% | 2.8% | 0.8% | 0.1% |
| Schwab International Opportunities Fund | 0.2% | 0.3% | 2.5% | 4.2% | &nbsp;&nbsp;&nbsp;9.5% | 5.7% | 12.4% | 2.9% | 3.0% | 2.0% | 0.6% | 0.1% |
| Schwab S&P 500 Index Fund | 0.0%\* | 0.0%\* | 0.1% | 0.1% | &nbsp;&nbsp;&nbsp;0.3% | 0.2% | &nbsp;&nbsp;&nbsp;0.3% | 0.1% | 0.1% | 0.0%\* | 0.0%\* | 0.0%\* |
| Schwab Select Large Cap Growth Fund | 0.1% | 0.1% | 0.3% | 0.5% | &nbsp;&nbsp;&nbsp;1.5% | 1.0% | &nbsp;&nbsp;&nbsp;2.3% | 0.7% | 0.8% | 0.6% | 0.2% | 0.0% |
| Schwab Short-Term Bond Index Fund | 0.3% | 0.3% | 1.9% | 1.9% | &nbsp;&nbsp;&nbsp;2.4% | 0.9% | &nbsp;&nbsp;&nbsp;1.2% | 0.2% | 0.1% | 0.1% | 0.0%\* | 0.0%\* |
| Schwab Small-Cap Equity Fund | 0.1% | 0.2% | 1.1% | 2.0% | &nbsp;&nbsp;&nbsp;5.0% | 3.6% | &nbsp;&nbsp;&nbsp;8.0% | 2.1% | 2.2% | 1.5% | 0.4% | 0.1% |
| Schwab Treasury Inflation Protected Securities Index Fund | 0.1% | 0.1% | 0.9% | 0.7% | &nbsp;&nbsp;&nbsp;0.4% | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;—% |
| Schwab U.S. Aggregate Bond Index Fund | 0.3% | 0.3% | 2.1% | 2.1% | &nbsp;&nbsp;&nbsp;2.6% | 1.0% | &nbsp;&nbsp;&nbsp;1.4% | 0.2% | 0.1% | 0.1% | 0.0%\* | 0.0%\* |
| Schwab U.S. Mid Cap Index Fund | 0.0%\* | 0.0%\* | 0.4% | 0.6% | &nbsp;&nbsp;&nbsp;1.3% | 0.8% | &nbsp;&nbsp;&nbsp;1.7% | 0.4% | 0.4% | 0.3% | 0.1% | 0.0%\* |
| Schwab Variable Share Price Money Fund, Ultra Shares | 0.0%\* | 0.0%\* | 0.3% | 0.3% | &nbsp;&nbsp;&nbsp;0.3% | 0.1% | &nbsp;&nbsp;&nbsp;0.1% | 0.0%\* | 0.0%\* | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;—% |

---

\* Less than 0.05%

#### Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex (for definition refer to Trustees and Officers section). 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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## Financial Notes (continued)

------

4. Affiliates and Affiliated Transactions (continued):

#### Interfund Transactions
The funds may engage in direct 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 October 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:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | &nbsp;&nbsp;SALE PROCEEDS | &nbsp;&nbsp;REALIZED GAINS (LOSSES) |
| Schwab Target 2010 Fund | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2025 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2030 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2035 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2040 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2045 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2050 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2055 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2060 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;278953 | &nbsp;&nbsp;259 |

---

------

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 trusts were 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 they 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.

------

6. 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 line of credit amount increasing to $1 billion, maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to 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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## Financial Notes (continued)

------

**7. Purchases and Sales of Investment Securities:** 

For the period ended October 31, 2022, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br> OF SECURITIES | &nbsp;&nbsp;SALES <br> OF SECURITIES |
| Schwab Target 2010 Fund | $13204160 | &nbsp;&nbsp;$19944840 |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;13107915 | &nbsp;&nbsp;&nbsp;&nbsp;20674483 |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;79122258 | &nbsp;&nbsp;119912226 |
| Schwab Target 2025 Fund | 109134993 | &nbsp;&nbsp;125910903 |
| Schwab Target 2030 Fund | 191985372 | &nbsp;&nbsp;168769300 |
| Schwab Target 2035 Fund | 103663076 | &nbsp;&nbsp;&nbsp;&nbsp;70472734 |
| Schwab Target 2040 Fund | 175616897 | &nbsp;&nbsp;109697049 |
| Schwab Target 2045 Fund | &nbsp;&nbsp;&nbsp;42988038 | &nbsp;&nbsp;&nbsp;&nbsp;14913023 |
| Schwab Target 2050 Fund | &nbsp;&nbsp;&nbsp;48037506 | &nbsp;&nbsp;&nbsp;&nbsp;14449509 |
| Schwab Target 2055 Fund | &nbsp;&nbsp;&nbsp;33481575 | &nbsp;&nbsp;&nbsp;&nbsp;6362330 |
| Schwab Target 2060 Fund | &nbsp;&nbsp;&nbsp;19076539 | &nbsp;&nbsp;&nbsp;&nbsp;5931913 |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;5470880 | &nbsp;&nbsp;&nbsp;&nbsp;1483824 |

---

------

8. Federal Income Taxes:

As of October 31, 2022, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | &nbsp;&nbsp;GROSS UNREALIZED<br> APPRECIATION | &nbsp;&nbsp;GROSS UNREALIZED<br> DEPRECIATION | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION) |
| Schwab Target 2010 Fund | $46397393 | &nbsp;&nbsp;&nbsp;$4932984 | &nbsp;&nbsp;($5364100) | &nbsp;&nbsp;&nbsp;($431116) |
| Schwab Target 2015 Fund | &nbsp;&nbsp;55973126 | &nbsp;&nbsp;&nbsp;&nbsp;7263833 | &nbsp;&nbsp;&nbsp;(5786413) | &nbsp;&nbsp;&nbsp;1477420 |
| Schwab Target 2020 Fund | 364605448 | &nbsp;&nbsp;&nbsp;53586280 | &nbsp;&nbsp;(36684203) | &nbsp;&nbsp;16902077 |
| Schwab Target 2025 Fund | 482329687 | &nbsp;&nbsp;&nbsp;63620654 | &nbsp;&nbsp;(53666828) | &nbsp;&nbsp;&nbsp;9953826 |
| Schwab Target 2030 Fund | 836295115 | &nbsp;&nbsp;146165669 | &nbsp;&nbsp;(87559649) | &nbsp;&nbsp;58606020 |
| Schwab Target 2035 Fund | 466276130 | &nbsp;&nbsp;&nbsp;64250381 | &nbsp;&nbsp;(50182481) | &nbsp;&nbsp;14067900 |
| Schwab Target 2040 Fund | 872936729 | &nbsp;&nbsp;172309097 | &nbsp;&nbsp;(92243534) | &nbsp;&nbsp;80065563 |
| Schwab Target 2045 Fund | 211558457 | &nbsp;&nbsp;&nbsp;18236969 | &nbsp;&nbsp;(24982326) | &nbsp;&nbsp;(6745357) |
| Schwab Target 2050 Fund | 210295813 | &nbsp;&nbsp;&nbsp;17829836 | &nbsp;&nbsp;(25509716) | &nbsp;&nbsp;(7679880) |
| Schwab Target 2055 Fund | 142039127 | &nbsp;&nbsp;&nbsp;11013808 | &nbsp;&nbsp;(17995484) | &nbsp;&nbsp;(6981676) |
| Schwab Target 2060 Fund | &nbsp;&nbsp;43968607 | &nbsp;&nbsp;&nbsp;&nbsp;2031557 | &nbsp;&nbsp;&nbsp;(6245413) | &nbsp;&nbsp;(4213856) |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;8183770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(1607510) | &nbsp;&nbsp;(1607510) |

---

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8. Federal Income Taxes (continued):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br> ORDINARY<br> INCOME | &nbsp;&nbsp;UNDISTRIBUTED <br> LONG-TERM<br> CAPITAL GAINS | &nbsp;&nbsp;NET UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br> ON INVESTMENTS | &nbsp;&nbsp;TOTAL |
| Schwab Target 2010 Fund | $697873 | &nbsp;&nbsp;&nbsp;&nbsp;$966864 | &nbsp;&nbsp;&nbsp;($431116) | &nbsp;&nbsp;&nbsp;$1233621 |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;857354 | &nbsp;&nbsp;&nbsp;2119759 | &nbsp;&nbsp;&nbsp;1477420 | &nbsp;&nbsp;&nbsp;&nbsp;4454533 |
| Schwab Target 2020 Fund | 5470109 | &nbsp;&nbsp;12917024 | &nbsp;&nbsp;16902077 | &nbsp;&nbsp;&nbsp;35289210 |
| Schwab Target 2025 Fund | 5830323 | &nbsp;&nbsp;16184760 | &nbsp;&nbsp;&nbsp;9953826 | &nbsp;&nbsp;&nbsp;31968909 |
| Schwab Target 2030 Fund | 8009739 | &nbsp;&nbsp;40195667 | &nbsp;&nbsp;58606020 | &nbsp;&nbsp;106811426 |
| Schwab Target 2035 Fund | 3337303 | &nbsp;&nbsp;25074825 | &nbsp;&nbsp;14067900 | &nbsp;&nbsp;&nbsp;42480028 |
| Schwab Target 2040 Fund | 5368418 | &nbsp;&nbsp;58190138 | &nbsp;&nbsp;80065563 | &nbsp;&nbsp;143624119 |
| Schwab Target 2045 Fund | &nbsp;&nbsp;&nbsp;917250 | &nbsp;&nbsp;12085581 | &nbsp;&nbsp;(6745357) | &nbsp;&nbsp;&nbsp;&nbsp;6257474 |
| Schwab Target 2050 Fund | &nbsp;&nbsp;&nbsp;767606 | &nbsp;&nbsp;12710381 | &nbsp;&nbsp;(7679880) | &nbsp;&nbsp;&nbsp;&nbsp;5798107 |
| Schwab Target 2055 Fund | &nbsp;&nbsp;&nbsp;454525 | &nbsp;&nbsp;&nbsp;8696190 | &nbsp;&nbsp;(6981676) | &nbsp;&nbsp;&nbsp;&nbsp;2169039 |
| Schwab Target 2060 Fund | &nbsp;&nbsp;&nbsp;111063 | &nbsp;&nbsp;&nbsp;1774014 | &nbsp;&nbsp;(4213856) | &nbsp;&nbsp;&nbsp;&nbsp;(2328779) |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;27371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236023 | &nbsp;&nbsp;(1607510) | &nbsp;&nbsp;&nbsp;&nbsp;(1344116) |

---

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.

For the fiscal year ended October 31, 2022 the Schwab Target 2065 Fund had capital loss carryforwards utilized of $1,807.

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 | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS | &nbsp;&nbsp;PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS | &nbsp;&nbsp;ORDINARY <br> INCOME | &nbsp;&nbsp;LONG-TERM <br> CAPITAL<br> GAINS |
| Schwab Target 2010 Fund | $1331099 | &nbsp;&nbsp;$1739735 | &nbsp;&nbsp;$1158878 | &nbsp;&nbsp;&nbsp;&nbsp;$385205 |
| Schwab Target 2015 Fund | &nbsp;&nbsp;1744930 | &nbsp;&nbsp;&nbsp;3437941 | &nbsp;&nbsp;&nbsp;1603533 | &nbsp;&nbsp;&nbsp;1864193 |
| Schwab Target 2020 Fund | 11812575 | &nbsp;&nbsp;25556397 | &nbsp;&nbsp;10442930 | &nbsp;&nbsp;10256763 |
| Schwab Target 2025 Fund | 15900882 | &nbsp;&nbsp;24337226 | &nbsp;&nbsp;10641524 | &nbsp;&nbsp;&nbsp;7269075 |
| Schwab Target 2030 Fund | 29568203 | &nbsp;&nbsp;46509219 | &nbsp;&nbsp;16741235 | &nbsp;&nbsp;16944271 |
| Schwab Target 2035 Fund | 16504016 | &nbsp;&nbsp;17830955 | &nbsp;&nbsp;&nbsp;7639008 | &nbsp;&nbsp;&nbsp;7482792 |
| Schwab Target 2040 Fund | 34399189 | &nbsp;&nbsp;46775680 | &nbsp;&nbsp;14499604 | &nbsp;&nbsp;21950959 |
| Schwab Target 2045 Fund | &nbsp;&nbsp;7204576 | &nbsp;&nbsp;&nbsp;5468227 | &nbsp;&nbsp;&nbsp;2368978 | &nbsp;&nbsp;&nbsp;2594038 |
| Schwab Target 2050 Fund | &nbsp;&nbsp;7536621 | &nbsp;&nbsp;&nbsp;6628300 | &nbsp;&nbsp;&nbsp;2230995 | &nbsp;&nbsp;&nbsp;2674047 |
| Schwab Target 2055 Fund | &nbsp;&nbsp;4779602 | &nbsp;&nbsp;&nbsp;3427752 | &nbsp;&nbsp;&nbsp;1270190 | &nbsp;&nbsp;&nbsp;1507964 |
| Schwab Target 2060 Fund | &nbsp;&nbsp;1250419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218465 |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;132928 | &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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.

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8. Federal Income Taxes (continued):

As of October 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 October 31, 2022, the funds did not incur any interest or penalties.

------

9. Subsequent Events:

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

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## Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab Target 2010 Fund, Schwab Target 2015 Fund, Schwab Target 2020 Fund, Schwab Target 2025 Fund, Schwab Target 2030 Fund, Schwab Target 2035 Fund, Schwab Target 2040 Fund, Schwab Target 2045 Fund, Schwab Target 2050 Fund, Schwab Target 2055 Fund, Schwab Target 2060 Fund, and Schwab Target 2065 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 Target 2010 Fund, Schwab Target 2015 Fund, Schwab Target 2020 Fund, Schwab Target 2025 Fund, Schwab Target 2030 Fund, Schwab Target 2035 Fund, Schwab Target 2040 Fund, Schwab Target 2045 Fund, Schwab Target 2050 Fund, Schwab Target 2055 Fund, Schwab Target 2060 Fund, and Schwab Target 2065 Fund (the "Funds"), twelve of the funds constituting Schwab Capital Trust, as of October 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 (excluding Schwab Target 2065 Fund); the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period from February 26, 2021 (commencement of operations) through October 31, 2021 for Schwab Target 2065 Fund; 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 (excluding Schwab Target 2065 Fund) as of October 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. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Schwab Target 2065 Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in net assets and financial highlights for the year then ended and for the period from February 26, 2021 (commencement of operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America. For each of the Funds (excluding Schwab Target 2065 Fund), the financial highlights for each of the two years in the period ended October 31, 2019 were audited by other auditors, whose report, dated December 16, 2019, 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 October 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

#### Deloitte & Touche LLP<br> Denver, Colorado<br> December 16, 2022
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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## Other Federal Tax Information (unaudited)

------

The funds may elect to pass on the benefits of the foreign tax credit to their shareholders for the fiscal year ended October 31, 2022. The foreign tax credit and the foreign source income amounts are as follows:

---

| | | |
|:---|:---|:---|
|  | FOREIGN TAX CREDIT | &nbsp;&nbsp;FOREIGN SOURCE INCOME |
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;$8955 | &nbsp;&nbsp;&nbsp;$112291 |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;10862 | &nbsp;&nbsp;&nbsp;&nbsp;140166 |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;79907 | &nbsp;&nbsp;1021007 |
| Schwab Target 2025 Fund | 165695 | &nbsp;&nbsp;1807469 |
| Schwab Target 2030 Fund | 444173 | &nbsp;&nbsp;4146613 |
| Schwab Target 2035 Fund | 311128 | &nbsp;&nbsp;2667754 |
| Schwab Target 2040 Fund | 754786 | &nbsp;&nbsp;5900946 |
| Schwab Target 2045 Fund | 187507 | &nbsp;&nbsp;1399535 |
| Schwab Target 2050 Fund | 206021 | &nbsp;&nbsp;1465218 |
| Schwab Target 2055 Fund | 144331 | &nbsp;&nbsp;1012008 |
| Schwab Target 2060 Fund | &nbsp;&nbsp;&nbsp;40134 | &nbsp;&nbsp;&nbsp;&nbsp;275435 |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32479 |

---

For corporate shareholders, the following percentage of the funds' dividend distributions paid during the fiscal year ended October 31, 2022, qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Schwab Target 2010 Fund | 12.28% |
| Schwab Target 2015 Fund | 12.86% |
| Schwab Target 2020 Fund | 13.45% |
| Schwab Target 2025 Fund | 16.51% |
| Schwab Target 2030 Fund | 18.87% |
| Schwab Target 2035 Fund | 19.96% |
| Schwab Target 2040 Fund | 20.85% |
| Schwab Target 2045 Fund | 20.94% |
| Schwab Target 2050 Fund | 20.90% |
| Schwab Target 2055 Fund | 20.73% |
| Schwab Target 2060 Fund | 20.27% |
| Schwab Target 2065 Fund | 17.45% |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amount for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab Target 2010 Fund | &nbsp;&nbsp;&nbsp;$298309 |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;404374 |
| Schwab Target 2020 Fund | &nbsp;&nbsp;&nbsp;2908859 |
| Schwab Target 2025 Fund | &nbsp;&nbsp;&nbsp;5113024 |
| Schwab Target 2030 Fund | 11494428 |
| Schwab Target 2035 Fund | &nbsp;&nbsp;&nbsp;7195826 |
| Schwab Target 2040 Fund | 16000106 |
| Schwab Target 2045 Fund | &nbsp;&nbsp;&nbsp;3557701 |
| Schwab Target 2050 Fund | &nbsp;&nbsp;&nbsp;3748741 |
| Schwab Target 2055 Fund | &nbsp;&nbsp;&nbsp;2450357 |
| Schwab Target 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;641044 |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61894 |

---

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## Other Federal Tax Information (unaudited) (continued)

------

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 October 31, 2022.

---

| | |
|:---|:---|
| Schwab Target 2010 Fund | $1739735 |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;3437941 |
| Schwab Target 2020 Fund | 25556397 |
| Schwab Target 2025 Fund | 24337226 |
| Schwab Target 2030 Fund | 46509219 |
| Schwab Target 2035 Fund | 17830955 |
| Schwab Target 2040 Fund | 46775680 |
| Schwab Target 2045 Fund | &nbsp;&nbsp;&nbsp;5468227 |
| Schwab Target 2050 Fund | &nbsp;&nbsp;&nbsp;6628300 |
| Schwab Target 2055 Fund | &nbsp;&nbsp;&nbsp;3427752 |
| Schwab Target 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;643727 |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

For the fiscal year ended October 31, 2022, the funds designate the following amounts as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

---

| | |
|:---|:---|
| Schwab Target 2010 Fund | $16168 |
| Schwab Target 2015 Fund | &nbsp;&nbsp;&nbsp;22919 |
| Schwab Target 2020 Fund | 160864 |
| Schwab Target 2025 Fund | 250417 |
| Schwab Target 2030 Fund | 508554 |
| Schwab Target 2035 Fund | 301909 |
| Schwab Target 2040 Fund | 649167 |
| Schwab Target 2045 Fund | 131341 |
| Schwab Target 2050 Fund | &nbsp;&nbsp;&nbsp;50892 |
| Schwab Target 2055 Fund | &nbsp;&nbsp;&nbsp;86801 |
| Schwab Target 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;8641 |
| Schwab Target 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;2505 |

---

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

---

| | |
|:---|:---|
| Schwab Target 2010 Fund | 9.21% |
| Schwab Target 2015 Fund | 8.73% |
| Schwab Target 2020 Fund | 8.51% |
| Schwab Target 2025 Fund | 5.29% |
| Schwab Target 2030 Fund | 1.99% |
| Schwab Target 2035 Fund | 0.27% |
| Schwab Target 2040 Fund | 0.18% |
| Schwab Target 2045 Fund | 0.11% |
| Schwab Target 2050 Fund | 0.08% |
| Schwab Target 2055 Fund | 0.05% |
| Schwab Target 2060 Fund | 0.03% |
| Schwab Target 2065 Fund | 0.03% |

---

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## Shareholder Vote Results (unaudited)

------

A Special Meeting of Shareholders of Schwab Capital Trust (the "Trust") was held on June 1, 2022, for the purpose of seeking shareholder approval to elect the following individuals as trustees of the Trust: Walter W. Bettinger II, Richard A. Wurster, Michael J. Beer, Robert W. Burns, Nancy F. Heller, David L. Mahoney, Jane P. Moncreiff, Kiran M. Patel, Kimberly S. Patmore, and J. Derek Penn. The number of votes necessary to conduct the Special Meeting and approve the proposal was obtained. The results of the shareholder vote are listed below:

---

| | | |
|:---|:---|:---|
| **Proposal – To elect each of the<br> following individuals as trustees of the Trust:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Walter W. Bettinger II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095577106.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115838980.968 |
| Richard A. Wurster | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117598789.555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93817297.918 |
| Michael J. Beer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116890447.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94525639.968 |
| Robert W. Burns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117915860.110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93500227.363 |
| Nancy F. Heller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119878732.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91537355.339 |
| David L. Mahoney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069125022.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142291065.039 |
| Jane P. Moncreiff | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120187927.838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228159.635 |
| Kiran M. Patel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116689111.571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94726975.902 |
| Kimberly S. Patmore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119941056.059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91475031.414 |
| J. Derek Penn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117666014.121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93750073.352 |

---

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## Liquidity Risk Management Program (unaudited)

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The funds have adopted and implemented a liquidity risk management program (the "program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The funds' Board of Trustees (the "Board") has designated the funds' investment adviser, Charles Schwab Investment Management, Inc., dba Schwab Asset Management, as the administrator of the program. Personnel of the investment adviser or its affiliates conduct the day-to-day operation of the program.

Under the program, the investment adviser manages a fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. The program is reasonably designed to assess and manage a fund's liquidity risk, taking into consideration the fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its historical redemption history and shareholder concentrations; and its cash holdings and access to other funding sources, including the custodian overdraft facility and lines of credit. The investment adviser's process of determining the degree of liquidity of each fund's investments is supported by third-party liquidity assessment vendors.

The funds' Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity risk metrics. No significant liquidity events impacting any of the funds were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing each fund's liquidity risk.

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## Investment Advisory Agreement Approval

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

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Target 2010 Fund, Schwab Target 2015 Fund, Schwab Target 2020 Fund, Schwab Target 2025 Fund, Schwab Target 2030 Fund, Schwab Target 2035 Fund, Schwab Target 2040 Fund, Schwab Target 2045 Fund, Schwab Target 2050 Fund, Schwab Target 2055 Fund, Schwab Target 2060 Fund and Schwab Target 2065 Fund (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the

approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval.

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

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

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

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

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

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

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

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oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds and their shareholders. The Trustees considered Schwab's overall financial condition and its reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance. The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and market trends, as well as in consideration of each Fund's investment style and strategy attributes and disclosures. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and the appropriateness of the benchmark used to compare the performance of each Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.**

**Fund Expenses. With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund's operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of each Fund**

from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to keep each Fund's expense cap for so long as it serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, and any differences in the market for these types of accounts. The Trustees noted that shareholders of the Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Funds invest. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

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

**Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided**

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to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; (ii) graduated investment advisory fee schedules or unitary fee structures, fee waivers, or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has shared any economies of scale with the Funds by investing in the investment adviser's infrastructure, as discussed above, over time and that the investment adviser's internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. The

Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from high fees, including for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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## Trustees and Officers

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The tables below give information about the trustees and officers of Schwab Capital Trust, 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.

---

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

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Kiran M. Patel<br> 1948<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)** | Retired. | 105 | Director (2008 – present), KLA-Tencor Corporation |
| **Kimberly S. Patmore<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)** | Consultant (2008 – present), Patmore Management Consulting (management consulting). | 105 |  |
| **<br> J. Derek Penn<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services). | 105 |  |

---

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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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Walter W. Bettinger II<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)** | Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 105 | Director (2008 – present), The Charles Schwab Corporation |

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested Trustees (continued)** | **Interested 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>) | Principal Occupations<br> During the Past Five Years | Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee | Other Directorships |
| **Richard A. Wurster<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)** | President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc. | 105 |  |

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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>) | 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 Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)** | Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc. |
| **Mark Fischer<br> 1970<br> Treasurer, Chief Financial Officer and Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)** | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc. |
| **Omar Aguilar<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **Brett Wander<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)** | Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs. |
| **William P. McMahon, Jr.<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)** | Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |

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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>) | Principal Occupations During the Past Five Years |
| **Catherine MacGregor<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)** | Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |

---

<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.

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## Glossary

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#### asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage.

#### asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
**Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Government/Credit 1–5 Year Index An index that is a broad-based benchmark measuring the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds that have a remaining maturity of greater than or equal to one year and less than five years. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have a remaining maturity greater than or equal to one year and less than five years. The index excludes certain types of securities, including, bonds with equity type features (e.g., warrants, convertibles and preferreds), tax-exempt municipal securities, inflation-linked bonds, floating rate issues, strips, private placements, U.S. dollar-denominated 25 and 50 par retail bonds, structured notes and pass-through certificates. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.**

**Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.**

**Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) An index which includes all publicly-issued U.S. Treasury Inflation-Protected Securities (TIPS) that have at least one year remaining to maturity, are rated investment grade and have $500 million or more of outstanding face value. The TIPS in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index is market capitalization weighted and the TIPS in the index are updated on the last business day of each month. TIPS are publicly issued, dollar denominated U.S. Government securities issued by the U.S. Treasury that have principal and interest payments linked to an official inflation measure (as measured by the Consumer Price Index, or CPI) and their payments are supported by the full faith and credit of the United States.**

**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 fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund's net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.**

#### cap, capitalization See "market cap."
**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 capital gain or loss is considered unrealized appreciation or depreciation.**

**Dow Jones U.S. Total Stock Market Index An index which includes all U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace.**

**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.**

**FTSE EPRA Nareit Global Index (Net) An index that provides a diverse representation of publicly traded equity real estate investment trusts (REITs) and listed property companies worldwide. The index constituents are free-float adjusted, and screened on liquidity, size and revenue. The index is comprised of countries in developed and emerging markets. The Net of Tax Index is calculated based on the maximum withholding tax rates applicable to dividends received by institutional investors who are not resident in the same country as the remitting company and who do not benefit from double taxation treaties.**

**FTSE non-US Dollar World Government Bond Index A market capitalization index that measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least 1 year.**

#### market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
**MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

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**MSCI Emerging Markets Index (Net) A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.**

**net asset value (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.**

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

#### Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
**Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell 1000 Value Index An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.**

**Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.**

**Russell Midcap Index An index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.**

#### S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.

#### stock A share of ownership, or equity, in the issuing company.
**Target 2010 Composite Index A custom blended index developed by Schwab Asset Management based on the 2010 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 22.6% S&P 500 Index, 0.7% Russell Midcap Index, 1.9% Russell 2000 Index, 9.6% MSCI EAFE Index (Net), 38.7% Bloomberg US Aggregate Bond Index, 2.6% FTSE EPRA Nareit Global Index (Net), 6.6% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 2.1% Bloomberg Global Aggregate ex-US Hedged Index, 0.9% Bloomberg US Government/Credit Index, 9.8% Bloomberg US Government/Credit 1-5 Year Index, and 4.5% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2015 Composite Index A custom blended index developed by Schwab Asset Management based on the 2015 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index**

was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 24.4% S&P 500 Index, 0.8% Russell Midcap Index, 2.0% Russell 2000 Index, 10.8% MSCI EAFE Index (Net), 36.4% Bloomberg US Aggregate Bond Index, 2.9% FTSE EPRA Nareit Global Index (Net), 6.3% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 2.2% Bloomberg Global Aggregate ex-US Hedged Index, 1.1% Bloomberg US Government/Credit Index, 9.0% Bloomberg US Government/Credit 1-5 Year Index, and 4.1% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.

**Target 2020 Composite Index A custom blended index developed by Schwab Asset Management based on the 2020 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 25.5% S&P 500 Index, 0.8% Russell Midcap Index, 2.1% Russell 2000 Index, 11.8% MSCI EAFE Index (Net), 34.8% Bloomberg US Aggregate Bond Index, 3.0% FTSE EPRA Nareit Global Index (Net), 6.1% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 2.2% Bloomberg Global Aggregate ex-US Hedged Index, 1.3% Bloomberg US Government/Credit Index, 8.5% Bloomberg US Government/Credit 1-5 Year Index, and 3.8% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2025 Composite Index A custom blended index developed by Schwab Asset Management based on the 2025 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000<sup>®</sup> Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 30.6% S&P 500 Index, 1.0% Russell Midcap Index, 2.9% Russell 2000 Index, 14.8% MSCI EAFE Index (Net), 27.9% Bloomberg US Aggregate Bond Index, 3.7% FTSE EPRA Nareit Global Index (Net), 0.4% MSCI Emerging Markets Index (Net), 3.5% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 3.5% Bloomberg Global Aggregate ex-US Hedged Index, 2.0% Bloomberg US Government/Credit Index, 6.6% Bloomberg US Government/Credit 1-5 Year Index, and 3.1% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2030 Composite Index A custom blended index developed by Schwab Asset Management based on the 2030 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 36.4% S&P 500 Index, 1.2% Russell Midcap Index, 4.0% Russell 2000 Index, 18.2% MSCI EAFE Index (Net), 19.6% Bloomberg US Aggregate Bond Index,**

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4.6% FTSE EPRA Nareit Global Index (Net), 1.3% MSCI Emerging Markets Index (Net), 1.1% Bloomberg US Treasury Inflation-Linked Bond Index (Series L), 4.1% Bloomberg Global Aggregate ex-US Hedged Index, 2.7% Bloomberg US Government/Credit Index, 4.5% Bloomberg US Government/Credit 1-5 Year Index, and 2.3% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.

**Target 2035 Composite Index A custom blended index developed by Schwab Asset Management based on the 2035 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 40.5% S&P 500 Index, 1.3% Russell Midcap Index, 4.9% Russell 2000 Index, 20.7% MSCI EAFE Index (Net), 13.9% Bloomberg US Aggregate Bond Index, 5.2% FTSE EPRA Nareit Global Index (Net), 2.2% MSCI Emerging Markets Index (Net), 3.6% Bloomberg Global Aggregate ex-US Hedged Index, 2.9% Bloomberg US Government/Credit Index, 3.1% Bloomberg US Government/Credit 1-5 Year Index, and 1.8% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2040 Composite Index A custom blended index developed by Schwab Asset Management based on the 2040 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 43.7% S&P 500 Index, 1.5% Russell Midcap Index, 5.7% Russell 2000 Index, 22.7% MSCI EAFE Index (Net), 9.0% Bloomberg US Aggregate Bond Index, 5.8% FTSE EPRA Nareit Global Index (Net), 3.0% MSCI Emerging Markets Index (Net), 2.6% Bloomberg Global Aggregate ex-US Hedged Index, 2.8% Bloomberg US Government/Credit Index, 2.1% Bloomberg US Government/Credit 1-5 Year Index, and 1.3% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2045 Composite Index A custom blended index developed by Schwab Asset Management based on the 2045 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 45.8% S&P 500 Index, 1.6% Russell Midcap Index, 6.5% Russell 2000 Index, 24.3% MSCI EAFE Index (Net), 5.4% Bloomberg US Aggregate Bond Index, 6.2% FTSE EPRA Nareit Global Index (Net), 4.0% MSCI Emerging Markets Index (Net), 1.7% Bloomberg Global Aggregate ex-US Hedged Index, 2.3% Bloomberg US Government/Credit Index, 1.3% Bloomberg**

US Government/Credit 1-5 Year Index, and 0.9% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.

**Target 2050 Composite Index A custom blended index developed by Schwab Asset Management based on the 2050 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 46.9% S&P 500 Index, 1.6% Russell Midcap Index, 7.0% Russell 2000 Index, 25.3% MSCI EAFE Index (Net), 3.4% Bloomberg US Aggregate Bond Index, 6.4% FTSE EPRA Nareit Global Index (Net), 4.7% MSCI Emerging Markets Index (Net), 1.2% Bloomberg Global Aggregate ex-US Hedged Index, 1.9% Bloomberg US Government/Credit Index, 0.8% Bloomberg US Government/Credit 1-5 Year Index, and 0.6% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2055 Composite Index A custom blended index developed by Schwab Asset Management based on the 2055 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 47.5% S&P 500 Index, 1.7% Russell Midcap Index, 7.4% Russell 2000 Index, 25.9% MSCI EAFE Index (Net), 2.3% Bloomberg US Aggregate Bond Index, 6.6% FTSE EPRA Nareit Global Index (Net), 5.2% MSCI Emerging Markets Index (Net), 0.9% Bloomberg Global Aggregate ex-US Hedged Index, 1.5% Bloomberg US Government/Credit Index, 0.6% Bloomberg US Government/Credit 1-5 Year Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2060 Composite Index: A custom blended index developed by Schwab Asset Management based on the 2060 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2022, the composite is derived using the following portion allocations: 48.0% S&P 500 Index, 1.7% Russell Midcap Index, 7.7% Russell 2000 Index, 26.4% MSCI EAFE Index (Net), 1.1% Bloomberg US Aggregate Bond Index, 6.7% FTSE EPRA Nareit Global Index (Net), 5.7% MSCI Emerging Markets Index (Net), 0.6% Bloomberg Global Aggregate ex-US Hedged Index, 1.1% Bloomberg US Government/Credit Index, 0.5% Bloomberg US Government/Credit 1-5 Year Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.**

**Target 2065 Composite Index: A custom blended index developed by Schwab Asset Management based on the 2065 fund's asset allocation glide schedule and will become more conservative as time elapses. Effective February 1, 2022, the composite is derived using the following**

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Schwab Target Funds

portion allocations: 48.2% S&P 500 Index, 1.7% Russell Midcap Index, 7.8% Russell 2000 Index, 26.6% MSCI EAFE Index (Net), 0.5% Bloomberg US Aggregate Bond Index, 6.8% FTSE EPRA Nareit Global Index (Net), 5.8% MSCI Emerging Markets Index (Net), 0.5% Bloomberg Global Aggregate ex-US Hedged Index, 1.0% Bloomberg US Government/Credit Index, 0.5% Bloomberg US Government/Credit 1-5 Year Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2022. Percentages listed may not total to 100% due to rounding.

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

#### weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund's portfolio.

#### yield The income paid out by an investment, expressed as a percentage of the investment's market value.
<sub>144</sub>

Schwab Target Funds \| Annual Report

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Notes

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Notes

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Notes

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Schwab Target Funds

## 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>

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

#### 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© 2022 Charles Schwab & Co., Inc. All rights reserved.<br> Member SIPC<sup>®</sup><br> Printed on recycled paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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| | |
|:---|:---|
| 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)](g56854img3ae520d71.jpg)

MFR33732-17<br> 00280555

------

**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.

(e) Not applicable.

(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 Kiran M. Patel, 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.

The designation of each of Mr. Patel, 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.** 

Registrant is composed of fifty-two operational series. Thirty-six series have a fiscal year-end of October 31, whose annual financial statements are reported in Item 1, three series have a fiscal year-end of December 31, twelve series have a fiscal year-end of March 31, and one series has a fiscal year-end of the last day of February. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to the fifty-two operational series during 2022/2023 and the fifty-two operational series during 2021/2022, based on their respective 2022/2023 and 2021/2022 fiscal years, as applicable.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) Audit Fees<sup>1</sup> | (a) Audit Fees<sup>1</sup> | (b) Audit-Related Fees<sup>2</sup> | (b) Audit-Related Fees<sup>2</sup> | (c) Tax Fees<sup>3</sup> | (c) Tax Fees<sup>3</sup> | (d) All Other Fees | (d) All Other Fees |
| Fiscal Year<br>2022/2023 | Fiscal Year<br>2021/2022 | Fiscal Year<br>2022/2023 | Fiscal Year<br>2021/2022 | Fiscal Year<br>2022/2023 | Fiscal Year<br>2021/2022 | Fiscal Year<br>2022/2022 | Fiscal Year<br>2021/2022 |
| $1195825 | $1187075 | $90000 | $90000 | $161200 | $161200 | $0 | $0 |

---

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

<sup>2</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

<sup>3</sup> The nature of the services includes tax compliance, tax advice and tax planning.

---

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

---

**(2)** There were no services described in each of paragraphs (b) through (d) above 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.

---

| | |
|:---|:---|
| 2021/2022: $8,528,894 | 2020/2021: $3,309,631 |

---

------

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

**(i)** Not applicable.

**(j)** Not applicable.

**Item 5: Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6: Schedule of Investments.** 

The schedules of investments are included 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, Mark Fischer, 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.](d401383dex99codeeth.htm)

(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.](d401383dex99cert.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.](d401383dex99906cert.htm)

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

(Registrant) <u>Schwab Capital Trust</u>

---

| | |
|:---|:---|
| By: | /s/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |
| Date: | December 16, 2022 |

---

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: | December 16, 2022 |

---

---

| | |
|:---|:---|
| By: | /s/ Mark Fischer |
|  | Mark Fischer<br> Chief Financial Officer |
| Date: | December 16, 2022 |

---

## Ex-99.Codeeth

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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 |

---

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| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mec hanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 1 |

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| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

**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 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 |

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| | |
|:---|:---|
| **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 |

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| | |
|:---|:---|
| **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.

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|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the 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** |

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L. WAIVERS

Waivers of the Code may be made only by the Trustees, and will be promptly disclosed publicly as required by law.

M. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

N. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**IV. ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

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| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the 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** |

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**V. PROCEDURES** 

A. OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affirm in writing to the Trustees that you have received, read and understand the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually affirm to the Trustees that you have complied with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected
to be or to create a personal conflict of interest with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the
Code, the Funds' policies, or laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct,
facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and
the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate parties
to ensure that any required disclosures are made.

C. TRUSTEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be
material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab
Corporation or its board of directors, or a recommendation to dismiss the Officer.

**VI. REGULATORY AUTHORITY** 

This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.

<u>VERSION HISTORY</u>

Adopted Schwab and Laudus Funds: June 15, 2011, Schwab ETFs: August 4, 2011 Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes); December 12, 2019; November 3, 2020; October 7, 2021; December 13, 2022

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| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 6.0 |

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## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Jonathan de St. Paer, certify that:

1. I have reviewed this report on Form N-CSR of Schwab Capital Trust;

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.

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| | |
|:---|:---|
| Date: December 16, 2022 | /s/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |

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------

**<u>CERTIFICATIONS</u>**

I, Mark Fischer, certify that:

1. I have reviewed this report on Form N-CSR of Schwab Capital Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such 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.

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| | |
|:---|:---|
| Date: December 16, 2022 | /s/ Mark Fischer |
|  | Mark Fischer<br> Chief Financial Officer |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Annual Report for Schwab Capital Trust (the "Funds") on Form N-CSR for the period ended October 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.

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| | |
|:---|:---|
| /s/ Jonathan de St. Paer | Date: December 16, 2022 |
| Jonathan de St. Paer |  |
| Chief Executive Officer |  |
| /s/ Mark Fischer | Date: December 16, 2022 |
| Mark Fischer |  |
| Chief Financial Officer |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.