# EDGAR Filing Document

**Accession Number:** 0000869365
**File Stem:** 0001752724-25-179359
**Filing Date:** 2025-7
**Character Count:** 428238
**Document Hash:** 46693f949b19b092f822961c749f8d7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-179359.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-179359

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06200
- **FILM NUMBER:** 251150897

**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 Opportunistic Municipal Bond Fund (Series ID: S000068892)

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

## Nport-Ex

Schwab Investments

Schwab Tax-Free Bond Fund

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS |
| **ALABAMA** 3.6%  | **ALABAMA** 3.6%  | **ALABAMA** 3.6%  | **ALABAMA** 3.6%  | **ALABAMA** 3.6%  |
| **Auburn University** | **Auburn University** | **Auburn University** | **Auburn University** | **Auburn University** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025B  | 5.00% | 06/01/29  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 537549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025B  | 5.00% | 06/01/30  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1088994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025B  | 5.00% | 06/01/31  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1101836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025B  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1111867 |
| **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022C-1  | 5.25% | 06/01/25  | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 5.00% | 10/01/55 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2605695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022D-1  | 4.00% | 07/01/52 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1998528 |
| **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 5.25% | 10/01/49 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1515664 |
| **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 5.25% | 07/01/54 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2117505 |
| **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024B  | 5.00% | 06/01/49 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1568686 |
| **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 4.00% | 12/01/51 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1956779 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A-1  | 5.50% | 01/01/53 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2110462 |
|  |  |  |  | &nbsp;&nbsp; **18888565** |
| **ARIZONA** 1.3%  | **ARIZONA** 1.3%  | **ARIZONA** 1.3%  | **ARIZONA** 1.3%  | **ARIZONA** 1.3%  |
| **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Health Obligated Group RB Series 2015C  | 3.00% | 01/01/46 *(b)(c)(d)* | &nbsp;&nbsp; 4320000 | &nbsp;&nbsp; 4320000 |
| **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable School Revolving Fund LLC Obligated Group RB Series 2023A  | 5.00% | 11/01/28 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2606028 |
|  |  |  |  | &nbsp;&nbsp; **6926028** |
| **CALIFORNIA** 7.3%  | **CALIFORNIA** 7.3%  | **CALIFORNIA** 7.3%  | **CALIFORNIA** 7.3%  | **CALIFORNIA** 7.3%  |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025D  | 0.00% | 08/01/45 *(b)(e)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 386595 |
| **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023C  | 5.25% | 01/01/54 *(a)(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3107160 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024C  | 5.00% | 08/01/55 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042062 |
| **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. RB Series 2020  | 3.75% | 10/01/45 *(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1249995 |
| **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; P3 Irvine SL Holdings LLC Obligated Group RB Series 2024A  | 6.38% | 06/01/59 *(b)* | &nbsp;&nbsp; 4655000 | &nbsp;&nbsp; 4244146 |

---

**1**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Loma Linda University Medical Center Obligated Group RB Series 2018A  | 5.25% | 12/01/43 *(b)* | &nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1054617 |
| **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 5.00% | 07/01/45 *(b)* | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp; 3380280 |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Revenue RB Series 2021C  | 5.00% | 07/01/38 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1036455 |
| **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 0.00% | 06/01/44 *(b)(e)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 398133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 0.00% | 06/01/47 *(b)(e)* | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 275235 |
| **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2002A  | 5.85% | 08/01/31  | &nbsp;&nbsp; 2545000 | &nbsp;&nbsp; 2720364 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023B  | 5.00% | 07/01/32  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2681338 |
| **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/31 *(e)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1024345 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/32 *(e)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1183059 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/33 *(e)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 757029 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/35 *(e)* | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 900633 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019E  | 5.00% | 05/01/39 *(b)* | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2483402 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019E  | 5.00% | 05/01/40 *(b)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 429096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 847403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 05/01/31  | &nbsp;&nbsp; 1695000 | &nbsp;&nbsp; 1808199 |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024  | 4.00% | 08/01/36 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012693 |
| **University of California** | **University of California** | **University of California** | **University of California** | **University of California** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025CA  | 5.00% | 05/15/37 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2773826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024BS  | 5.00% | 05/15/38 *(b)* | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3541864 |
|  |  |  |  | &nbsp;&nbsp; **38337929** |
| **COLORADO** 1.9%  | **COLORADO** 1.9%  | **COLORADO** 1.9%  | **COLORADO** 1.9%  | **COLORADO** 1.9%  |
| **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** | **Adams & Arapahoe Joint School District 28J Aurora** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 5.50% | 12/01/25 *(c)(f)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012434 |
| **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017A  | 5.00% | 11/15/27  | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp; 1934227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023B  | 5.00% | 11/15/31  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2139656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023B  | 5.00% | 11/15/32  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1073484 |
| **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A-2  | 0.00% | 08/01/31 *(b)(e)* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 297371 |
| **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Loveland Classical Schools RB Series 2023  | 4.75% | 07/01/43 *(b)(c)* | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 579181 |
| **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group RB Series 2022  | 5.00% | 11/01/31  | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1409011 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group RB Series 2022  | 5.00% | 11/01/32  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1631273 |
|  |  |  |  | &nbsp;&nbsp; **10076637** |
| **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  |
| **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Yale University RB Series 2025B  | 5.00% | 07/01/64 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2756289 |

---

**2**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020A  | 4.00% | 01/15/37 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001330 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 4.00% | 01/15/41 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 381015 |
| **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A-2  | 5.00% | 07/01/38 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1089596 |
|  |  |  |  | &nbsp;&nbsp; **6228230** |
| **DISTRICT OF COLUMBIA** 0.2%  | **DISTRICT OF COLUMBIA** 0.2%  | **DISTRICT OF COLUMBIA** 0.2%  | **DISTRICT OF COLUMBIA** 0.2%  | **DISTRICT OF COLUMBIA** 0.2%  |
| **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019A  | 5.00% | 10/01/44 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; **1004438** |
| **FLORIDA** 6.3%  | **FLORIDA** 6.3%  | **FLORIDA** 6.3%  | **FLORIDA** 6.3%  | **FLORIDA** 6.3%  |
| **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022  | 5.00% | 10/01/31  | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp; 1708550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022  | 5.00% | 10/01/37 *(b)* | &nbsp;&nbsp; 2360000 | &nbsp;&nbsp; 2463552 |
| **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baptist Health System Obligated Group Refunding RB Series 2017  | 5.00% | 08/15/34 *(b)* | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 930954 |
| **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Cigarette Tax Revenue RB Series 2020A  | 0.00% | 09/01/34 *(b)(e)* | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 677107 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Cigarette Tax Revenue RB Series 2020A  | 0.00% | 09/01/36 *(b)(e)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 482126 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Cigarette Tax Revenue RB Series 2020A  | 0.00% | 09/01/37 *(b)(e)* | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 484091 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Cigarette Tax Revenue RB Series 2020A  | 0.00% | 09/01/38 *(b)(e)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 531545 |
| **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 4.00% | 10/01/37 *(b)* | &nbsp;&nbsp; 2205000 | &nbsp;&nbsp; 2162457 |
| **County of Seminole** | **County of Seminole** | **County of Seminole** | **County of Seminole** | **County of Seminole** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022  | 5.00% | 10/01/52 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016336 |
| **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightline Trains Florida LLC Refunding RB Series 2024  | 5.50% | 07/01/53 *(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2820418 |
| **Florida Higher Educational Facilities Financial Authority** | **Florida Higher Educational Facilities Financial Authority** | **Florida Higher Educational Facilities Financial Authority** | **Florida Higher Educational Facilities Financial Authority** | **Florida Higher Educational Facilities Financial Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Institute of Technology, Inc. RB Series 2019  | 5.00% | 10/01/27  | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 703653 |
| **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Insurance Guaranty Association, Inc. RB Series 2023A-1  | 5.00% | 09/01/25 *(b)* | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2760403 |
| **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCare Obligated Group Refunding RB Series 2024C  | 5.00% | 11/15/29  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076651 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCare Obligated Group Refunding RB Series 2024C  | 4.13% | 11/15/51 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 851250 |
| **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Point Obligated Group RB Series 2024B-2  | 4.38% | 11/15/29 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Point Obligated Group RB Series 2024B-3  | 4.13% | 11/15/29 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Point Obligated Group RB Series 2024C  | 5.00% | 11/15/44 *(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2946729 |
| **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mount Sinai Medical Center of Florida Obligated Group Refunding RB Series 2014  | 5.00% | 11/15/25 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250199 |
| **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/39 *(b)* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 896513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orlando Health Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/40 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 523637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Retirement Communities, Inc. Obligated Group Refunding RB Series <br> 2024 <br>| 5.00% | 08/01/29  | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 952361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Retirement Communities, Inc. Obligated Group Refunding RB Series <br> 2024 <br>| 5.00% | 08/01/30  | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 1009420 |
| **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025  | 5.00% | 10/01/35 *(b)(f)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2221384 |

---

**3**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022  | 5.25% | 10/01/47 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1563655 |
| **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2023  | 4.38% | 05/01/33 *(b)* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 393974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2023  | 4.85% | 05/01/38 *(b)* | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 498020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2023  | 5.25% | 05/01/54 *(b)* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 478497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2024  | 3.75% | 05/01/29  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2024  | 4.00% | 05/01/34 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2024  | 4.55% | 05/01/44 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 233866 |
|  |  |  |  | &nbsp;&nbsp; **33130204** |
| **GEORGIA** 2.8%  | **GEORGIA** 2.8%  | **GEORGIA** 2.8%  | **GEORGIA** 2.8%  | **GEORGIA** 2.8%  |
| **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; WellStar Health System Obligated Group RB Series 2023A  | 5.75% | 04/01/53 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525610 |
| **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Georgia Health System Obligated Group RB Series 2024  | 5.00% | 10/15/34  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 553158 |
| **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 4.00% | 07/15/37 *(b)* | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp; 1513554 |
| **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.00% | 12/01/52 *(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3097646 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023D  | 5.00% | 05/01/54 *(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1298881 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 5.00% | 12/01/54 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2107192 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024C  | 5.00% | 12/01/54 *(a)(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2085006 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024E  | 5.00% | 05/01/55 *(a)(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2605705 |
| **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.25% | 07/01/50 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 792170 |
|  |  |  |  | &nbsp;&nbsp; **14578922** |
| **GUAM** 0.2%  | **GUAM** 0.2%  | **GUAM** 0.2%  | **GUAM** 0.2%  | **GUAM** 0.2%  |
| **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater System Refunding RB Series 2024A  | 5.00% | 07/01/38 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater System Refunding RB Series 2024A  | 5.00% | 07/01/40 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501899 |
|  |  |  |  | &nbsp;&nbsp; **1009424** |
| **HAWAII** 0.3%  | **HAWAII** 0.3%  | **HAWAII** 0.3%  | **HAWAII** 0.3%  | **HAWAII** 0.3%  |
| **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 4.00% | 07/01/35 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; **1479847** |
| **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  |
| **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Luke's Health System Ltd. Obligated Group Refunding RB Series 2025A  | 5.00% | 03/01/41 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518895 |
| **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022  | 5.25% | 09/15/42 *(b)(c)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 528659 |
|  |  |  |  | &nbsp;&nbsp; **1047554** |
| **ILLINOIS** 8.0%  | **ILLINOIS** 8.0%  | **ILLINOIS** 8.0%  | **ILLINOIS** 8.0%  | **ILLINOIS** 8.0%  |
| **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.00% | 12/01/30  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 774526 |

---

**4**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Chicago Housing Authority** | **Chicago Housing Authority** | **Chicago Housing Authority** | **Chicago Housing Authority** | **Chicago Housing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 01/01/27  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1027789 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 01/01/28  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1045191 |
| **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 01/01/34  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1062931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024C  | 5.00% | 01/01/37 *(b)* | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1818942 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016A  | 5.00% | 01/01/33 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 401625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016C  | 5.00% | 01/01/31 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007229 |
| **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2023C  | 5.00% | 01/01/37 *(b)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 633602 |
| **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 12/01/28  | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1798664 |
| **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.50% | 01/01/35 *(b)* | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1498015 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.00% | 01/01/34 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1036398 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.50% | 01/01/39 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1545555 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024A  | 5.00% | 01/01/45 *(b)* | &nbsp;&nbsp; 1695000 | &nbsp;&nbsp; 1609255 |
| **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 01/01/40 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1051292 |
| **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosalind Franklin University of Medicine & Science Refunding RB Series 2017A  | 5.00% | 08/01/30 *(b)* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 920798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosalind Franklin University of Medicine & Science Refunding RB Series 2017A  | 5.00% | 08/01/33 *(b)* | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 976422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosalind Franklin University of Medicine & Science Refunding RB Series 2017A  | 5.00% | 08/01/34 *(b)* | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1349849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Illinois Healthcare Obligated Group Refunding RB Series 2017  | 5.00% | 03/01/26  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 706251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Illinois Healthcare Obligated Group Refunding RB Series 2017  | 5.00% | 03/01/30 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 405598 |
| **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A  | 5.00% | 01/01/37 *(b)* | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2100102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 01/01/38 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 806630 |
| **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016  | 5.00% | 05/01/26  | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp; 1328452 |
| **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois McCormick Place Expansion Project Fund RB Series 2015A  | 5.00% | 06/15/53 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1901572 |
| **Northern Illinois University** | **Northern Illinois University** | **Northern Illinois University** | **Northern Illinois University** | **Northern Illinois University** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021  | 5.00% | 10/01/27  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 336127 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021  | 5.00% | 10/01/30  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 344255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020B  | 5.00% | 04/01/29  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 419526 |
| **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 05/01/31 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035716 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 11/01/27  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2593278 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A  | 4.00% | 03/01/40 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1817191 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 4.50% | 05/01/48 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 446291 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 5.25% | 05/01/45 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510289 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 4.25% | 05/01/46 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 890721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016  | 5.00% | 02/01/28 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1536976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2018B  | 5.00% | 10/01/33 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1551177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024  | 5.00% | 02/01/29  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 787940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024  | 5.00% | 02/01/30  | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1219839 |
| **Village of Bellwood** | **Village of Bellwood** | **Village of Bellwood** | **Village of Bellwood** | **Village of Bellwood** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016B  | 5.00% | 12/01/28 *(b)* | &nbsp;&nbsp; 1855000 | &nbsp;&nbsp; 1899384 |
|  |  |  |  | &nbsp;&nbsp; **42195398** |

---

**5**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **INDIANA** 0.3%  | **INDIANA** 0.3%  | **INDIANA** 0.3%  | **INDIANA** 0.3%  | **INDIANA** 0.3%  |
| **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Products North America, Inc. RB Series 2008  | 4.20% | 06/01/44 *(b)(f)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 598995 |
| **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. RB Series 2012  | 3.85% | 05/01/28 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; **1598995** |
| **IOWA** 1.0%  | **IOWA** 1.0%  | **IOWA** 1.0%  | **IOWA** 1.0%  | **IOWA** 1.0%  |
| **PEFA, Inc.** | **PEFA, Inc.** | **PEFA, Inc.** | **PEFA, Inc.** | **PEFA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019  | 5.00% | 09/01/49 *(a)(b)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; **5055363** |
| **KANSAS** 0.5%  | **KANSAS** 0.5%  | **KANSAS** 0.5%  | **KANSAS** 0.5%  | **KANSAS** 0.5%  |
| **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 09/01/31 *(b)* | &nbsp;&nbsp; 2575000 | &nbsp;&nbsp; **2694908** |
| **KENTUCKY** 1.4%  | **KENTUCKY** 1.4%  | **KENTUCKY** 1.4%  | **KENTUCKY** 1.4%  | **KENTUCKY** 1.4%  |
| **Commonwealth of Kentucky** | **Commonwealth of Kentucky** | **Commonwealth of Kentucky** | **Commonwealth of Kentucky** | **Commonwealth of Kentucky** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2015  | 5.00% | 06/15/25  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400240 |
| **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024B  | 5.00% | 01/01/55 *(a)(b)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3681788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.25% | 06/01/55 *(a)(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1311453 |
| **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017A  | 3.25% | 05/15/46 *(b)* | &nbsp;&nbsp; 1655000 | &nbsp;&nbsp; 1266824 |
| **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A  | 3.00% | 09/01/40 *(b)(c)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 576328 |
|  |  |  |  | &nbsp;&nbsp; **7236633** |
| **LOUISIANA** 1.6%  | **LOUISIANA** 1.6%  | **LOUISIANA** 1.6%  | **LOUISIANA** 1.6%  | **LOUISIANA** 1.6%  |
| **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023C  | 5.75% | 12/01/53 *(b)* | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp; 1871152 |
| **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Loop LLC Refunding RB Series 2007A  | 4.15% | 09/01/27  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3018763 |
| **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Loyola University New Orleans RB Series 2023A  | 5.00% | 10/01/38 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ochsner Clinic Foundation Obligated Group Refunding RB Series 2017  | 5.00% | 05/15/27  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516683 |
| **State of Louisiana** | **State of Louisiana** | **State of Louisiana** | **State of Louisiana** | **State of Louisiana** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015  | 4.00% | 05/01/31 *(b)* | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2201042 |
|  |  |  |  | &nbsp;&nbsp; **8622706** |
| **MAINE** 0.1%  | **MAINE** 0.1%  | **MAINE** 0.1%  | **MAINE** 0.1%  | **MAINE** 0.1%  |
| **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019  | 5.00% | 01/01/34 *(b)* | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; **655494** |
| **MARYLAND** 0.5%  | **MARYLAND** 0.5%  | **MARYLAND** 0.5%  | **MARYLAND** 0.5%  | **MARYLAND** 0.5%  |
| **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Maryland Medical System Obligated Group Refunding RB Series <br> 2025A <br>| 5.00% | 07/01/42 *(b)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 824282 |
| **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 3.13% | 03/15/33 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1927472 |
|  |  |  |  | &nbsp;&nbsp; **2751754** |

---

**6**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MASSACHUSETTS** 2.7%  | **MASSACHUSETTS** 2.7%  | **MASSACHUSETTS** 2.7%  | **MASSACHUSETTS** 2.7%  | **MASSACHUSETTS** 2.7%  |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health Obligated Group RB Series 2023M  | 5.00% | 07/01/32  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2703892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health Obligated Group Refunding RB Series 2015F  | 5.00% | 08/15/28 *(b)* | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 952159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center Corp. Obligated Group Refunding RB Series 2016E  | 5.00% | 07/01/31 *(b)* | &nbsp;&nbsp; 2815000 | &nbsp;&nbsp; 2821888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center Corp. Obligated Group Refunding RB Series 2023G  | 5.00% | 07/01/25  | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 665773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center Corp. Obligated Group Refunding RB Series 2023G  | 5.00% | 07/01/26  | &nbsp;&nbsp; 865000 | &nbsp;&nbsp; 880731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk University Refunding RB Series 2025  | 5.50% | 07/01/45 *(b)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3539062 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMass Memorial Health Care Obligated Group Refunding RB Series 2016  | 5.00% | 07/01/36 *(b)* | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp; 1828703 |
| **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016-183  | 3.50% | 12/01/46 *(b)* | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 219660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018-203  | 4.50% | 12/01/48 *(b)* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 658477 |
|  |  |  |  | &nbsp;&nbsp; **14270345** |
| **MICHIGAN** 1.7%  | **MICHIGAN** 1.7%  | **MICHIGAN** 1.7%  | **MICHIGAN** 1.7%  | **MICHIGAN** 1.7%  |
| **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Development Area Refunding Tax Allocation Series 2024  | 5.00% | 07/01/48 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1511799 |
| **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.25% | 07/01/47 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2070573 |
| **Karegnondi Water Authority** | **Karegnondi Water Authority** | **Karegnondi Water Authority** | **Karegnondi Water Authority** | **Karegnondi Water Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Genesee Refunding RB Series 2024  | 5.00% | 11/01/32  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 445168 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Genesee Refunding RB Series 2024  | 5.00% | 11/01/33  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 447232 |
| **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Group - HFH Energy LLC RB Series 2024  | 5.00% | 02/28/38 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 792751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Group - HFH Energy LLC RB Series 2024  | 5.00% | 02/28/39 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 785905 |
| **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.00% | 02/15/41 *(b)(f)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1591857 |
| **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Metropolitan Wayne County Airport RB Series 2014B  | 5.00% | 12/01/32 *(b)* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 550186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Metropolitan Wayne County Airport RB Series 2014B  | 5.00% | 12/01/33 *(b)* | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 625199 |
|  |  |  |  | &nbsp;&nbsp; **8820670** |
| **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  |
| **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Children's Health Care Obligated Group RB Series 2025  | 5.00% | 08/15/30  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1091315 |
| **Minnesota Higher Education Facilities Authority** | **Minnesota Higher Education Facilities Authority** | **Minnesota Higher Education Facilities Authority** | **Minnesota Higher Education Facilities Authority** | **Minnesota Higher Education Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; University of St. Thomas RB Series 2024A  | 5.00% | 10/01/42 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013391 |
| **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024A  | 5.00% | 02/01/37 *(b)(c)* | &nbsp;&nbsp; 1665000 | &nbsp;&nbsp; 1786770 |
|  |  |  |  | &nbsp;&nbsp; **3891476** |
| **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  |
| **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Public School District RB Series 2018  | 5.00% | 10/01/25  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Public School District RB Series 2018  | 5.00% | 10/01/26  | &nbsp;&nbsp; 590000 | &nbsp;&nbsp; 604080 |
|  |  |  |  | &nbsp;&nbsp; **1609801** |

---

**7**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MISSOURI** 2.0%  | **MISSOURI** 2.0%  | **MISSOURI** 2.0%  | **MISSOURI** 2.0%  | **MISSOURI** 2.0%  |
| **City of St. Louis** | **City of St. Louis** | **City of St. Louis** | **City of St. Louis** | **City of St. Louis** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.00% | 02/15/43 *(b)* | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2456762 |
| **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City University RB Series 2017A  | 5.00% | 06/01/35 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City University RB Series 2017A  | 5.00% | 06/01/36 *(b)* | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1073312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Obligated Group RB Series 2021  | 4.00% | 02/01/42 *(b)* | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 789599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Obligated Group Refunding RB Series 2016B  | 4.00% | 02/01/37 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1848349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Obligated Group Refunding RB Series 2024A  | 5.25% | 02/01/44 *(b)* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 683325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Obligated Group Refunding RB Series 2024A  | 5.25% | 02/01/48 *(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1239609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Obligated Group Refunding RB Series 2024A  | 5.25% | 02/01/54 *(b)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 675016 |
| **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017D  | 4.00% | 05/01/47 *(b)* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 235179 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 4.25% | 05/01/49 *(b)* | &nbsp;&nbsp; 695000 | &nbsp;&nbsp; 698651 |
|  |  |  |  | &nbsp;&nbsp; **10724121** |
| **MONTANA** 0.5%  | **MONTANA** 0.5%  | **MONTANA** 0.5%  | **MONTANA** 0.5%  | **MONTANA** 0.5%  |
| **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023B  | 6.00% | 12/01/53 *(b)* | &nbsp;&nbsp; 2105000 | &nbsp;&nbsp; 2247217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018A  | 4.00% | 06/01/49 *(b)* | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 405058 |
|  |  |  |  | &nbsp;&nbsp; **2652275** |
| **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  |
| **Gretna Public Schools** | **Gretna Public Schools** | **Gretna Public Schools** | **Gretna Public Schools** | **Gretna Public Schools** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022B  | 5.00% | 12/15/27 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1511448 |
| **Village of Boys Town** | **Village of Boys Town** | **Village of Boys Town** | **Village of Boys Town** | **Village of Boys Town** |
| &nbsp;&nbsp;&nbsp;&nbsp; Father Flanagan's Boy's Home Refunding RB Series 2017  | 3.00% | 09/01/28  | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1105898 |
|  |  |  |  | &nbsp;&nbsp; **2617346** |
| **NEVADA** 0.6%  | **NEVADA** 0.6%  | **NEVADA** 0.6%  | **NEVADA** 0.6%  | **NEVADA** 0.6%  |
| **Carson City** | **Carson City** | **Carson City** | **Carson City** | **Carson City** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tahoe Regional Healthcare Obligated Group Refunding RB Series 2017A  | 5.00% | 09/01/25  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 601629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tahoe Regional Healthcare Obligated Group Refunding RB Series 2017A  | 5.00% | 09/01/27  | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 623036 |
| **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 4.00% | 06/15/36 *(b)* | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1782580 |
|  |  |  |  | &nbsp;&nbsp; **3007245** |
| **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  |
| **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novant Health Obligated Group RB Series 2025A  | 5.00% | 12/01/35 *(b)(f)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1618108 |
| **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dartmouth Health Obligated Group Refunding RB Series 2025  | 5.00% | 08/01/41 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033050 |
|  |  |  |  | &nbsp;&nbsp; **2651158** |
| **NEW JERSEY** 5.5%  | **NEW JERSEY** 5.5%  | **NEW JERSEY** 5.5%  | **NEW JERSEY** 5.5%  | **NEW JERSEY** 5.5%  |
| **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees of Princeton University RB Series 2025A  | 5.00% | 07/01/64 *(b)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5452711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees of Princeton University RB Series 2025A  | 5.00% | 07/01/64 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2766154 |

---

**8**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2014BB-1  | 5.00% | 06/15/33 *(b)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3642212 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019BB  | 5.00% | 06/15/44 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997629 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023BB  | 5.00% | 06/15/34 *(b)* | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1423189 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023BB  | 5.25% | 06/15/50 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2044190 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024CC  | 5.00% | 06/15/31  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1090173 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024CC  | 5.00% | 06/15/38 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023A  | 4.25% | 06/15/40 *(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2859760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023AA  | 4.25% | 06/15/44 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 912093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 06/15/36 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2698739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024AA  | 5.00% | 06/15/42 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2568176 |
| **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 4.25% | 01/01/43 *(b)* | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1671443 |
|  |  |  |  | &nbsp;&nbsp; **29185781** |
| **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  |
| **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018B  | 4.00% | 01/01/49 *(b)* | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; **570714** |
| **NEW YORK** 11.6%  | **NEW YORK** 11.6%  | **NEW YORK** 11.6%  | **NEW YORK** 11.6%  | **NEW YORK** 11.6%  |
| **City of New York** | **City of New York** | **City of New York** | **City of New York** | **City of New York** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A-1  | 4.00% | 08/01/38 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1955886 |
| **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Personal Income Tax Revenue Refunding RB Series 2020C  | 3.00% | 03/15/48 *(b)* | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 749738 |
| **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A-2  | 5.00% | 11/15/45 *(a)(b)* | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp; 2964531 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020C-1  | 4.75% | 11/15/45 *(b)* | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1177697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2005D-1  | 3.00% | 11/01/35 *(b)(c)(d)* | &nbsp;&nbsp; 5160000 | &nbsp;&nbsp; 5160000 |
| **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Catholic Health Services of Long Island Obligated Group RB Series 2014  | 5.00% | 07/01/25 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catholic Health Services of Long Island Obligated Group RB Series 2014  | 5.00% | 07/01/26 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250219 |
| **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Series 2013AA-6  | 3.00% | 06/15/48 *(b)(c)(d)* | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 455000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Series 2025BB  | 5.00% | 06/15/43 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2628158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System Refunding RB Series 2025CC  | 5.00% | 06/15/37 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1105582 |
| **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue RB Series 2025H  | 5.00% | 11/01/44 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue Refunding RB Series 2025F-1  | 5.00% | 11/01/30  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 548410 |
| **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018S-3A  | 5.00% | 07/15/35 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2074070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018S-3A  | 5.00% | 07/15/36 *(b)* | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1499746 |
| **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016E-4  | 3.00% | 02/01/45 *(b)(c)(d)* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A-2  | 5.00% | 05/01/39 *(b)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5134935 |
| **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.00% | 10/01/36 *(b)(f)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1378421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montefiore Obligated Group RB Series 2024  | 5.25% | 11/01/41 *(b)* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 385596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwell Health Obligated Group Refunding RB Series 2024A  | 4.00% | 05/01/39 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 954409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax Revenue Refunding RB Series 2019A  | 5.00% | 03/15/46 *(b)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5055842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax Revenue Refunding RB Series 2020D  | 5.00% | 02/15/48 *(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3016390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rochester Institute of Technology RB Series 2022A  | 5.00% | 07/01/39 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1051531 |

---

**9**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Revenue Refunding RB Series 2024B  | 5.00% | 03/15/29  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1348573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Revenue Refunding RB Series 2024B  | 5.00% | 03/15/30  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1643099 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Plains Hospital Obligated Group RB Series 2024  | 5.00% | 10/01/36 *(b)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 361488 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Plains Hospital Obligated Group RB Series 2024  | 5.00% | 10/01/37 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 511512 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Plains Hospital Obligated Group RB Series 2024  | 5.25% | 10/01/49 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 751302 |
| **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021O  | 4.00% | 01/01/40 *(b)* | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp; 1775813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024P  | 5.00% | 01/01/38 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 543131 |
| **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; JFK NTO LLC RB Series 2023  | 5.50% | 06/30/38 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050920 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFK NTO LLC RB Series 2024  | 5.00% | 06/30/54 *(b)* | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3185359 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFK NTO LLC RB Series 2024  | 5.50% | 06/30/60 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2003337 |
| **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020-221  | 5.00% | 07/15/34 *(b)* | &nbsp;&nbsp; 2835000 | &nbsp;&nbsp; 2937599 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022-236  | 5.00% | 01/15/37 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040853 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022-236  | 5.00% | 01/15/38 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021-227  | 3.00% | 10/01/28  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1952764 |
| **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023A  | 4.00% | 05/15/48 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1748834 |
|  |  |  |  | &nbsp;&nbsp; **60892879** |
| **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  |
| **County of Brunswick** | **County of Brunswick** | **County of Brunswick** | **County of Brunswick** | **County of Brunswick** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018  | 3.20% | 08/01/34 *(b)* | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 2122375 |
| **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.50% | 07/01/47 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2060560 |
| **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Meredith College Refunding RB Series 2018  | 5.00% | 06/01/25  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meredith College Refunding RB Series 2018  | 5.00% | 06/01/26  | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp; 1740392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meredith College Refunding RB Series 2018  | 5.00% | 06/01/30 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meredith College Refunding RB Series 2018  | 5.00% | 06/01/31 *(b)* | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp; 1302681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meredith College Refunding RB Series 2018  | 5.00% | 06/01/32 *(b)* | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp; 1244583 |
| **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carolina Meadows, Inc. Obligated Group RB Series 2024  | 5.25% | 12/01/49 *(b)* | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 2369648 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retirement Homes, Inc. Obligated Group RB Series 2024A  | 5.13% | 10/01/54 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 973166 |
|  |  |  |  | &nbsp;&nbsp; **13313830** |
| **OHIO** 2.6%  | **OHIO** 2.6%  | **OHIO** 2.6%  | **OHIO** 2.6%  | **OHIO** 2.6%  |
| **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A-2  | 5.00% | 06/01/34 *(b)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5178619 |
| **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019B  | 5.00% | 01/01/26  | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 1055786 |
| **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A  | 3.15% | 04/01/35 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2361206 |
| **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. Refunding RB Series 2005B  | 3.70% | 07/01/28  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1983247 |
| **State of Ohio** | **State of Ohio** | **State of Ohio** | **State of Ohio** | **State of Ohio** |
| &nbsp;&nbsp;&nbsp;&nbsp; University Hospitals Health System, Inc. Obligated Group Refunding RB Series <br> 2018A <br>| 3.00% | 01/15/46 *(b)(c)(d)* | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp; 3200000 |
|  |  |  |  | &nbsp;&nbsp; **13778858** |

---

**10**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  |
| **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2014E  | 4.00% | 06/01/27 *(b)* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; **29011** |
| **OREGON** 1.8%  | **OREGON** 1.8%  | **OREGON** 1.8%  | **OREGON** 1.8%  | **OREGON** 1.8%  |
| **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Lutheran Charities Obligated Group RB Series 2024  | 5.25% | 08/01/49 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 760093 |
| **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018  | 5.00% | 12/15/37 *(b)* | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp; 1916849 |
| **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 0.00% | 06/15/34 *(b)(c)(e)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 203624 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 0.00% | 06/15/35 *(b)(c)(e)* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 170049 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 0.00% | 06/15/36 *(b)(c)(e)* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 254000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 0.00% | 06/15/37 *(b)(c)(e)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 284936 |
| **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.00% | 04/01/38 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1100396 |
| **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020-27A  | 4.00% | 07/01/39 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1878335 |
| **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 06/15/29 *(b)(c)* | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 351450 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 06/15/30 *(b)(c)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309775 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 06/15/32 *(b)(c)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 360525 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 06/15/33 *(b)(c)* | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 534563 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 06/15/34 *(b)(c)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359009 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 06/15/35 *(b)(c)* | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 419707 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 0.00% | 06/15/53 *(b)(c)(e)* | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 357211 |
|  |  |  |  | &nbsp;&nbsp; **9260522** |
| **PENNSYLVANIA** 3.7%  | **PENNSYLVANIA** 3.7%  | **PENNSYLVANIA** 3.7%  | **PENNSYLVANIA** 3.7%  | **PENNSYLVANIA** 3.7%  |
| **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2019A  | 5.00% | 08/01/25  | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 747231 |
| **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 3.00% | 09/01/59 *(b)(c)(d)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3000000 |
| **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn State Health Obligated Group RB Series 2021  | 5.00% | 11/01/46 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997212 |
| **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; UPMC Obligated Group Refunding RB Series 2025A  | 5.00% | 03/15/60 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2100906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management Obligated Group RB Series 2013  | 4.10% | 08/01/45 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000478 |
| **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomas Jefferson University Obligated Group Refunding RB Series 2024B-1  | 5.25% | 11/01/40 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1058542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomas Jefferson University Obligated Group Refunding RB Series 2024B-1  | 4.00% | 11/01/42 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1794862 |
| **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.00% | 12/01/39 *(b)* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 700104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022B  | 5.00% | 12/01/47 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022B  | 5.25% | 12/01/52 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 771775 |
| **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021B  | 4.00% | 12/01/51 *(b)* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1209074 |
| **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Luke's Hospital Obligated Group RB Series 2015A  | 5.00% | 08/15/40 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1987582 |

---

**11**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023B  | 5.00% | 09/01/43 *(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3083893 |
|  |  |  |  | &nbsp;&nbsp; **19477814** |
| **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A-1  | 5.00% | 07/01/58 *(b)* | &nbsp;&nbsp; 3321000 | &nbsp;&nbsp; **3120264** |
| **RHODE ISLAND** 0.8%  | **RHODE ISLAND** 0.8%  | **RHODE ISLAND** 0.8%  | **RHODE ISLAND** 0.8%  | **RHODE ISLAND** 0.8%  |
| **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bryant University Refunding RB Series 2024  | 5.00% | 06/01/40 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2069351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifespan Obligated Group RB Series 2024  | 5.00% | 05/15/38 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 784309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifespan Obligated Group RB Series 2024  | 5.00% | 05/15/39 *(b)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 623322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifespan Obligated Group RB Series 2024  | 5.00% | 05/15/44 *(b)* | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 571482 |
|  |  |  |  | &nbsp;&nbsp; **4048464** |
| **SOUTH CAROLINA** 2.2%  | **SOUTH CAROLINA** 2.2%  | **SOUTH CAROLINA** 2.2%  | **SOUTH CAROLINA** 2.2%  | **SOUTH CAROLINA** 2.2%  |
| **Clemson University** | **Clemson University** | **Clemson University** | **Clemson University** | **Clemson University** |
| &nbsp;&nbsp;&nbsp;&nbsp; Athletic Facilities Revenue RB Series 2025A  | 5.00% | 05/01/30  | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 425001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athletic Facilities Revenue RB Series 2025A  | 5.00% | 05/01/31  | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 568353 |
| **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novant Health Obligated Group RB Series 2024A  | 4.25% | 11/01/47 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1829769 |
| **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.25% | 12/01/49 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1022876 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.00% | 12/01/36 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271237 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.00% | 12/01/40 *(b)* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 390999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 4.00% | 12/01/40 *(b)* | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3758866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024B  | 4.13% | 12/01/44 *(b)* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 997551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025B  | 5.00% | 12/01/28  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532084 |
| **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025B  | 5.00% | 01/01/55 *(b)(f)* | &nbsp;&nbsp; 1605000 | &nbsp;&nbsp; 1578482 |
|  |  |  |  | &nbsp;&nbsp; **11375218** |
| **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  |
| **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanford Obligated Group Refunding RB Series 2015  | 5.00% | 11/01/26 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; **1007112** |
| **TENNESSEE** 1.1%  | **TENNESSEE** 1.1%  | **TENNESSEE** 1.1%  | **TENNESSEE** 1.1%  | **TENNESSEE** 1.1%  |
| **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmont University RB Series 2023  | 5.25% | 05/01/48 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1512573 |
| **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.25% | 07/01/47 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1532252 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.50% | 07/01/52 *(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1289935 |
| **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baptist Memorial Health Care Obligated Group RB Series 2024B  | 5.00% | 09/01/49 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042131 |
| **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023-3A  | 6.25% | 01/01/54 *(b)* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 522375 |
|  |  |  |  | &nbsp;&nbsp; **5899266** |

---

**12**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TEXAS** 14.0%  | **TEXAS** 14.0%  | **TEXAS** 14.0%  | **TEXAS** 14.0%  | **TEXAS** 14.0%  |
| **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A  | 5.00% | 01/01/27 *(b)* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1101548 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A  | 5.00% | 01/01/30 *(b)(g)* | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1522390 |
| **City of Allen** | **City of Allen** | **City of Allen** | **City of Allen** | **City of Allen** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024  | 5.00% | 08/15/37 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1085131 |
| **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023  | 4.00% | 02/01/37 *(b)* | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1090555 |
| **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022  | 5.00% | 11/15/32  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 536742 |
| **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.00% | 07/15/47 *(b)* | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4079388 |
| **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Series 2023  | 6.00% | 08/15/53 *(b)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5006682 |
| **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023  | 6.00% | 08/01/43 *(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1329201 |
| **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 07/01/25  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001039 |
| **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025  | 5.00% | 02/15/40 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 429014 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025  | 5.00% | 02/15/41 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264937 |
| **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 02/01/42 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1882988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2019  | 3.00% | 08/01/35 *(b)* | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp; 1300740 |
| **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.25% | 02/01/49 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520811 |
| **City of Waxahachie** | **City of Waxahachie** | **City of Waxahachie** | **City of Waxahachie** | **City of Waxahachie** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.13% | 08/01/41 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 384425 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.25% | 08/01/43 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 475439 |
| **Falls City Independent School District** | **Falls City Independent School District** | **Falls City Independent School District** | **Falls City Independent School District** | **Falls City Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014  | 5.00% | 08/15/30 *(b)(c)* | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 930975 |
| **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 02/15/48 *(b)(c)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2694507 |
| **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 5.00% | 02/15/35 *(b)(c)* | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1898995 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.25% | 02/15/54 *(b)(c)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1359347 |
| **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Sherman Water & Sewer System Revenue RB Series 2023A  | 4.38% | 10/01/53 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1730816 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Sherman Water & Sewer System Revenue RB Series 2024R  | 5.00% | 10/01/33  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1097081 |
| **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 02/15/54 *(b)(c)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 867205 |
| **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baylor College of Medicine RB Series 2024A  | 5.00% | 05/15/29 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2116100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Methodist Hospital Obligated Group Refunding RB Series 2020B  | 3.00% | 12/01/59 *(b)(c)(d)* | &nbsp;&nbsp; 2830000 | &nbsp;&nbsp; 2830000 |
| **Harris County Health Facilities Development Corp.** | **Harris County Health Facilities Development Corp.** | **Harris County Health Facilities Development Corp.** | **Harris County Health Facilities Development Corp.** | **Harris County Health Facilities Development Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Methodist Hospital Obligated Group Refunding RB Series 2008A-2  | 3.00% | 12/01/41 *(b)(c)(d)* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 680000 |
| **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 5.00% | 02/15/40 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1589060 |

---

**13**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 5.00% | 02/15/30 *(c)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1362994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 5.00% | 02/15/31 *(c)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2205891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 4.00% | 02/15/52 *(b)(c)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 700375 |
| **Lower Neches Valley Authority Industrial Development Corp.** | **Lower Neches Valley Authority Industrial Development Corp.** | **Lower Neches Valley Authority Industrial Development Corp.** | **Lower Neches Valley Authority Industrial Development Corp.** | **Lower Neches Valley Authority Industrial Development Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Capital Ventures, Inc. RB Series 2010  | 3.00% | 11/01/38 *(b)(c)(d)* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp; 545000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. Refunding RB Series 2001A  | 3.00% | 11/01/29 *(b)(c)(d)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| **Mission Economic Development Corp.** | **Mission Economic Development Corp.** | **Mission Economic Development Corp.** | **Mission Economic Development Corp.** | **Mission Economic Development Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. RB Series 2020A  | 3.75% | 05/01/46 *(a)(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1999991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. Refunding RB Series 2020B  | 3.75% | 07/01/40 *(a)(b)* | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2249990 |
| **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/37 *(b)(c)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/42 *(b)(c)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 619084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/47 *(b)(c)* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 688912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/52 *(b)(c)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orenda Education RB Series 2023A  | 5.00% | 08/15/43 *(b)(c)* | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp; 1915060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orenda Education RB Series 2023A  | 4.00% | 08/15/48 *(b)(c)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 882819 |
| **Northside Independent School District** | **Northside Independent School District** | **Northside Independent School District** | **Northside Independent School District** | **Northside Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024B  | 3.45% | 08/01/54 *(a)(b)(c)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2499779 |
| **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.00% | 07/01/31 *(c)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2772861 |
| **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019B  | 4.00% | 02/15/50 *(b)(c)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2515051 |
| **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2015B  | 4.00% | 02/01/33 *(b)(c)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3000256 |
| **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baylor Scott & White Health Obligated Group RB Series 2022D  | 5.00% | 11/15/51 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995358 |
| **Texas City Independent School District** | **Texas City Independent School District** | **Texas City Independent School District** | **Texas City Independent School District** | **Texas City Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 08/15/53 *(b)(c)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1738185 |
| **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 4.75% | 03/01/49 *(b)* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 474518 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A  | 4.75% | 01/01/49 *(b)* | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 767232 |
| **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021  | 5.00% | 12/15/31  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1312683 |
| **Texas Municipal Power Agency** | **Texas Municipal Power Agency** | **Texas Municipal Power Agency** | **Texas Municipal Power Agency** | **Texas Municipal Power Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021  | 3.00% | 09/01/30 *(b)* | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 856265 |
| **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners LLC RB Series 2023  | 5.50% | 12/31/58 *(b)* | &nbsp;&nbsp; 1835000 | &nbsp;&nbsp; 1881130 |
| **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A  | 4.25% | 03/01/49 *(b)* | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 572523 |
|  |  |  |  | &nbsp;&nbsp; **73646556** |
| **UTAH** 0.1%  | **UTAH** 0.1%  | **UTAH** 0.1%  | **UTAH** 0.1%  | **UTAH** 0.1%  |
| **Utah Board of Higher Education** | **Utah Board of Higher Education** | **Utah Board of Higher Education** | **Utah Board of Higher Education** | **Utah Board of Higher Education** |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake Community College Student Building Fee Revenue RB Series 2018  | 5.00% | 03/01/27 *(b)* | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 360496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake Community College Student Building Fee Revenue RB Series 2018  | 5.00% | 03/01/28 *(b)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 425565 |
|  |  |  |  | &nbsp;&nbsp; **786061** |

---

**14**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **VERMONT** 0.2%  | **VERMONT** 0.2%  | **VERMONT** 0.2%  | **VERMONT** 0.2%  | **VERMONT** 0.2%  |
| **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017D  | 4.00% | 05/01/48 *(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49986 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018C  | 4.75% | 11/01/48 *(b)* | &nbsp;&nbsp; 401000 | &nbsp;&nbsp; 403921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018A  | 4.00% | 11/01/48 *(b)* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 850538 |
|  |  |  |  | &nbsp;&nbsp; **1304445** |
| **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  |
| **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sentara Healthcare Obligated Group Refunding RB Series 2018B  | 3.00% | 10/01/48 *(b)(c)(d)* | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp; 1370000 |
| **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inova Health System Obligated Group RB Series 2024  | 4.13% | 05/15/54 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2132519 |
| **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centra Health Obligated Group Refunding RB Series 2021  | 4.00% | 01/01/40 *(b)* | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 542946 |
| **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carilion Clinic Obligated Group RB Series 2008B  | 3.00% | 07/01/42 *(b)(c)(d)* | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1025000 |
|  |  |  |  | &nbsp;&nbsp; **5070465** |
| **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  |
| **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Motor Vehicle & Rental Car Tax RB Series 2016S-1  | 5.00% | 11/01/46  | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2365388 |
| **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018  | 5.00% | 12/01/34 *(b)(c)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034043 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018  | 5.00% | 12/01/35 *(b)(c)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1288367 |
| **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 12/01/41 *(b)(c)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 953732 |
| **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018  | 5.00% | 12/01/37 *(b)(c)* | &nbsp;&nbsp; 2830000 | &nbsp;&nbsp; 2894971 |
| **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 5.50% | 12/01/38 *(b)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 317456 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 5.50% | 12/01/39 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525453 |
| **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overlake Hospital Medical Center Obligated Group Refunding RB Series 2014  | 5.00% | 07/01/29 *(b)* | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 780240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overlake Hospital Medical Center Obligated Group Refunding RB Series 2017B  | 5.00% | 07/01/32 *(b)* | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp; 1879297 |
| **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Group-SH I Properties LLC RB Series 2024  | 5.00% | 07/01/54 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1435051 |
|  |  |  |  | &nbsp;&nbsp; **13473998** |
| **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  |
| **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; United Health System Obligated Group RB Series 2023A  | 4.25% | 06/01/47 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1842256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vandalia Health, Inc. Obligated Group RB Series 2023B  | 6.00% | 09/01/48 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1071625 |
|  |  |  |  | &nbsp;&nbsp; **2913881** |
| **WISCONSIN** 1.4%  | **WISCONSIN** 1.4%  | **WISCONSIN** 1.4%  | **WISCONSIN** 1.4%  | **WISCONSIN** 1.4%  |
| **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020D  | 0.00% | 12/15/34 *(b)(e)* | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 554402 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020D  | 0.00% | 12/15/35 *(b)(e)* | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 1861128 |

---

**15**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Healthcare, Inc. Obligated Group RB Series 2024B  | 5.00% | 10/01/54 *(b)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2704722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Obligated Group <br> RB Series 2017A <br>| 5.00% | 09/01/31 *(b)(g)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1041898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Obligated Group <br> RB Series 2017A <br>| 5.00% | 09/01/32 *(b)(g)* | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1067945 |
|  |  |  |  | &nbsp;&nbsp; **7230095** |
| **Total Municipal Securities**<br> **(Cost $539,026,671)** | **Total Municipal Securities**<br> **(Cost $539,026,671)** | **Total Municipal Securities**<br> **(Cost $539,026,671)** | **Total Municipal Securities**<br> **(Cost $539,026,671)** | &nbsp;&nbsp; **530148700** |
| **Total Investments in Securities**<br> **(Cost $539,026,671)** | **Total Investments in Securities**<br> **(Cost $539,026,671)** | **Total Investments in Securities**<br> **(Cost $539,026,671)** | **Total Investments in Securities**<br> **(Cost $539,026,671)** | &nbsp;&nbsp; **530148700** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined
 rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* The effective maturity may be shorter than the final maturity shown because the security
 is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* VRDN is a municipal security which allows holders to sell their security through a
 put or tender feature, at par value plus accrued interest. The interest rate resets
 on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless
 a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset
 date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Zero coupon bond.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Refunded bond.

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

---

| | |
|:---|:---|
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| VRDN — | Variable rate demand note |

---

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

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **Assets** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp;&nbsp; $527927316 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $527927316 |
| **Total** | **$—** | &nbsp;&nbsp; **$530148700** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$530148700** |

---

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

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

**16**

------

Schwab Investments

Schwab California Tax-Free Bond Fund

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 100.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.1% OF NET ASSETS |
| **CALIFORNIA** 98.5%  | **CALIFORNIA** 98.5%  | **CALIFORNIA** 98.5%  | **CALIFORNIA** 98.5%  | **CALIFORNIA** 98.5%  |
| **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022C  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2551707 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 0.00% | 10/01/52 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 254762 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 0.00% | 10/01/53 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 240993 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024C  | 0.00% | 10/01/49 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 295401 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024C  | 0.00% | 10/01/53 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 237427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 0.00% | 10/01/50 *(a)(c)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 1662515 |
| **Alhambra Unified School District** | **Alhambra Unified School District** | **Alhambra Unified School District** | **Alhambra Unified School District** | **Alhambra Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059036 |
| **American Canyon Financing Authority** | **American Canyon Financing Authority** | **American Canyon Financing Authority** | **American Canyon Financing Authority** | **American Canyon Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Road East Assessment District Refunding Special Assessment Series 2015  | 5.00% | 09/02/25  | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 693305 |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025D  | 0.00% | 08/01/44 *(a)(b)* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 347917 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025D  | 0.00% | 08/01/46 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 364829 |
| **Banning Financing Authority** | **Banning Financing Authority** | **Banning Financing Authority** | **Banning Financing Authority** | **Banning Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 650704 |
| **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024H  | 2.55% | 04/01/59 *(a)(d)(e)* | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023A  | 2.55% | 04/01/55 *(a)(d)(e)* | &nbsp;&nbsp; 2970000 | &nbsp;&nbsp; 2970000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024E  | 2.55% | 04/01/59 *(a)(d)(e)* | &nbsp;&nbsp; 6830000 | &nbsp;&nbsp; 6830000 |
| **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2009  | 0.00% | 08/01/26 *(b)* | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 536171 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 08/01/34 *(a)(b)* | &nbsp;&nbsp; 7705000 | &nbsp;&nbsp; 5320591 |
| **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 4.38% | 07/01/49 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1360707 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 4.50% | 07/01/54 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 913447 |
| **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A-1  | 4.00% | 05/01/53 *(a)(f)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5007097 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023C  | 5.25% | 01/01/54 *(a)(f)* | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3883950 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023D  | 5.50% | 05/01/54 *(a)(f)* | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6296983 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023F  | 5.50% | 10/01/54 *(a)(f)* | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp; 4439830 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023G  | 5.25% | 11/01/54 *(a)(f)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2098854 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024E  | 5.00% | 02/01/55 *(a)(f)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2101070 |
| **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Securitization Corp. Refunding RB Series 2020A  | 4.00% | 06/01/38 *(a)* | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 321803 |

---

**17**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.00% | 10/01/35  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3499996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leland Stanford Junior University RB Series 2025V-4  | 5.00% | 03/01/55 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1121742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leland Stanford Junior University RB Series 2025V-5  | 5.00% | 03/01/55 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1423713 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Mary's College of California Refunding RB Series 2023A  | 5.25% | 10/01/44 *(a)* | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 675251 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Redlands RB Series 2022A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1965756 |
| **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Hill School Refunding RB Series 2024  | 5.00% | 12/01/42 *(a)* | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 596643 |
| **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adventist Health System/West Obligated Group RB Series 2024A  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2089483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adventist Health System/West Obligated Group RB Series 2024A  | 5.25% | 12/01/40 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adventist Health System/West Obligated Group Refunding RB Series 2023B  | 2.45% | 03/01/41 *(a)(d)(e)* | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp; 1730000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group RB Series 2024A  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2103623 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group Refunding RB Series 2020A  | 4.00% | 04/01/38 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2394144 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group Refunding RB Series 2020A  | 4.00% | 04/01/45 *(a)* | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2484383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Episcopal Communities & Services for Seniors Obligated Group RB Series 2024A  | 3.85% | 11/15/27 *(a)* | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1302730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Episcopal Communities & Services for Seniors Obligated Group RB Series 2024B  | 5.25% | 11/15/53 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals RB Series 2017A-2  | 4.00% | 11/01/44 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1791301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marshall Medical Center Refunding RB Series 2015  | 5.00% | 11/01/25 *(a)(d)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marshall Medical Center Refunding RB Series 2015  | 5.00% | 11/01/28 *(a)(d)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 801280 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Lok Senior Health Services Obligated Group Refunding RB Series 2020  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 760293 |
| **California Housing Finance Agency** | **California Housing Finance Agency** | **California Housing Finance Agency** | **California Housing Finance Agency** | **California Housing Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco RB Series 2020N  | 4.00% | 04/01/40 *(a)* | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 548798 |
| **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy of Motion Picture Arts & Sciences Obligated Group Refunding RB Series <br> 2023A <br>| 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1957117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broad RB Series 2025A  | 5.00% | 06/01/33  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2276931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable School Revolving Fund LLC Obligated Group RB Series 2024B  | 5.00% | 11/01/49 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 742121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable School Revolving Fund LLC Obligated Group RB Series 2024B  | 5.00% | 11/01/54 *(a)* | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1053605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Family Museum LLC Refunding RB Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Family Museum LLC Refunding RB Series 2016  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 333905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Family Museum LLC Refunding RB Series 2016  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 353948 |
| **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldersly RB Series 2023A  | 5.00% | 05/15/53 *(a)(d)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2565855 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOLD Program Special Tax Series 2023B  | 5.75% | 09/01/53 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1038429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caritas Corp. CMFA Mobile Home Park Financing RB Series 2023A  | 5.25% | 08/15/53 *(a)* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 918034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio Refunding RB Series <br> 2024A <br>| 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 707189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio Refunding RB Series <br> 2024A <br>| 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 388155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Channing House Refunding RB Series 2017A  | 5.00% | 05/15/27 *(d)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 365396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Channing House Refunding RB Series 2017A  | 5.00% | 05/15/34 *(a)(d)* | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 1071444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisenhower Medical Center Refunding RB Series 2017B  | 5.00% | 07/01/27  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 617272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisenhower Medical Center Refunding RB Series 2017B  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1172478 |
| &nbsp;&nbsp;&nbsp;&nbsp; HumanGood California Obligated Group Refunding RB Series 2019A  | 4.00% | 10/01/29 *(a)* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 658148 |
| &nbsp;&nbsp;&nbsp;&nbsp; HumanGood California Obligated Group Refunding RB Series 2019A  | 4.00% | 10/01/30 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 752942 |
| &nbsp;&nbsp;&nbsp;&nbsp; HumanGood California Obligated Group Refunding RB Series 2019A  | 4.00% | 10/01/31 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ignatian Corp. RB Series 2024A  | 5.00% | 09/01/33  | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 582097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ignatian Corp. RB Series 2024A  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1642971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inland Christian Home, Inc. RB Series 2020  | 4.00% | 12/01/39 *(a)(d)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 492726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/29 *(a)(d)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/31 *(a)(d)* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 599775 |

---

**18**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/32 *(a)(d)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/33 *(a)(d)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health Obligated Group Palomar Health Obligated Group Series 2022A  | 5.00% | 11/01/27  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health Obligated Group Palomar Health Obligated Group Series 2022A  | 5.00% | 11/01/28  | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health Obligated Group Palomar Health Obligated Group Series 2022A  | 5.00% | 11/01/29  | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health Obligated Group Palomar Health Obligated Group Series 2022A  | 5.00% | 11/01/30  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health Obligated Group Palomar Health Obligated Group Series 2022A  | 5.25% | 11/01/52 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2018398 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRS-California Obligated Group Refunding RB Series 2024A  | 5.00% | 04/01/49 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 987413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. RB Series 2021B  | 4.15% | 07/01/51 *(a)(f)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. Refunding RB Series 2021A  | 3.75% | 07/01/41 *(a)(f)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samuel Merritt University RB Series 2022  | 5.25% | 06/01/53 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2066231 |
| &nbsp;&nbsp;&nbsp;&nbsp; System Management Group RB Series 2019A  | 5.00% | 04/01/26  | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 660766 |
| &nbsp;&nbsp;&nbsp;&nbsp; System Management Group RB Series 2019A  | 5.00% | 04/01/27  | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1144611 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of La Verne Refunding RB Series 2017A  | 5.00% | 06/01/29 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. RB Series 2020  | 3.75% | 10/01/45 *(a)(f)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. RB Series 2024A  | 4.13% | 11/01/46 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2499989 |
| **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. RB Series 2017A-1  | 4.25% | 11/01/42 *(a)* | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4002105 |
| **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Mayo Newhall Hospital Obligated Group Refunding RB Series 2017  | 5.00% | 10/15/33 *(a)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 430013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Mayo Newhall Hospital Obligated Group Refunding RB Series 2017  | 5.00% | 10/15/47 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 567048 |
| &nbsp;&nbsp;&nbsp;&nbsp; P3 Irvine SL Holdings LLC Obligated Group RB Series 2024A  | 6.38% | 06/01/59 *(a)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3191087 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIH Health, Inc. Obligated Group Refunding RB Series 2024A  | 5.00% | 06/01/34  | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1224349 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIH Health, Inc. Obligated Group Refunding RB Series 2024A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3226099 |
| **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/25  | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 185078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/27  | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 248128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/28  | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 267092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/29  | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 280525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/30  | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 299255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kipp SoCal Public Schools Obligated Group RB Series 2017A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp; 594452 |
| **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.00% | 04/01/40 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1075834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022C  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp; 2865000 | &nbsp;&nbsp; 3105689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024C  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1119047 |
| **California State University** | **California State University** | **California State University** | **California State University** | **California State University** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015A  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2508070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016B-3  | 3.13% | 11/01/51 *(a)(f)* | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2196956 |
| **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adventist Health System/West Obligated Group Refunding RB Series 2018A  | 5.00% | 03/01/48 *(a)* | &nbsp;&nbsp; 1765000 | &nbsp;&nbsp; 1711800 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHF-Irvine LLC Refunding RB Series 2016  | 5.00% | 05/15/30 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505399 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHF-Irvine LLC Refunding RB Series 2016  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1261671 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Salinas Measure X Sales Tax Revenue COP Series 2018B  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 1138959 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Salinas Measure X Sales Tax Revenue COP Series 2018B  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 1547102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No. 2021 Special Tax Series 2023  | 5.00% | 09/01/53 *(a)* | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1775628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loma Linda University Medical Center Obligated Group RB Series 2018A  | 5.25% | 12/01/43 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2475627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redlands Community Hospital Obligated Group Refunding RB Series 2016  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 804662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redlands Community Hospital Obligated Group Refunding RB Series 2016  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 702834 |
| &nbsp;&nbsp;&nbsp;&nbsp; USC Obligated Group RB Series 2018  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1778459 |
| &nbsp;&nbsp;&nbsp;&nbsp; USC Obligated Group RB Series 2018  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp; 1355000 | &nbsp;&nbsp; 1408457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viamonte Senior Living 1, Inc. RB Series 2018A  | 5.00% | 07/01/29 *(a)(d)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 319530 |

---

**19**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viamonte Senior Living 1, Inc. RB Series 2018A  | 5.00% | 07/01/30 *(a)(d)* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 249682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viamonte Senior Living 1, Inc. RB Series 2018A  | 5.00% | 07/01/32 *(a)(d)* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 950625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viamonte Senior Living 1, Inc. RB Series 2018A  | 4.00% | 07/01/35 *(a)(d)* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viamonte Senior Living 1, Inc. RB Series 2018A  | 4.00% | 07/01/36 *(a)(d)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 425193 |
| **Cambria Community Healthcare District** | **Cambria Community Healthcare District** | **Cambria Community Healthcare District** | **Cambria Community Healthcare District** | **Cambria Community Healthcare District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 5.00% | 08/01/50 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034416 |
| **Central Valley Energy Authority** | **Central Valley Energy Authority** | **Central Valley Energy Authority** | **Central Valley Energy Authority** | **Central Valley Energy Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025  | 5.00% | 12/01/55 *(a)(f)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046733 |
| **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023G  | 0.00% | 08/01/37 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 603181 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023G  | 0.00% | 08/01/38 *(a)(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 284351 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023G  | 0.00% | 08/01/41 *(a)(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 722024 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023G  | 0.00% | 08/01/42 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 453331 |
| **Chico Unified School District** | **Chico Unified School District** | **Chico Unified School District** | **Chico Unified School District** | **Chico Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021C  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1238802 |
| **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024D  | 0.00% | 08/01/40 *(a)(b)* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 329054 |
| **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021E-1  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp; 1877264 |
| **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015  | 5.25% | 08/01/30 *(a)* | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1063618 |
| **City of Irvine** | **City of Irvine** | **City of Irvine** | **City of Irvine** | **City of Irvine** |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No. 2013-3 Area No. 1 Refunding Special Tax Series <br> 2024 <br>| 0.00% | 09/01/50 *(a)(b)* | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 315434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District No. 2013-3 Area No. 1 Refunding Special Tax Series <br> 2024 <br>| 0.00% | 09/01/51 *(a)(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 190214 |
| **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022C  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009530 |
| **City of Long Beach Water Revenue** | **City of Long Beach Water Revenue** | **City of Long Beach Water Revenue** | **City of Long Beach Water Revenue** | **City of Long Beach Water Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 4.00% | 05/01/54 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1139605 |
| **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 05/15/27  | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 817270 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 05/15/33 *(a)* | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1260056 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019F  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 871095 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020C  | 5.00% | 05/15/27  | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1326136 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2259263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018B  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021A  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1479393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.25% | 05/15/40 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2119854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.25% | 05/15/50 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2550458 |
| **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A  | 5.00% | 06/01/44 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025C  | 5.00% | 06/01/31  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1113401 |
| **City of Oakland** | **City of Oakland** | **City of Oakland** | **City of Oakland** | **City of Oakland** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2015A  | 5.00% | 01/15/31 *(a)* | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 621421 |
| **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2021  | 2.00% | 11/01/38 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 292369 |
| **City of Pasadena** | **City of Pasadena** | **City of Pasadena** | **City of Pasadena** | **City of Pasadena** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015A  | 5.00% | 02/01/26 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600831 |
| **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017  | 5.00% | 09/01/25  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 542569 |

---

**20**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019  | 3.00% | 06/01/25  | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 575000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019  | 4.00% | 06/01/28 *(a)* | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 632315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019  | 4.00% | 06/01/30 *(a)* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 697021 |
| **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 5.00% | 10/01/26  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1019665 |
| **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 544873 |
| **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 938033 |
| **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016F  | 5.50% | 06/01/31 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 770471 |
| **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2002D  | 0.00% | 09/01/27 *(b)* | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2235914 |
| **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2004258 |
| **County of San Diego** | **County of San Diego** | **County of San Diego** | **County of San Diego** | **County of San Diego** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanford Burnham Prebys Medical Discovery Institute Refunding RB Series 2015A  | 5.00% | 11/01/25  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 352766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanford Burnham Prebys Medical Discovery Institute Refunding RB Series 2015A  | 5.00% | 11/01/26 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007939 |
| **Desert Sands Unified School District** | **Desert Sands Unified School District** | **Desert Sands Unified School District** | **Desert Sands Unified School District** | **Desert Sands Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp; 623717 |
| **Dinuba Unified School District** | **Dinuba Unified School District** | **Dinuba Unified School District** | **Dinuba Unified School District** | **Dinuba Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2023  | 5.50% | 06/01/38 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1251045 |
| **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Services District RB Series 2022  | 5.00% | 12/01/52 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034177 |
| **East Bay Municipal Utility District Wastewater System Revenue** | **East Bay Municipal Utility District Wastewater System Revenue** | **East Bay Municipal Utility District Wastewater System Revenue** | **East Bay Municipal Utility District Wastewater System Revenue** | **East Bay Municipal Utility District Wastewater System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.00% | 06/01/54 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1038567 |
| **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025A  | 5.00% | 06/01/45 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1336785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 475356 |
| **El Camino Community College District Fountation** | **El Camino Community College District Fountation** | **El Camino Community College District Fountation** | **El Camino Community College District Fountation** | **El Camino Community College District Fountation** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024E  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 484706 |
| **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2014A  | 6.85% | 01/15/42 *(a)(c)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1137121 |
| **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017A  | 5.00% | 04/01/26  | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 865275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017A  | 5.00% | 04/01/28 *(a)* | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp; 1467117 |
| **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 0.00% | 08/01/33 *(a)(b)(g)* | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 816034 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 0.00% | 08/01/34 *(a)(b)(g)* | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1319164 |
| **Goleta Water District** | **Goleta Water District** | **Goleta Water District** | **Goleta Water District** | **Goleta Water District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023A  | 5.00% | 09/01/29  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 435855 |
| **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 739809 |
| **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1058164 |
| **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2558049 |
| **Imperial Unified School District** | **Imperial Unified School District** | **Imperial Unified School District** | **Imperial Unified School District** | **Imperial Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A  | 5.25% | 08/01/43 *(a)(g)* | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 1510339 |

---

**21**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Independent Cities Finance Authority** | **Independent Cities Finance Authority** | **Independent Cities Finance Authority** | **Independent Cities Finance Authority** | **Independent Cities Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Millennium Housing of California Refunding RB Series 2019  | 4.25% | 05/15/26  | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 815153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millennium Housing of California Refunding RB Series 2019  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2022724 |
| **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2015A  | 5.00% | 09/01/27 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1256465 |
| **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2017A  | 5.00% | 05/01/26  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509167 |
| **Inglewood Unified School District** | **Inglewood Unified School District** | **Inglewood Unified School District** | **Inglewood Unified School District** | **Inglewood Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203303 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 729152 |
| **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023A  | 4.25% | 05/01/53 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 915814 |
| **Irvine Ranch Water District Water Service Corp.** | **Irvine Ranch Water District Water Service Corp.** | **Irvine Ranch Water District Water Service Corp.** | **Irvine Ranch Water District Water Service Corp.** | **Irvine Ranch Water District Water Service Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Special Assessment Series 2011A-2  | 2.35% | 10/01/37 *(a)(d)(f)* | &nbsp;&nbsp; 4390000 | &nbsp;&nbsp; 4390000 |
| **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016A  | 5.00% | 05/01/30 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1531463 |
| **Kern High School District** | **Kern High School District** | **Kern High School District** | **Kern High School District** | **Kern High School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A  | 3.00% | 08/01/29 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993657 |
| **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 5.00% | 08/01/54 *(a)* | &nbsp;&nbsp; 2455000 | &nbsp;&nbsp; 2530560 |
| **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2017  | 4.00% | 08/01/26  | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 1372221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2017  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 838952 |
| **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 4.00% | 08/01/32 *(a)* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 334878 |
| **Los Alamitos Unified School District** | **Los Alamitos Unified School District** | **Los Alamitos Unified School District** | **Los Alamitos Unified School District** | **Los Alamitos Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016  | 3.00% | 08/01/36 *(a)* | &nbsp;&nbsp; 2605000 | &nbsp;&nbsp; 2352564 |
| **Los Angeles County Development Authority** | **Los Angeles County Development Authority** | **Los Angeles County Development Authority** | **Los Angeles County Development Authority** | **Los Angeles County Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Building 402 LP RB Series 2023F  | 3.38% | 01/01/46 *(a)* | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3240840 |
| **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024H  | 5.00% | 12/01/30  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1654985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024H  | 5.00% | 12/01/33  | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp; 4001429 |
| **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanitation District No. 14 Refunding RB Series 2015A  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp; 3880000 | &nbsp;&nbsp; 3899918 |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Revenue RB Series 2016B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp; 1268291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Revenue RB Series 2021C  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 772159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Revenue Refunding RB Series 2024B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1458752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Revenue Refunding RB Series 2025A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 778153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Revenue Refunding RB Series 2025A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103353 |
| **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2077517 |
| **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2023A  | 5.00% | 10/01/25 *(g)* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 689442 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2023A  | 5.00% | 10/01/25  | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 468046 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021RYRR  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 701776 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024QRR  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 821421 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024QRR  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp; 1505000 | &nbsp;&nbsp; 1585726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024A  | 5.00% | 07/01/25  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1502334 |
| **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Special Assessment Series 2019  | 5.00% | 09/02/26  | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 756275 |

---

**22**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015  | 5.00% | 09/01/28 *(a)* | &nbsp;&nbsp; 2205000 | &nbsp;&nbsp; 2218988 |
| **Merced City School District** | **Merced City School District** | **Merced City School District** | **Merced City School District** | **Merced City School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 5.00% | 08/01/50 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1041204 |
| **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016A  | 5.00% | 07/01/34 *(a)(g)* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 395267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024C  | 5.00% | 04/01/39 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1107777 |
| **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 03/01/49 *(a)* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 728558 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 03/01/54 *(a)* | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1049695 |
| **Modesto Irrigation District** | **Modesto Irrigation District** | **Modesto Irrigation District** | **Modesto Irrigation District** | **Modesto Irrigation District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System Revenue RB Series 2015A  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1258033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System Revenue RB Series 2015A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2004842 |
| **Moreno Valley Unified School District** | **Moreno Valley Unified School District** | **Moreno Valley Unified School District** | **Moreno Valley Unified School District** | **Moreno Valley Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 5.25% | 08/01/44 *(a)(h)* | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1188946 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 5.25% | 08/01/45 *(a)(h)* | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1381361 |
| **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2021  | 2.25% | 09/01/45 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 955816 |
| **Mount Diablo Unified School District** | **Mount Diablo Unified School District** | **Mount Diablo Unified School District** | **Mount Diablo Unified School District** | **Mount Diablo Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025C  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1104817 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025C  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 729032 |
| **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021E  | 0.00% | 08/01/46 *(a)(b)* | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 513152 |
| **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 0.00% | 07/01/29 *(a)(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1070578 |
| **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 4.50% | 08/01/54 *(a)(h)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3355983 |
| **Northern California Energy Authority** | **Northern California Energy Authority** | **Northern California Energy Authority** | **Northern California Energy Authority** | **Northern California Energy Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 5.00% | 12/01/54 *(a)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3135403 |
| **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519934 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1251808 |
| **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2018  | 5.00% | 09/01/30 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 531247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2018  | 5.00% | 09/01/31 *(a)* | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 698283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2018  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 763703 |
| **Oceanside Unified School District** | **Oceanside Unified School District** | **Oceanside Unified School District** | **Oceanside Unified School District** | **Oceanside Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1409804 |
| **Ojai Unified School District** | **Ojai Unified School District** | **Ojai Unified School District** | **Ojai Unified School District** | **Ojai Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1153846 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 5.50% | 08/01/53 *(a)* | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1846036 |
| **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1098986 |
| **Oxnard Financing Authority** | **Oxnard Financing Authority** | **Oxnard Financing Authority** | **Oxnard Financing Authority** | **Oxnard Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1316130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1299844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 806501 |
| **Oxnard School District** | **Oxnard School District** | **Oxnard School District** | **Oxnard School District** | **Oxnard School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015D  | 5.00% | 08/01/31 *(a)(g)* | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1369382 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015D  | 5.00% | 08/01/32 *(a)(g)* | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1494784 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015D  | 5.00% | 08/01/33 *(a)(g)* | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp; 1690410 |

---

**23**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022C  | 3.50% | 08/01/45 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1047423 |
| **Pacifica Financing Authority** | **Pacifica Financing Authority** | **Pacifica Financing Authority** | **Pacifica Financing Authority** | **Pacifica Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater Revenue RB Series 2017  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1074007 |
| **Palmdale Elementary School District** | **Palmdale Elementary School District** | **Palmdale Elementary School District** | **Palmdale Elementary School District** | **Palmdale Elementary School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017B  | 5.25% | 08/01/42 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2562847 |
| **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 0.00% | 06/01/45 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 375398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 0.00% | 06/01/48 *(a)(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 158576 |
| **Perris Elementary School District** | **Perris Elementary School District** | **Perris Elementary School District** | **Perris Elementary School District** | **Perris Elementary School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp; 1515901 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1118887 |
| **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016  | 5.50% | 09/01/29 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 362898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016  | 5.25% | 09/01/33 *(a)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 823747 |
| **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 906349 |
| **Pittsburg Unified School District** | **Pittsburg Unified School District** | **Pittsburg Unified School District** | **Pittsburg Unified School District** | **Pittsburg Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023D  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2052052 |
| **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2002A  | 5.85% | 08/01/31  | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1817139 |
| **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 5.00% | 08/01/26 *(h)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 770394 |
| **Port of Los Angeles** | **Port of Los Angeles** | **Port of Los Angeles** | **Port of Los Angeles** | **Port of Los Angeles** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A  | 5.00% | 08/01/26 *(a)(g)* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 852771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A-1  | 5.00% | 08/01/31  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1082031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A-1  | 5.00% | 08/01/32  | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1904754 |
| **Port of Oakland** | **Port of Oakland** | **Port of Oakland** | **Port of Oakland** | **Port of Oakland** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021H  | 5.00% | 05/01/26 *(g)* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021H  | 5.00% | 05/01/28 *(g)* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021H  | 5.00% | 05/01/26  | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp; 1770825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021H  | 5.00% | 05/01/28  | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1287648 |
| **Ravenswood City School District** | **Ravenswood City School District** | **Ravenswood City School District** | **Ravenswood City School District** | **Ravenswood City School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.50% | 08/01/48 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1246166 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 5.25% | 08/01/53 *(a)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3665480 |
| **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021  | 3.00% | 06/01/51 *(a)* | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp; 1247909 |
| **Rialto Unified School District** | **Rialto Unified School District** | **Rialto Unified School District** | **Rialto Unified School District** | **Rialto Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2024  | 5.00% | 09/01/30  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 383774 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2024  | 5.00% | 09/01/31  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 359730 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2024  | 5.00% | 09/01/32  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 501810 |
| **Rib Floater Trust Various States** | **Rib Floater Trust Various States** | **Rib Floater Trust Various States** | **Rib Floater Trust Various States** | **Rib Floater Trust Various States** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022-008  | 3.00% | 05/15/42 *(a)(d)(e)(i)(j)* | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3100000 |
| **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 689996 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 583073 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 784003 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 886282 |
| **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A  | 5.00% | 11/01/25  | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1028947 |

---

**24**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021B-1  | 4.00% | 06/01/40 *(a)* | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3743602 |
| **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2013  | 5.00% | 10/01/27 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200309 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2013  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001164 |
| **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp; 1510640 |
| **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 4.13% | 08/01/49 *(a)* | &nbsp;&nbsp; 3375000 | &nbsp;&nbsp; 3154029 |
| **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1197951 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017B  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp; 1980000 | &nbsp;&nbsp; 2027522 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017B  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020720 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023B  | 5.00% | 07/01/33  | &nbsp;&nbsp; 2245000 | &nbsp;&nbsp; 2410732 |
| **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 10/15/40 *(a)* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 932113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Utility Revenue RB Series 2024A  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 1289531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Utility Revenue RB Series 2024A  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1247547 |
| **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2013A  | 5.00% | 09/01/25 *(a)* | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 245305 |
| **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/33 *(b)* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 83273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025ZR-6A  | 5.00% | 07/01/43  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 550065 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019E  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2483402 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019E  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 429096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018G  | 5.00% | 05/01/27  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1237380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3594716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 847403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 05/01/31  | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp; 1802865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023C  | 5.00% | 05/01/33  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5364582 |
| **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2014C  | 5.00% | 08/01/25 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2014C  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 305369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Tax Allocation Series 2014C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 430468 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco Community Facilities District No. 6 Refunding Special <br> Tax Series 2023 <br>| 5.25% | 08/01/39 *(a)* | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 950399 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco Community Facilities District No. 6 Refunding Special <br> Tax Series 2023 <br>| 5.25% | 08/01/40 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1079476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Bay South Redevelopment Area Tax Increment Financing District Refunding <br> Tax Allocation Series 2025B <br>| 5.00% | 08/01/35  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1798848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Bay South Redevelopment Area Tax Increment Financing District Refunding <br> Tax Allocation Series 2025B <br>| 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1506712 |
| **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 5.25% | 06/15/49 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1580886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 5.00% | 06/15/30  | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1276454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 5.00% | 06/15/31  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1325463 |
| **San Jacinto Unified School District** | **San Jacinto Unified School District** | **San Jacinto Unified School District** | **San Jacinto Unified School District** | **San Jacinto Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1197400 |
| **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2014A  | 4.00% | 01/15/50 *(a)(j)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1751938 |

---

**25**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024D  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496259 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024D  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 588646 |
| **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 594200 |
| **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024C  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 971789 |
| **Sierra View Local Health Care District** | **Sierra View Local Health Care District** | **Sierra View Local Health Care District** | **Sierra View Local Health Care District** | **Sierra View Local Health Care District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019  | 4.00% | 07/01/25  | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp; 1270118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020  | 4.00% | 07/01/26  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020  | 5.00% | 07/01/27  | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 650053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020  | 5.00% | 07/01/30  | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 686576 |
| **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1360910 |
| **South San Francisco Unified School District** | **South San Francisco Unified School District** | **South San Francisco Unified School District** | **South San Francisco Unified School District** | **South San Francisco Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 09/01/48 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 938267 |
| **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power Power System Revenue Refunding RB <br> Series 2023-1 <br>| 5.00% | 07/01/27  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2579576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power Power System Revenue Refunding RB <br> Series 2023-1 <br>| 5.00% | 07/01/28  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1045629 |
| **Stanislaus Union School District** | **Stanislaus Union School District** | **Stanislaus Union School District** | **Stanislaus Union School District** | **Stanislaus Union School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025A  | 4.50% | 08/01/54 *(a)* | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1432281 |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31480 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1376270 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1342665 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1485926 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1114270 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 5.00% | 03/01/29  | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp; 1955557 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 431247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2007  | 5.25% | 08/01/32  | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3640604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2013  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2015  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3509083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1320533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2017  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2039705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2019  | 5.00% | 10/01/25  | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5036913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2019  | 5.00% | 04/01/30  | &nbsp;&nbsp; 1930000 | &nbsp;&nbsp; 2113651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2023  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2194748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5623744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 5.00% | 03/01/38 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1105073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 5.00% | 03/01/45 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527815 |
| **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Special Tax Series 2024  | 5.00% | 09/01/33  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 621231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Special Tax Series 2024  | 5.00% | 09/01/34  | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 539425 |
| **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025XX-1369  | 2.45% | 05/01/55 *(a)(d)(e)(i)(j)* | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 515000 |
| **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.00% | 11/15/52 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1549055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015  | 4.00% | 11/15/25  | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 462264 |

---

**26**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **University of California** | **University of California** | **University of California** | **University of California** | **University of California** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017M  | 5.00% | 05/15/52 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2013667 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025CA  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2196164 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025CB  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1664296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021Q  | 3.00% | 05/15/51 *(a)* | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 663675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024BS  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1055075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024BV  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 538234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024BW  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076467 |
| **University of California Hastings College of the Law** | **University of California Hastings College of the Law** | **University of California Hastings College of the Law** | **University of California Hastings College of the Law** | **University of California Hastings College of the Law** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1138499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1150499 |
| **Vallejo City Unified School District** | **Vallejo City Unified School District** | **Vallejo City Unified School District** | **Vallejo City Unified School District** | **Vallejo City Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 930222 |
| **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 498441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 439382 |
| **West Hills Community College District** | **West Hills Community College District** | **West Hills Community College District** | **West Hills Community College District** | **West Hills Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016B  | 5.00% | 08/01/25  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 321065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016B  | 5.00% | 08/01/26  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 461951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016B  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp; 595000 | &nbsp;&nbsp; 610470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2016B  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp; 650844 |
|  |  |  |  | &nbsp;&nbsp; **453051119** |
| **GUAM** 1.1%  | **GUAM** 1.1%  | **GUAM** 1.1%  | **GUAM** 1.1%  | **GUAM** 1.1%  |
| **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater System Refunding RB Series 2024A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 598585 |
| **Guam Power Authority** | **Guam Power Authority** | **Guam Power Authority** | **Guam Power Authority** | **Guam Power Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 10/01/32  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2167181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1236232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 431629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 454897 |
|  |  |  |  | &nbsp;&nbsp; **4888524** |
| **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A-1  | 5.00% | 07/01/58 *(a)* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; **2348889** |
| **Total Municipal Securities**<br> **(Cost $468,112,012)** | **Total Municipal Securities**<br> **(Cost $468,112,012)** | **Total Municipal Securities**<br> **(Cost $468,112,012)** | **Total Municipal Securities**<br> **(Cost $468,112,012)** | &nbsp;&nbsp; **460288532** |
| **Total Investments in Securities**<br> **(Cost $468,112,012)** | **Total Investments in Securities**<br> **(Cost $468,112,012)** | **Total Investments in Securities**<br> **(Cost $468,112,012)** | **Total Investments in Securities**<br> **(Cost $468,112,012)** | &nbsp;&nbsp; **460288532** |

---

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

**27**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because the security
 is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Zero coupon bond.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* VRDN is a municipal security which allows holders to sell their security through a
 put or tender feature, at par value plus accrued interest. The interest rate resets
 on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless
 a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset
 date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined
 rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Refunded bond.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Securities exempt from registration under Rule 144A of the Securities Act of 1933,
 as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these
 amounted to $3,615,000 or 0.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* TOB is a synthetically created VRDN where the owner of a long-term bond places the
 bond in a trust in combination with a liquidity facility. The trust then sells certificates which mirror the VRDN sold directly by a municipal issuer. VRDN is a municipal security
 which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority
 of which are weekly but may be daily or monthly. Unless a reference rate and spread
 is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest
 rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index.

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

---

| | |
|:---|:---|
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| TOB — | Tender option bond |
| VRDN — | Variable rate demand note |

---

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

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **Assets** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp;&nbsp; $460288532 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $460288532 |
| **Total** | **$—** | &nbsp;&nbsp; **$460288532** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$460288532** |

---

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

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

**28**

------

Schwab Investments

Schwab Opportunistic Municipal Bond Fund

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 100.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.6% OF NET ASSETS |
| **ALABAMA** 3.1%  | **ALABAMA** 3.1%  | **ALABAMA** 3.1%  | **ALABAMA** 3.1%  | **ALABAMA** 3.1%  |
| **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023C  | 5.50% | 10/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265777 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024D  | 5.00% | 03/01/55 *(a)(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022D-1  | 4.00% | 07/01/52 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499632 |
| **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 5.50% | 10/01/53 *(a)* | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 599705 |
| **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023B-1  | 5.75% | 04/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270955 |
| **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024C  | 5.00% | 10/01/55 *(a)(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261430 |
|  |  |  |  | &nbsp;&nbsp; **2159669** |
| **ARIZONA** 2.0%  | **ARIZONA** 2.0%  | **ARIZONA** 2.0%  | **ARIZONA** 2.0%  | **ARIZONA** 2.0%  |
| **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Health Obligated Group RB Series 2015C  | 3.00% | 01/01/46 *(a)(c)(d)* | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 355000 |
| **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable School Revolving Fund LLC Obligated Group RB Series 2023A  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 427926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable School Revolving Fund LLC Obligated Group RB Series 2024A  | 5.00% | 11/01/49 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243618 |
| **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Public Schools RB Series 2018A  | 5.00% | 02/15/38 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 394088 |
|  |  |  |  | &nbsp;&nbsp; **1420632** |
| **CALIFORNIA** 8.1%  | **CALIFORNIA** 8.1%  | **CALIFORNIA** 8.1%  | **CALIFORNIA** 8.1%  | **CALIFORNIA** 8.1%  |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025D  | 0.00% | 08/01/43 *(a)(e)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 302277 |
| **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 5.25% | 07/01/54 *(a)* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101204 |
| **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023C  | 5.25% | 01/01/54 *(a)(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258930 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A-1  | 5.00% | 05/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262480 |
| **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Mary's College of California Refunding RB Series 2023A  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206363 |
| **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Mayo Newhall Hospital Obligated Group Refunding RB Series 2021A  | 4.00% | 10/15/28  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 353355 |
| &nbsp;&nbsp;&nbsp;&nbsp; P3 Irvine SL Holdings LLC Obligated Group RB Series 2024A  | 6.20% | 06/01/44 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 235901 |

---

**29**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/26  | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 233448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 184537 |
| **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024H  | 0.00% | 08/01/49 *(a)(e)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 159814 |
| **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019A  | 4.00% | 05/15/44 *(a)* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 291740 |
| **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2021  | 2.00% | 11/01/38 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 182731 |
| **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239578 |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Revenue RB Series 2022B  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203407 |
| **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 161008 |
| **Pacifica School District** | **Pacifica School District** | **Pacifica School District** | **Pacifica School District** | **Pacifica School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 134397 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190452 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 137172 |
| **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 0.00% | 06/01/42 *(a)(e)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 221454 |
| **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities Improvement District No. 2007-1 GO Bonds Series 2011  | 0.00% | 08/01/51 *(e)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 161199 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 218831 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023B  | 5.25% | 07/01/34 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274663 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019E  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 208555 |
| **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Anaheim Electric System Revenue RB Series 2024A  | 5.00% | 04/01/55 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259274 |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2025  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278727 |
|  |  |  |  | &nbsp;&nbsp; **5636821** |
| **COLORADO** 4.0%  | **COLORADO** 4.0%  | **COLORADO** 4.0%  | **COLORADO** 4.0%  | **COLORADO** 4.0%  |
| **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 4.13% | 11/15/53 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 427185 |
| **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128907 |
| **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Loveland Classical Schools RB Series 2023  | 5.00% | 07/01/53 *(a)(c)* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 351352 |
| **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group Refunding RB Series 2019A-1  | 5.00% | 08/01/28  | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 226145 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group Refunding RB Series 2019A-1  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173650 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health Obligated Group Refunding RB Series 2024A  | 5.25% | 12/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Healthcare Obligated Group Refunding RB Series 2019A  | 4.00% | 01/01/35 *(a)* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 370025 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Jewish Health RB Series 2019  | 3.00% | 01/01/45 *(a)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 223266 |
| **Colorado Mesa University** | **Colorado Mesa University** | **Colorado Mesa University** | **Colorado Mesa University** | **Colorado Mesa University** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.00% | 05/15/36 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275322 |

---

**30**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2023  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 330617 |
|  |  |  |  | &nbsp;&nbsp; **2758380** |
| **CONNECTICUT** 0.8%  | **CONNECTICUT** 0.8%  | **CONNECTICUT** 0.8%  | **CONNECTICUT** 0.8%  | **CONNECTICUT** 0.8%  |
| **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Yale University RB Series 2025B  | 5.00% | 07/01/64 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278367 |
| **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020A  | 4.00% | 01/15/37 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250166 |
|  |  |  |  | &nbsp;&nbsp; **528533** |
| **DISTRICT OF COLUMBIA** 0.7%  | **DISTRICT OF COLUMBIA** 0.7%  | **DISTRICT OF COLUMBIA** 0.7%  | **DISTRICT OF COLUMBIA** 0.7%  | **DISTRICT OF COLUMBIA** 0.7%  |
| **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250148 |
| **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251109 |
|  |  |  |  | &nbsp;&nbsp; **501257** |
| **FLORIDA** 8.3%  | **FLORIDA** 8.3%  | **FLORIDA** 8.3%  | **FLORIDA** 8.3%  | **FLORIDA** 8.3%  |
| **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shands Teaching Hospital & Clinics Obligated Group RB Series 2019A  | 3.00% | 12/01/46 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 176665 |
| **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022  | 5.00% | 10/01/31  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215590 |
| **City of Lakeland** | **City of Lakeland** | **City of Lakeland** | **City of Lakeland** | **City of Lakeland** |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Health Systems Obligated Group Refunding RB Series 2024  | 5.00% | 11/15/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261793 |
| **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021C  | 2.00% | 10/01/40 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 168797 |
| &nbsp;&nbsp;&nbsp;&nbsp; H Lee Moffitt Cancer Center & Research Institute Obligated Group RB Series 2020B  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 267917 |
| **County of Lee Airport Revenue** | **County of Lee Airport Revenue** | **County of Lee Airport Revenue** | **County of Lee Airport Revenue** | **County of Lee Airport Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 5.25% | 10/01/44 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254967 |
| **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023A  | 5.00% | 10/01/26  | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 214542 |
| **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightline Trains Florida LLC Refunding RB Series 2024  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 459776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Sciences Center, Inc. Obligated Group RB Series 2024A  | 4.50% | 08/01/55 *(a)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 266789 |
| **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 5.00% | 10/01/30  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266053 |
| **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCare Obligated Group Refunding RB Series 2024C  | 5.50% | 11/15/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263319 |
| **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267404 |
| **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Point Obligated Group RB Series 2024A  | 5.25% | 11/15/44 *(a)* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 278020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Point Obligated Group RB Series 2024B-1  | 4.75% | 11/15/29 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 601572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Point Obligated Group RB Series 2024C  | 5.00% | 11/15/54 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 468053 |
| **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baptist Health South Florida Obligated Group RB Series 2019  | 3.00% | 08/15/44 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 113674 |
| **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016C  | 3.25% | 02/01/33 *(a)* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 256656 |

---

**31**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2023  | 5.00% | 05/01/43 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 246009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2024  | 4.20% | 05/01/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 233866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment Series 2024  | 4.80% | 05/01/55 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229498 |
|  |  |  |  | &nbsp;&nbsp; **5780339** |
| **GEORGIA** 1.5%  | **GEORGIA** 1.5%  | **GEORGIA** 1.5%  | **GEORGIA** 1.5%  | **GEORGIA** 1.5%  |
| **Brookhaven Development Authority** | **Brookhaven Development Authority** | **Brookhaven Development Authority** | **Brookhaven Development Authority** | **Brookhaven Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Children's Healthcare of Atlanta Obligated Group RB Series 2019A  | 3.00% | 07/01/46 *(a)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 225165 |
| **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; WellStar Health System Obligated Group RB Series 2023A  | 5.13% | 04/01/53 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250354 |
| **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023D  | 5.00% | 05/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259776 |
| **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025B  | 5.00% | 07/01/36  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284580 |
|  |  |  |  | &nbsp;&nbsp; **1019875** |
| **IDAHO** 0.8%  | **IDAHO** 0.8%  | **IDAHO** 0.8%  | **IDAHO** 0.8%  | **IDAHO** 0.8%  |
| **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** |
| &nbsp;&nbsp;&nbsp;&nbsp; White Pine Charter School, Inc. RB Series 2023A  | 5.25% | 05/01/38 *(a)(c)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309506 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Pine Charter School, Inc. RB Series 2023A  | 5.50% | 05/01/43 *(a)(c)* | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 235654 |
|  |  |  |  | &nbsp;&nbsp; **545160** |
| **ILLINOIS** 6.6%  | **ILLINOIS** 6.6%  | **ILLINOIS** 6.6%  | **ILLINOIS** 6.6%  | **ILLINOIS** 6.6%  |
| **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.50% | 12/01/31  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 478005 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.25% | 01/01/53 *(a)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299103 |
| **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2023C  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209347 |
| **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.50% | 01/01/49 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244967 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.50% | 01/01/43 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503188 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 417742 |
| **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023B  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267692 |
| **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; DePaul University RB Series 2016  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Memorial Healthcare Obligated Group Refunding RB Series 2021A  | 4.00% | 07/15/35 *(a)* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 233038 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Water Revolving Fund - Clean Water Program RB Series 2025A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258502 |
| **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois McCormick Place Expansion Project Fund Refunding RB Series 2010  | 0.00% | 06/15/43 *(e)* | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 162623 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois McCormick Place Expansion Project Fund Refunding RB Series <br> 2022A <br>| 0.00% | 06/15/41 *(a)(e)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 217404 |
| **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016  | 4.00% | 06/01/35 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239721 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023B  | 5.25% | 05/01/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262130 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024B  | 5.25% | 05/01/49 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024  | 5.00% | 02/01/31  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106983 |

---

**32**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.25% | 04/01/44 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261526 |
|  |  |  |  | &nbsp;&nbsp; **4617567** |
| **INDIANA** 0.2%  | **INDIANA** 0.2%  | **INDIANA** 0.2%  | **INDIANA** 0.2%  | **INDIANA** 0.2%  |
| **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Products North America, Inc. RB Series 2008  | 4.20% | 06/01/44 *(a)(f)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; **149749** |
| **KENTUCKY** 1.2%  | **KENTUCKY** 1.2%  | **KENTUCKY** 1.2%  | **KENTUCKY** 1.2%  | **KENTUCKY** 1.2%  |
| **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021  | 2.00% | 12/01/27 *(c)* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 314847 |
| **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A-1  | 4.00% | 12/01/49 *(a)(b)(g)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017A  | 3.25% | 05/15/46 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 153091 |
| **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A  | 3.00% | 09/01/40 *(a)(c)* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 184425 |
|  |  |  |  | &nbsp;&nbsp; **852363** |
| **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  |
| **City of New Orleans Sewerage Service Revenue** | **City of New Orleans Sewerage Service Revenue** | **City of New Orleans Sewerage Service Revenue** | **City of New Orleans Sewerage Service Revenue** | **City of New Orleans Sewerage Service Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015  | 5.00% | 06/01/25  | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 260000 |
| **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023C  | 5.75% | 12/01/53 *(a)* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 219820 |
| **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ochsner Clinic Foundation Obligated Group Refunding RB Series 2020A  | 3.00% | 05/15/47 *(a)* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 154289 |
| **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 352921 |
|  |  |  |  | &nbsp;&nbsp; **987030** |
| **MAINE** 0.4%  | **MAINE** 0.4%  | **MAINE** 0.4%  | **MAINE** 0.4%  | **MAINE** 0.4%  |
| **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; MaineHealth Obligated Group RB Series 2023B  | 5.25% | 07/01/48 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; **256388** |
| **MARYLAND** 1.6%  | **MARYLAND** 1.6%  | **MARYLAND** 1.6%  | **MARYLAND** 1.6%  | **MARYLAND** 1.6%  |
| **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ports America Chesapeake LLC Refunding RB Series 2017A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254625 |
| **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Frederick Health, Inc. Obligated Group Refunding RB Series 2023  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358134 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Maryland Medical System Obligated Group RB Series 2025C-1  | 3.10% | 07/01/55 *(a)(c)(d)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  |  |  |  | &nbsp;&nbsp; **1112759** |
| **MASSACHUSETTS** 2.6%  | **MASSACHUSETTS** 2.6%  | **MASSACHUSETTS** 2.6%  | **MASSACHUSETTS** 2.6%  | **MASSACHUSETTS** 2.6%  |
| **City of Quincy** | **City of Quincy** | **City of Quincy** | **City of Quincy** | **City of Quincy** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021  | 2.00% | 01/15/39 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 143180 |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center Corp. Obligated Group Refunding RB Series 2023G  | 5.25% | 07/01/52 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 488071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson College RB Series 2018  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496885 |

---

**33**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith College Refunding RB Series 2025  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 457070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk University Refunding RB Series 2025  | 6.00% | 07/01/50 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262127 |
|  |  |  |  | &nbsp;&nbsp; **1847333** |
| **MICHIGAN** 0.2%  | **MICHIGAN** 0.2%  | **MICHIGAN** 0.2%  | **MICHIGAN** 0.2%  | **MICHIGAN** 0.2%  |
| **Waverly Community Schools** | **Waverly Community Schools** | **Waverly Community Schools** | **Waverly Community Schools** | **Waverly Community Schools** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022I  | 3.00% | 11/01/47 *(a)(c)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; **146069** |
| **MINNESOTA** 2.8%  | **MINNESOTA** 2.8%  | **MINNESOTA** 2.8%  | **MINNESOTA** 2.8%  | **MINNESOTA** 2.8%  |
| **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Children's Health Care Obligated Group RB Series 2025  | 5.00% | 08/15/31  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275555 |
| **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019B  | 3.00% | 02/01/34 *(a)(c)* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 306084 |
| **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 3.00% | 02/01/34 *(a)(c)* | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 264764 |
| **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 5.00% | 01/01/30  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264441 |
| **Southcentral Minnesota Multi County Housing & Redevelopment Authority** | **Southcentral Minnesota Multi County Housing & Redevelopment Authority** | **Southcentral Minnesota Multi County Housing & Redevelopment Authority** | **Southcentral Minnesota Multi County Housing & Redevelopment Authority** | **Southcentral Minnesota Multi County Housing & Redevelopment Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/00 *(h)(i)* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/02 *(h)(i)* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/05 *(h)(i)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/06 *(h)(i)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/07 *(h)(i)* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 5186 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/08 *(h)(i)* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/17 *(h)(i)* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 36510 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1993  | 0.00% | 02/01/25 *(h)(i)* | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp; 792180 |
|  |  |  |  | &nbsp;&nbsp; **1952154** |
| **MISSOURI** 1.3%  | **MISSOURI** 1.3%  | **MISSOURI** 1.3%  | **MISSOURI** 1.3%  | **MISSOURI** 1.3%  |
| **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.25% | 07/01/49 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260148 |
| **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lutheran Senior Services Obligated Group Refunding RB Series 2024A  | 5.25% | 02/01/54 *(a)* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 284471 |
| **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Revenue RB Series 2020A  | 5.00% | 03/01/32 *(a)* | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 360473 |
|  |  |  |  | &nbsp;&nbsp; **905092** |
| **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  |
| **Omaha Airport Authority** | **Omaha Airport Authority** | **Omaha Airport Authority** | **Omaha Airport Authority** | **Omaha Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 5.00% | 12/15/33  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; **268536** |
| **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  |
| **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021B  | 5.00% | 07/01/27  | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; **242480** |
| **NEW HAMPSHIRE** 0.7%  | **NEW HAMPSHIRE** 0.7%  | **NEW HAMPSHIRE** 0.7%  | **NEW HAMPSHIRE** 0.7%  | **NEW HAMPSHIRE** 0.7%  |
| **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novant Health Obligated Group RB Series 2025A  | 5.00% | 06/01/55 *(a)(f)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241951 |

---

**34**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dartmouth Health Obligated Group Refunding RB Series 2025  | 5.50% | 08/01/50 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258921 |
|  |  |  |  | &nbsp;&nbsp; **500872** |
| **NEW JERSEY** 3.8%  | **NEW JERSEY** 3.8%  | **NEW JERSEY** 3.8%  | **NEW JERSEY** 3.8%  | **NEW JERSEY** 3.8%  |
| **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017B  | 5.00% | 06/15/30 *(a)* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 252862 |
| **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020AA  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 151964 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023BB  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252591 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024CC  | 5.25% | 06/15/50 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 236360 |
| **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 4.50% | 01/01/48 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 482272 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025B  | 5.00% | 01/01/28 *(f)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262466 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2025B  | 5.00% | 01/01/31 *(f)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273659 |
| **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018A  | 5.25% | 06/01/46 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502059 |
|  |  |  |  | &nbsp;&nbsp; **2670641** |
| **NEW YORK** 13.1%  | **NEW YORK** 13.1%  | **NEW YORK** 13.1%  | **NEW YORK** 13.1%  | **NEW YORK** 13.1%  |
| **Build NYC Resource Corp.** | **Build NYC Resource Corp.** | **Build NYC Resource Corp.** | **Build NYC Resource Corp.** | **Build NYC Resource Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Success Academy Charter Schools, Inc. Obligated Group RB Series 2024  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Success Academy Charter Schools, Inc. Obligated Group RB Series 2024  | 4.00% | 09/01/40 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 230929 |
| **City of New York** | **City of New York** | **City of New York** | **City of New York** | **City of New York** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017B-4  | 3.05% | 10/01/46 *(a)(c)(d)* | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019B-1  | 3.00% | 10/01/44 *(a)* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 194408 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A-1  | 4.00% | 08/01/38 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244486 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021F-1  | 4.00% | 03/01/47 *(a)* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 258976 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022D-1  | 5.50% | 05/01/46 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263337 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025G-1  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268981 |
| **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020C-1  | 4.75% | 11/15/45 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 490707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2005D-1  | 3.00% | 11/01/35 *(a)(c)(d)* | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 740000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016C-2A  | 3.00% | 11/15/38 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 152274 |
| **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Series 2024CC-1  | 4.25% | 06/15/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 222645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System Refunding RB Series 2025CC  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258426 |
| **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue RB Series 2023B  | 4.38% | 05/01/53 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 230160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue RB Series 2024G-1  | 5.25% | 05/01/51 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue RB Series 2025E  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue RB Series 2025H  | 5.50% | 11/01/51 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Revenue Refunding RB Series 2025F-1  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273623 |
| **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020S-1  | 4.00% | 07/15/40 *(a)* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 196685 |
| **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A-2  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 287556 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A-1  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 446010 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022C-1  | 4.00% | 02/01/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242234 |

---

**35**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Institute of Technology RB Series 2024  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institute of Technology RB Series 2024  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montefiore Obligated Group RB Series 2024  | 5.50% | 11/01/47 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwell Health Obligated Group Refunding RB Series 2022A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 190882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax Revenue Refunding RB Series 2017A  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497398 |
| **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax Revenue Refunding RB Series 2021A-1  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 242063 |
| **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; JFK Millennium Partners LLC Refunding RB Series 2024A  | 5.50% | 12/31/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250501 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFK NTO LLC RB Series 2023  | 5.50% | 06/30/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261383 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFK NTO LLC RB Series 2024  | 5.25% | 06/30/49 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247454 |
| **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024-246  | 5.00% | 09/01/40 *(a)* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102477 |
|  |  |  |  | &nbsp;&nbsp; **9185480** |
| **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  | **NORTH CAROLINA** 2.5%  |
| **City of Durham Water & Sewer Utility System Revenue** | **City of Durham Water & Sewer Utility System Revenue** | **City of Durham Water & Sewer Utility System Revenue** | **City of Durham Water & Sewer Utility System Revenue** | **City of Durham Water & Sewer Utility System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242974 |
| **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 4.00% | 06/01/49 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219246 |
| **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.50% | 07/01/52 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256936 |
| **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carolina Meadows, Inc. Obligated Group RB Series 2024  | 5.25% | 12/01/49 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504180 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retirement Homes, Inc. Obligated Group RB Series 2024A  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 493001 |
|  |  |  |  | &nbsp;&nbsp; **1716337** |
| **OHIO** 1.4%  | **OHIO** 1.4%  | **OHIO** 1.4%  | **OHIO** 1.4%  | **OHIO** 1.4%  |
| **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A  | 3.15% | 04/01/35 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 236121 |
| **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.50% | 01/01/50 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258261 |
| **County of Hamilton** | **County of Hamilton** | **County of Hamilton** | **County of Hamilton** | **County of Hamilton** |
| &nbsp;&nbsp;&nbsp;&nbsp; UC Health Obligated Group Refunding RB Series 2025A  | 5.50% | 08/01/45 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250855 |
| **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.25% | 06/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258088 |
|  |  |  |  | &nbsp;&nbsp; **1003325** |
| **OKLAHOMA** 1.3%  | **OKLAHOMA** 1.3%  | **OKLAHOMA** 1.3%  | **OKLAHOMA** 1.3%  | **OKLAHOMA** 1.3%  |
| **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; OU Medicine Obligated Group RB Series 2018B  | 5.50% | 08/15/57 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 488640 |
| **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021C  | 3.00% | 10/01/36 *(a)* | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 173061 |
| **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 4.13% | 07/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 225998 |
|  |  |  |  | &nbsp;&nbsp; **887699** |

---

**36**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **OREGON** 1.6%  | **OREGON** 1.6%  | **OREGON** 1.6%  | **OREGON** 1.6%  | **OREGON** 1.6%  |
| **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Lutheran Charities Obligated Group RB Series 2024  | 5.25% | 08/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251500 |
| **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 0.00% | 06/15/43 *(a)(c)(e)* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 360813 |
| **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.00% | 04/01/26  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254265 |
| **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020-27A  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 234792 |
|  |  |  |  | &nbsp;&nbsp; **1101370** |
| **PENNSYLVANIA** 1.8%  | **PENNSYLVANIA** 1.8%  | **PENNSYLVANIA** 1.8%  | **PENNSYLVANIA** 1.8%  | **PENNSYLVANIA** 1.8%  |
| **Commonwealth Financing Authority** | **Commonwealth Financing Authority** | **Commonwealth Financing Authority** | **Commonwealth Financing Authority** | **Commonwealth Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512498 |
| **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. RB Series 2021B-2  | 4.20% | 04/01/49 *(a)(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250079 |
| **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022B  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513077 |
|  |  |  |  | &nbsp;&nbsp; **1275654** |
| **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A-1  | 5.00% | 07/01/58 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; **234889** |
| **RHODE ISLAND** 1.7%  | **RHODE ISLAND** 1.7%  | **RHODE ISLAND** 1.7%  | **RHODE ISLAND** 1.7%  | **RHODE ISLAND** 1.7%  |
| **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bryant University Refunding RB Series 2024  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 466198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifespan Obligated Group RB Series 2024  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifespan Obligated Group RB Series 2024  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507067 |
|  |  |  |  | &nbsp;&nbsp; **1179429** |
| **SOUTH CAROLINA** 2.1%  | **SOUTH CAROLINA** 2.1%  | **SOUTH CAROLINA** 2.1%  | **SOUTH CAROLINA** 2.1%  | **SOUTH CAROLINA** 2.1%  |
| **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** | **South Carolina Jobs-Economic Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novant Health Obligated Group RB Series 2024A  | 4.50% | 11/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229662 |
| **South Carolina Ports Authority** | **South Carolina Ports Authority** | **South Carolina Ports Authority** | **South Carolina Ports Authority** | **South Carolina Ports Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018  | 4.00% | 07/01/55 *(a)* | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 212006 |
| **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022E  | 5.75% | 12/01/47 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 531995 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 5.00% | 12/01/30  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016B  | 5.00% | 12/01/56 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245970 |
|  |  |  |  | &nbsp;&nbsp; **1491888** |
| **TENNESSEE** 1.8%  | **TENNESSEE** 1.8%  | **TENNESSEE** 1.8%  | **TENNESSEE** 1.8%  | **TENNESSEE** 1.8%  |
| **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDFI Phase I LLC Refunding RB Series 2015  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501685 |
| **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmont University RB Series 2023  | 5.25% | 05/01/53 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250132 |
| **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255375 |

---

**37**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023-3A  | 6.25% | 01/01/54 *(a)* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 258495 |
|  |  |  |  | &nbsp;&nbsp; **1265687** |
| **TEXAS** 12.9%  | **TEXAS** 12.9%  | **TEXAS** 12.9%  | **TEXAS** 12.9%  | **TEXAS** 12.9%  |
| **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173272 |
| **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Public Schools RB Series 2024  | 4.00% | 02/15/44 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 457092 |
| **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024B  | 4.00% | 08/15/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 214587 |
| **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 4.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 222045 |
| **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024  | 4.25% | 07/15/54 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 354664 |
| **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Series 2023  | 6.25% | 08/15/53 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250077 |
| **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023  | 5.25% | 08/01/25  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250434 |
| **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023  | 4.25% | 03/01/48 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229859 |
| **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024A  | 4.13% | 03/01/51 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 218408 |
| **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 217351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023A  | 5.00% | 07/01/31  | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 294126 |
| **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2024A  | 5.00% | 11/15/41 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263805 |
| **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 233033 |
| **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023B  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229236 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024C  | 5.00% | 02/01/54 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251589 |
| **City of Terrell** | **City of Terrell** | **City of Terrell** | **City of Terrell** | **City of Terrell** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023C  | 4.50% | 08/15/53 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 468068 |
| **Community Independent School District** | **Community Independent School District** | **Community Independent School District** | **Community Independent School District** | **Community Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2024  | 5.00% | 02/15/40 *(a)(c)* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180666 |
| **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 4.00% | 08/15/49 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 349267 |
| **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021  | 2.50% | 09/01/39 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 104652 |
| **El Paso County Hospital District** | **El Paso County Hospital District** | **El Paso County Hospital District** | **El Paso County Hospital District** | **El Paso County Hospital District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2017  | 5.00% | 08/15/33 *(a)* | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2017  | 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202230 |
| **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255529 |
| **Gonzales Independent School District** | **Gonzales Independent School District** | **Gonzales Independent School District** | **Gonzales Independent School District** | **Gonzales Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2024  | 5.00% | 08/01/44 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260427 |
| **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2025  | 5.25% | 02/15/50 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016  | 3.25% | 02/15/42 *(a)* | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 151247 |

---

**38**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Martin County Hospital District** | **Martin County Hospital District** | **Martin County Hospital District** | **Martin County Hospital District** | **Martin County Hospital District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2021  | 4.00% | 04/01/36 *(a)* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 276802 |
| **Midland County Hospital District** | **Midland County Hospital District** | **Midland County Hospital District** | **Midland County Hospital District** | **Midland County Hospital District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 4.00% | 05/15/44 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 225104 |
| **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beta Foundation RB Series 2019  | 5.00% | 08/15/49 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 446465 |
| **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hughen Center, Inc. RB Series 2024A  | 5.25% | 08/15/44 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hughen Center, Inc. RB Series 2024A  | 4.13% | 08/15/49 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 223990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orenda Education RB Series 2023A  | 4.25% | 08/15/58 *(a)(c)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 177613 |
| **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2025A  | 5.00% | 07/01/52 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256996 |
| **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 217546 |
| **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021  | 5.00% | 12/15/28 *(c)* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 285137 |
| **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; NTE Mobility Partners LLC RB Series 2023  | 5.50% | 12/31/58 *(a)* | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169148 |
| **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024A  | 4.00% | 02/15/49 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 213157 |
|  |  |  |  | &nbsp;&nbsp; **9009874** |
| **UTAH** 1.4%  | **UTAH** 1.4%  | **UTAH** 1.4%  | **UTAH** 1.4%  | **UTAH** 1.4%  |
| **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 261254 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023A  | 5.00% | 07/01/28  | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 443633 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2023A  | 5.25% | 07/01/40 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260919 |
|  |  |  |  | &nbsp;&nbsp; **965806** |
| **VIRGINIA** 0.6%  | **VIRGINIA** 0.6%  | **VIRGINIA** 0.6%  | **VIRGINIA** 0.6%  | **VIRGINIA** 0.6%  |
| **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inova Health System Obligated Group RB Series 2024  | 4.13% | 05/15/54 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; **426504** |
| **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  | **WASHINGTON** 2.5%  |
| **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2023A  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256761 |
| **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 05/01/28 *(a)* | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169434 |
| **Port of Vancouver** | **Port of Vancouver** | **Port of Vancouver** | **Port of Vancouver** | **Port of Vancouver** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022A  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529046 |
| **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 5.50% | 12/01/42 *(a)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309182 |
| **Three Rivers Regional Wastewater Authority** | **Three Rivers Regional Wastewater Authority** | **Three Rivers Regional Wastewater Authority** | **Three Rivers Regional Wastewater Authority** | **Three Rivers Regional Wastewater Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2024  | 4.00% | 09/01/42 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 471956 |
|  |  |  |  | &nbsp;&nbsp; **1736379** |
| **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  |
| **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vandalia Health, Inc. Obligated Group RB Series 2023B  | 6.00% | 09/01/53 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; **266003** |

---

**39**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **WISCONSIN** 2.4%  | **WISCONSIN** 2.4%  | **WISCONSIN** 2.4%  | **WISCONSIN** 2.4%  | **WISCONSIN** 2.4%  |
| **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. Refunding RB Series 2017A-2  | 4.10% | 10/01/25 *(a)(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500239 |
| **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascension Health Credit Group Refunding RB Series 2016A  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 105997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Healthcare, Inc. Obligated Group RB Series 2024A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Healthcare, Inc. Obligated Group RB Series 2024A  | 5.00% | 10/01/41 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 351648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Senior Housing, Inc. RB Series 2014  | 5.25% | 12/01/49 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 420819 |
|  |  |  |  | &nbsp;&nbsp; **1682216** |
| **Total Municipal Securities**<br> **(Cost $72,653,352)** | **Total Municipal Securities**<br> **(Cost $72,653,352)** | **Total Municipal Securities**<br> **(Cost $72,653,352)** | **Total Municipal Securities**<br> **(Cost $72,653,352)** | &nbsp;&nbsp; **70288239** |
| **Total Investments in Securities**<br> **(Cost $72,653,352)** | **Total Investments in Securities**<br> **(Cost $72,653,352)** | **Total Investments in Securities**<br> **(Cost $72,653,352)** | **Total Investments in Securities**<br> **(Cost $72,653,352)** | &nbsp;&nbsp; **70288239** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because the security
 is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined
 rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* VRDN is a municipal security which allows holders to sell their security through a
 put or tender feature, at par value plus accrued interest. The interest rate resets
 on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless
 a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset
 date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Zero coupon bond.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Refunded bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* The underlying properties were sold and the bond trustee collected sales proceeds
 from the underlying properties. A substantial distribution to bond holders occurred
 on April 14, 2023, with a residual distribution to be paid in 2025. Due to the sale of
 the underlying properties, accruals for interest were suspended. Previously, the securities were making semiannual distributions of variable amounts of cash flow. The residual
 distribution payment to be made to bond holders in 2025 consists of county tax levy deficit payments collected and to be collected by the bond trustee through the end
 of 2024 less trust operating, administration, and legal expenses in liquidating the
 trust.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Fair valued using significant unobservable inputs (see notes to portfolio holdings
 for additional information).

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

---

| | |
|:---|:---|
| CDFI — | Community Development Financial Institution |
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| VRDN — | Variable rate demand note |

---

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

------

**40**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **Assets** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp;&nbsp; $68336085 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $68336085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota |  | &nbsp;&nbsp;&nbsp; 1110844 | &nbsp;&nbsp;&nbsp; 841310 | &nbsp;&nbsp;&nbsp; 1952154 |
| **Total** | **$—** | &nbsp;&nbsp; **$69446929** | &nbsp;&nbsp; **$841310** | &nbsp;&nbsp; **$70288239** |

---

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

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INVESTMENT IN SECURITIES | VALUE AT<br> August 31,<br> 2024<br>| GROSS<br> TRANSFERS<br> IN<br>| GROSS<br> TRANSFERS<br> OUT<br>| PURCHASES | SALES | REALIZED<br> GAINS<br> (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> May 31,<br> 2025<br>|
| Municipal Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota | $806778 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $34532 | &nbsp;&nbsp; $841310 |
| **Total** | **$806778** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$34532** | &nbsp;&nbsp; **$841310** |

---

The Level 3 securities held are valued utilizing an evaluated price from a third-party vendor pricing service using significant unobservable inputs. A significant change in third-party pricing information may result in a lower or higher value for Level 3 investments (see notes to portfolio holdings for additional information).

**41**

------

Schwab Municipal Bond Funds

**Notes to Portfolio Holdings (Unaudited)** 

------

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

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

**42**

------

Schwab Municipal Bond Funds

**Notes to Portfolio Holdings (Unaudited) (continued)**

------

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 May 31, 2025, are disclosed in each fund's Portfolio Holdings.

REG89446MAY25

**43**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SCHWAB INVESTMENTS

- **b. Investment Company Act file number:** 811-06200

- **c. CIK number of Registrant:** 0000869365

- **d. LEI of Registrant:** 549300V41RCJNTEW5K68

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 211 MAIN STREET

  - **City:** SAN FRANCISCO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

  - **Telephone number:** 800-648-5300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Schwab Opportunistic Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000068892

- **c. LEI of Series:** 549300H3K5P9B3I0IN35

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $71240220.74

**Total Liabilities:** $674462.97

**Net Assets:** $70565757.77

**Delayed Delivery Securities:** $390610.00

**Cash Not Reported:** $5481.08

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 16.65000000 | **1-Year:** 170.58000000 | **5-Year:** 1867.19000000 | **10-Year:** 9794.24000000 | **30-Year:** 50008.33000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 266.88000000 | **30-Year:** 3363.21000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220131 | -2.25%               | -0.81%               | -0.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-31771.13               | $-1833271.37                               |
| Month 2  | $-47674.47               | $-801868.43                                |
| Month 3  | $-123685.48              | $-581591.78                                |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| La Paz County Industrial Development Authority                                   | La Paz County Industrial Development Authority                                            | CUSIP: 50376FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $394088.04    | 0.56%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kenton County School District Finance Corp                                       | Kenton County School District Finance Corp.                                               | CUSIP: 491089ZD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $314847.42    | 0.45%             | 2027-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                             | Oregon State Lottery                                                                      | CUSIP: 68607V5Y7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254264.95    | 0.36%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health & Higher Educational Facilities Authority                                 | CUSIP: 57421CER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $358134.14    | 0.51%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority                                                                | CUSIP: 45203H8Q8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253754.23    | 0.36%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                       | Alachua County Health Facilities Authority                                                | CUSIP: 010685KH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $176665.03    | 0.25%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | County of Hamilton                                                                        | CUSIP: 4072722V4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250855.20    | 0.36%             | 2045-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District                                         | CUSIP: 84136HAH6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261429.48    | 0.37%             | 2055-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Hospital District                                                  | Harris County Hospital District                                                           | CUSIP: 41415UCC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257455.15    | 0.36%             | 2050-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission                                                    | CUSIP: 65820YSX5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    510000 | PA      | $493001.29    | 0.70%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority                               | CUSIP: 20775DZU9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $278366.53    | 0.39%             | 2064-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton County Municipal Utility District No 6                                    | Denton County Municipal Utility District No. 6                                            | CUSIP: 24880SFU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $104652.12    | 0.15%             | 2039-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                      | Louisville & Jefferson County Metropolitan Sewer District                                 | CUSIP: 546589H47<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |    200000 | PA      | $153090.50    | 0.22%             | 2046-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority                                                  | CUSIP: 592250EU4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $217404.30    | 0.31%             | 2041-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | City of Chicago Waterworks Revenue                                                        | CUSIP: 167736W60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267691.95    | 0.38%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                          | CUSIP: 709225GK6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513077.55    | 0.73%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | City of Minneapolis/St. Paul Housing & Redevelopment Authority                            | CUSIP: 603695JS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275555.23    | 0.39%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority                                           | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262480.20    | 0.37%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | Maryland Economic Development Corp.                                                       | CUSIP: 57420NCC3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254624.83    | 0.36%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | New Hope Cultural Education Facilities Finance Corp.                                      | CUSIP: 64542QBF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $446464.80    | 0.63%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | Rhode Island Health & Educational Building Corp.                                          | CUSIP: 762244MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507067.10    | 0.72%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority                                                                | CUSIP: 45204FD36<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258501.65    | 0.37%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JMD2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    125000 | PA      | $105997.19    | 0.15%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York                                                                          | CUSIP: 64966QC65<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263337.15    | 0.37%             | 2046-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | Newark Higher Education Finance Corp.                                                     | CUSIP: 650346GL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $223990.08    | 0.32%             | 2049-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | New York Transportation Development Corp.                                                 | CUSIP: 650116HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247453.55    | 0.35%             | 2049-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority                                                        | CUSIP: 65000BT65<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253631.43    | 0.36%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | City of Galveston Wharves & Terminal Revenue                                              | CUSIP: 364568HV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250433.85    | 0.35%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission                                                    | CUSIP: 65820YTF3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504180.45    | 0.71%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Electric Utility System Revenue                               | City of Garland Electric Utility System Revenue                                           | CUSIP: 366133TJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229858.90    | 0.33%             | 2048-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pacifica School District                                                         | Pacifica School District                                                                  | CUSIP: 69511CCC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $137172.12    | 0.19%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Skagit County Public Hospital District No 1                                      | Skagit County Public Hospital District No. 1                                              | CUSIP: 830227EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309181.35    | 0.44%             | 2042-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | Florida Development Finance Corp.                                                         | CUSIP: 340618DU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459775.85    | 0.65%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago                                                                           | CUSIP: 167486T25<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $417741.76    | 0.59%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                         | CUSIP: 452152E49<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239720.68    | 0.34%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority                                            | CUSIP: 6461366K2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    225000 | PA      | $236360.27    | 0.33%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JHW6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303513.12    | 0.43%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hopkins Independent School District No 270/MN                                    | Hopkins Independent School District No. 270                                               | CUSIP: 439881NC3<br>LEI: 5493008IBV0MJ885RP85 | Long             | DBT              | MUN               | US        |    285000 | PA      | $264763.72    | 0.38%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston                                                                           | CUSIP: 442332EE8<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    250000 | PA      | $218408.10    | 0.31%             | 2051-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                     | Kansas City Industrial Development Authority                                              | CUSIP: 48504NBX6<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    345000 | PA      | $360472.42    | 0.51%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Hospital District                                                  | Harris County Hospital District                                                           | CUSIP: 41415WCT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $151247.13    | 0.21%             | 2042-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Eden Prairie Independent School District No 272                                  | Eden Prairie Independent School District No. 272                                          | CUSIP: 279533WH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $306084.27    | 0.43%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                     | Metropolitan Nashville Airport Authority                                                  | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255375.33    | 0.36%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency                                                  | CUSIP: 57585BFD5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $457070.10    | 0.65%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health & Higher Educational Facilities Authority                                    | CUSIP: 56042SCY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256387.60    | 0.36%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Astoria Hospital Facilities Authority                                            | Astoria Hospital Facilities Authority                                                     | CUSIP: 046279CU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251500.53    | 0.36%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                           | City of Durham Water & Sewer Utility System Revenue                                       | CUSIP: 266818DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242973.75    | 0.34%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Omaha Airport Authority                                                          | Omaha Airport Authority                                                                   | CUSIP: 681725MX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268535.78    | 0.38%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                            | Columbia County Hospital Authority                                                        | CUSIP: 197479AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250353.65    | 0.35%             | 2053-04-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri                        | CUSIP: 60635H4C0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    295000 | PA      | $284471.16    | 0.40%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority                                           | CUSIP: 64972GN26<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258425.75    | 0.37%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                 | El Paso County Hospital District                                                          | CUSIP: 283590GS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $167502.46    | 0.24%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority                                                   | CUSIP: 8371513P2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272254.83    | 0.39%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                     | Los Angeles Department of Water & Power Water System Revenue                              | CUSIP: 544525U71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $161007.54    | 0.23%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | Columbus Regional Airport Authority                                                       | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258261.10    | 0.37%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $792180.02    | 1.12%             | 2025-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $5185.80      | 0.01%             | 2007-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority                                                        | CUSIP: 392275ES8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266053.45    | 0.38%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | CUSIP: 74529JPX7<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    250000 | PA      | $234888.90    | 0.33%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                          | Louisiana Stadium & Exposition District                                                   | CUSIP: 546410CX7<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352921.21    | 0.50%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                 | City of Tampa                                                                             | CUSIP: 875161CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $267917.23    | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                          | CUSIP: 709225MT0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257779.08    | 0.37%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports                                                | CUSIP: 544445JN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $291740.15    | 0.41%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency                                                  | CUSIP: 57585BKH0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262127.10    | 0.37%             | 2050-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | New York Transportation Development Corp.                                                 | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250501.48    | 0.35%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $1132.49      | 0.00%             | 2000-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | Metropolitan Atlanta Rapid Transit Authority                                              | CUSIP: 591746CM2<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    250000 | PA      | $284580.58    | 0.40%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | Florida Development Finance Corp.                                                         | CUSIP: 34061QCV7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $266788.56    | 0.38%             | 2055-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prosper Independent School District                                              | Prosper Independent School District                                                       | CUSIP: 7436002U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $217546.08    | 0.31%             | 2053-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | California Public Finance Authority                                                       | CUSIP: 13057GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235900.75    | 0.33%             | 2044-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| City of Hialeah FL Utility System                                                | City of Hialeah Utility System                                                            | CUSIP: 428415AK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215589.98    | 0.31%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL                                                              | City of Lakeland                                                                          | CUSIP: 511665KK6<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261793.50    | 0.37%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Corpus Christi TX Utility System Revenue                                 | City of Corpus Christi Utility System Revenue                                             | CUSIP: 2202452M5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $354664.00    | 0.50%             | 2054-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric & Gas Systems Revenue                                        | CUSIP: 79625GLB7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251588.55    | 0.36%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | Newark Higher Education Finance Corp.                                                     | CUSIP: 650346FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $177613.16    | 0.25%             | 2058-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Garland Independent School District                                              | Garland Independent School District                                                       | CUSIP: 3661552D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255528.48    | 0.36%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | Idaho Housing & Finance Association                                                       | CUSIP: 45129GLA1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    230000 | PA      | $235654.14    | 0.33%             | 2043-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York                                                                          | CUSIP: 64966MSB6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.37%             | 2046-10-01      | Floating      | 3.05%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York                                                                          | CUSIP: 64966SLV6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268981.33    | 0.38%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | City of Salt Lake City Airport Revenue                                                    | CUSIP: 795576KB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $261253.85    | 0.37%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority                                     | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250078.85    | 0.35%             | 2049-04-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                       | City of Sanford Utility Systems Revenue                                                   | CUSIP: 800618CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219246.18    | 0.31%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle                                                                           | CUSIP: 735389C71<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    165000 | PA      | $169434.06    | 0.24%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | Tennessee Housing Development Agency                                                      | CUSIP: 88046KGW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $258494.90    | 0.37%             | 2054-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid Revenue                         | CUSIP: 64972H4M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $196685.45    | 0.28%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | Energy Southeast A Cooperative District                                                   | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270954.90    | 0.38%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $36510.17     | 0.05%             | 2017-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency                                                  | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488071.05    | 0.69%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority                                                     | CUSIP: 59261AX77<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    740000 | PA      | $740000.00    | 1.05%             | 2035-11-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | Main Street Natural Gas, Inc.                                                             | CUSIP: 56035DFT4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259776.25    | 0.37%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Palo Alto CA                                                             | City of Palo Alto                                                                         | CUSIP: 697364FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $182730.48    | 0.26%             | 2038-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                         | CUSIP: 4521527H8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $176453.28    | 0.25%             | 2045-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                 | City of Tampa                                                                             | CUSIP: 875139CA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $168797.03    | 0.24%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                         | CUSIP: 452153FF1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262130.20    | 0.37%             | 2039-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York                                                                          | CUSIP: 64966QFU9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    265000 | PA      | $194407.52    | 0.28%             | 2044-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority                                                                  | CUSIP: 74445MAF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500239.05    | 0.71%             | 2025-10-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | Build NYC Resource Corp.                                                                  | CUSIP: 12008EVS2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $230928.58    | 0.33%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | Permanent University Fund - Texas A&M University System                                   | CUSIP: 8821178P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256995.55    | 0.36%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | City of Salt Lake City Airport Revenue                                                    | CUSIP: 795576LX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260918.98    | 0.37%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Mesa University                                                         | Colorado Mesa University                                                                  | CUSIP: 19652PGK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275321.80    | 0.39%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | Port of Portland Airport Revenue                                                          | CUSIP: 735240X65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $234791.93    | 0.33%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                   | South Carolina Ports Authority                                                            | CUSIP: 837123HN1<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    260000 | PA      | $212006.13    | 0.30%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System Revenue                                           | CUSIP: 44244CT98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263805.45    | 0.37%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St. Louis Airport Revenue                                                         | CUSIP: 791638T25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260148.00    | 0.37%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Revenue                   | CUSIP: 64971XX94<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446010.05    | 0.63%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority                                                      | CUSIP: 19648FJN5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    215000 | PA      | $226145.04    | 0.32%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio                                                                       | CUSIP: 79623PQA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233033.43    | 0.33%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority                                                  | CUSIP: 04052FFE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243617.50    | 0.35%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waverly Community Schools                                                        | Waverly Community Schools                                                                 | CUSIP: 943700ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $146069.02    | 0.21%             | 2047-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                   | Oklahoma Water Resources Board                                                            | CUSIP: 67920QL97<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    195000 | PA      | $173060.90    | 0.25%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | County of Jefferson Sewer Revenue                                                         | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $599705.38    | 0.85%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey                                                   | CUSIP: 73358XNT5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102476.75    | 0.15%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District                                                    | Poway Unified School District                                                             | CUSIP: 738850RJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $161198.64    | 0.23%             | 2051-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | Rhode Island Health & Educational Building Corp.                                          | CUSIP: 762197U66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $466197.72    | 0.66%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water & Power                                                   | CUSIP: 544532EW0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203407.40    | 0.29%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority                                                 | CUSIP: 64578ELV7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    240000 | PA      | $252862.20    | 0.36%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pasco WA Water & Sewer Revenue                                           | City of Pasco Water & Sewer Revenue                                                       | CUSIP: 702571TD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256761.13    | 0.36%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority                                                        | CUSIP: 65000B8S0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51454.03     | 0.07%             | 2047-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District                                                                     | CUSIP: 1676153W1<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209346.80    | 0.30%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Hill Independent School District                                           | Cedar Hill Independent School District                                                    | CUSIP: 1504294C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $222044.48    | 0.31%             | 2050-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority                                                   | CUSIP: 837151RT8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245969.90    | 0.35%             | 2056-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                       | CUSIP: 592643CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251109.58    | 0.36%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton Community College District                                               | Compton Community College District                                                        | CUSIP: 204709KW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239578.10    | 0.34%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority                                           | CUSIP: 64972GH80<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    250000 | PA      | $222644.75    | 0.32%             | 2054-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | Colorado Educational & Cultural Facilities Authority                                      | CUSIP: 19645UQM9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    375000 | PA      | $351352.46    | 0.50%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Community Independent School District/TX                                         | Community Independent School District                                                     | CUSIP: 203714TR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $180666.43    | 0.26%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority                                                     | CUSIP: 59261AHT7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    200000 | PA      | $152274.10    | 0.22%             | 2038-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                                | City of Quincy                                                                            | CUSIP: 748508WF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $143180.18    | 0.20%             | 2039-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority                                              | CUSIP: 64972JBB3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $230160.25    | 0.33%             | 2053-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                         | CUSIP: 452153KG3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201841.96    | 0.29%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $1586.62      | 0.00%             | 2006-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | City of Salt Lake City Airport Revenue                                                    | CUSIP: 795576LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $443633.28    | 0.63%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | Village Community Development District No. 15                                             | CUSIP: 92708KAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246008.53    | 0.35%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | Minneapolis-St. Paul Metropolitan Airports Commission                                     | CUSIP: 603827N93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264441.35    | 0.37%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority                                                             | CUSIP: 646140ET6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $482271.60    | 0.68%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric & Gas Systems Revenue                                        | CUSIP: 79625GHG1<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229236.18    | 0.32%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                            | School Board of Miami-Dade County                                                         | CUSIP: 59333MV93<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    265000 | PA      | $256655.79    | 0.36%             | 2033-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District                                                            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262169.75    | 0.37%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Housing Corp                                                           | Louisiana Housing Corp.                                                                   | CUSIP: 54627DPR6<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    205000 | PA      | $219820.09    | 0.31%             | 2053-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Revenue                   | CUSIP: 64971XLG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $287556.36    | 0.41%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | Texas Municipal Gas Acquisition & Supply Corp. III                                        | CUSIP: 88256HBD9<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    275000 | PA      | $285136.50    | 0.40%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas                                                                            | CUSIP: 235380AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250076.80    | 0.35%             | 2053-08-15      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority                                                      | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    200000 | PA      | $173650.56    | 0.25%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                      | California Educational Facilities Authority                                               | CUSIP: 130179VG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206363.42    | 0.29%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $1582.11      | 0.00%             | 2005-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Revenue                   | CUSIP: 64971XK80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242233.75    | 0.34%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System Revenue                                                    | CUSIP: 442349GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $294126.42    | 0.42%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp                                             | Newark Higher Education Finance Corp.                                                     | CUSIP: 650346GK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261295.38    | 0.37%             | 2044-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Terrell TX                                                               | City of Terrell                                                                           | CUSIP: 881388R53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468068.05    | 0.66%             | 2053-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Midland County Hospital District                                                 | Midland County Hospital District                                                          | CUSIP: 597503EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $225103.58    | 0.32%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | County of Clark Department of Aviation                                                    | CUSIP: 18085PSV7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    235000 | PA      | $242480.14    | 0.34%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | Chattanooga Health Educational & Housing Facility Board                                   | CUSIP: 162410DS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501685.45    | 0.71%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver Airport System Revenue                                            | CUSIP: 249182QY5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $427184.90    | 0.61%             | 2053-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chaffey Joint Union High School District                                         | Chaffey Joint Union High School District                                                  | CUSIP: 157411XC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $159813.95    | 0.23%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                              | California Public Finance Authority                                                       | CUSIP: 13057EDV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353355.21    | 0.50%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                     | Greater Asheville Regional Airport Authority                                              | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256935.55    | 0.36%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority                                                        | CUSIP: 65000BT57<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508613.65    | 0.72%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System                                        | CUSIP: 91514AMR3<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    250000 | PA      | $214586.85    | 0.30%             | 2054-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority                                        | CUSIP: 837032CE9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229662.43    | 0.33%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago                                                                           | CUSIP: 167486P86<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503188.40    | 0.71%             | 2043-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                          | Build NYC Resource Corp.                                                                  | CUSIP: 12008EVR4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260337.85    | 0.37%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | Rhode Island Health & Educational Building Corp.                                          | CUSIP: 762244MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206164.36    | 0.29%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | Palm Beach County Health Facilities Authority                                             | CUSIP: 69651ABL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $113673.89    | 0.16%             | 2044-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority                                              | CUSIP: 64972JTH1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265982.65    | 0.38%             | 2051-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | Texas Private Activity Bond Surface Transportation Corp.                                  | CUSIP: 882667BX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169147.94    | 0.24%             | 2058-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | New York Transportation Development Corp.                                                 | CUSIP: 650116GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261383.13    | 0.37%             | 2039-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut                                                                      | CUSIP: 20772KJA8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250166.30    | 0.35%             | 2037-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority                                                                | CUSIP: 45204FLU7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    235000 | PA      | $233038.41    | 0.33%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston                                                                     | CUSIP: 914302MC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $213156.90    | 0.30%             | 2049-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus                                                                          | CUSIP: 199492TU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $236120.58    | 0.33%             | 2035-04-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority                                              | CUSIP: 64972JJD1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519233.15    | 0.74%             | 2051-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                       | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                                | CUSIP: 120827EF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101204.46    | 0.14%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago                                                                           | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244966.60    | 0.35%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pasadena Public Financing Authority                                              | Pasadena Public Financing Authority                                                       | CUSIP: 702274DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $221453.75    | 0.31%             | 2042-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority                                                        | CUSIP: 64990FQ23<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497397.75    | 0.70%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                          | County of Miami-Dade Seaport Department                                                   | CUSIP: 59335KEH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $214542.41    | 0.30%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority                                                          | CUSIP: 20282EAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512497.85    | 0.73%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | West Virginia Hospital Finance Authority                                                  | CUSIP: 956622X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266003.00    | 0.38%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Northern Kentucky University                                                     | Northern Kentucky University                                                              | CUSIP: 665304GR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $184424.86    | 0.26%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency                                                  | CUSIP: 57584YFJ3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496884.45    | 0.70%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority                                            | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256408.08    | 0.36%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma/The                                                       | University of Oklahoma                                                                    | CUSIP: 91476PZU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $225998.28    | 0.32%             | 2054-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | Village Community Development District No. 15                                             | CUSIP: 92708KAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233866.38    | 0.33%             | 2039-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                       | Antelope Valley Community College District                                                | CUSIP: 03667PKP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $302277.29    | 0.43%             | 2043-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | San Diego County Regional Airport Authority                                               | CUSIP: 79739GQZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274662.83    | 0.39%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York                                                                          | CUSIP: 64966QXR6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244485.73    | 0.35%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority                                                      | CUSIP: 19648FXU3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251911.08    | 0.36%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Three Rivers Regional Wastewater Authority                                       | Three Rivers Regional Wastewater Authority                                                | CUSIP: 885754AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471956.10    | 0.67%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority                                            | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252591.10    | 0.36%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $800.07       | 0.00%             | 2008-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | CUSIP: 592029CM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250131.55    | 0.35%             | 2053-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | Arlington Higher Education Finance Corp.                                                  | CUSIP: 041807GT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457092.30    | 0.65%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority                                                          | CUSIP: 74440DCC6<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.28%             | 2049-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority                                                        | CUSIP: 65000BNA2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    180000 | PA      | $190882.10    | 0.27%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority                                                     | CUSIP: 546399KR6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    215000 | PA      | $154288.67    | 0.22%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | California School Finance Authority                                                       | CUSIP: 13059THW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $233447.52    | 0.33%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | California School Finance Authority                                                       | CUSIP: 13059TJQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $184536.58    | 0.26%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System Revenue                                                               | CUSIP: 46613SSR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267403.85    | 0.38%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority                                                  | CUSIP: 592248BA5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    405000 | PA      | $162623.50    | 0.23%             | 2043-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pacifica School District                                                         | Pacifica School District                                                                  | CUSIP: 69511CCT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $134397.31    | 0.19%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | Oklahoma Development Finance Authority                                                    | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488639.55    | 0.69%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | San Diego County Regional Airport Authority                                               | CUSIP: 79739GNV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218830.68    | 0.31%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                  | Fairfax County Industrial Development Authority                                           | CUSIP: 30382VAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426503.80    | 0.60%             | 2054-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                 | El Paso County Hospital District                                                          | CUSIP: 283590GU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202229.50    | 0.29%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | Hillsborough County Industrial Development Authority                                      | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263319.43    | 0.37%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority                                            | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    180000 | PA      | $151963.99    | 0.22%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | Lee County Industrial Development Authority                                               | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468052.90    | 0.66%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road Revenue                                                        | CUSIP: 41423PDY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $349266.68    | 0.49%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Whispering Pines Metropolitan District No 1                                      | Whispering Pines Metropolitan District No. 1                                              | CUSIP: 96337CAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $330617.01    | 0.47%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | Southern California Public Power Authority                                                | CUSIP: 84247PND9<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259274.40    | 0.37%             | 2055-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority                                                      | CUSIP: 19648FLL6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    375000 | PA      | $370024.73    | 0.52%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education                                                                | CUSIP: 167505YX8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    450000 | PA      | $478004.72    | 0.68%             | 2031-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | Arizona Health Facilities Authority                                                       | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $355000.00    | 0.50%             | 2046-01-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                         | University of Cincinnati                                                                  | CUSIP: 9141194X7<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258088.30    | 0.37%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | Tobacco Settlement Financing Corp.                                                        | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502059.40    | 0.71%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JHX4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351647.38    | 0.50%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                     | Village Community Development District No. 15                                             | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229497.95    | 0.33%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | New York State Thruway Authority                                                          | CUSIP: 650028XH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $242063.06    | 0.34%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge & Tunnel Enterprise                                              | Colorado Bridge & Tunnel Enterprise                                                       | CUSIP: 19633TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128907.23    | 0.18%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brookhaven Development Authority                                                 | Brookhaven Development Authority                                                          | CUSIP: 113073AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $225164.85    | 0.32%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712DGC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $420819.20    | 0.60%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority                                                  | CUSIP: 04052FDZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427926.40    | 0.61%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | California School Finance Authority                                                       | CUSIP: 13059TJP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175324.10    | 0.25%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority                                                  | CUSIP: 63607YCX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241951.40    | 0.34%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pacifica School District                                                         | Pacifica School District                                                                  | CUSIP: 69511CCU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190452.10    | 0.27%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gonzales Independent School District                                             | Gonzales Independent School District                                                      | CUSIP: 382046GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260427.33    | 0.37%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System Revenue                                                               | CUSIP: 46613SSQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269379.25    | 0.38%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California                                                                       | CUSIP: 13063EMB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $278726.48    | 0.39%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258929.98    | 0.37%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                               | City of Whiting                                                                           | CUSIP: 96634RAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149748.74    | 0.21%             | 2044-06-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Lane County School District No 40 Creswell                                       | Lane County School District No. 40 Creswell                                               | CUSIP: 515354EW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $360812.88    | 0.51%             | 2043-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois Auxiliary Facilities System                               | University of Illinois Auxiliary Facilities System                                        | CUSIP: 914354AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261526.30    | 0.37%             | 2044-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority                                                     | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490707.00    | 0.70%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                               | Aldine Independent School District                                                        | CUSIP: 014393ZT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $173272.48    | 0.25%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southcentral Minnesota Multi County Housing & Redevelopment Authority            | Southcentral Minnesota Multi County Housing & Redevelopment Authority                     | CUSIP: 841291AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $2332.60      | 0.00%             | 2002-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health & Higher Educational Facilities Authority                                 | CUSIP: 57421CHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.71%             | 2055-07-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District                                                            | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499632.00    | 0.71%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | County of Lee Airport Revenue                                                             | CUSIP: 523470HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254966.80    | 0.36%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York                                                                          | CUSIP: 64966QVV9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    295000 | PA      | $258976.10    | 0.37%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                         | CUSIP: 452153KQ1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106983.18    | 0.15%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority                                                      | CUSIP: 19648FMW1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $223265.64    | 0.32%             | 2045-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority                                              | CUSIP: 64972JPE2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272632.40    | 0.39%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District                                                            | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265777.15    | 0.38%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport                                                      | CUSIP: 167593Y22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299102.76    | 0.42%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Martin County Hospital District                                                  | Martin County Hospital District                                                           | CUSIP: 57325VAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $276801.78    | 0.39%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                  | City of New Orleans Sewerage Service Revenue                                              | CUSIP: 647719PB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260000.00    | 0.37%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority                                                   | CUSIP: 837151U31<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531994.50    | 0.75%             | 2047-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health & Education Facilities Authority Act                                 | CUSIP: 64461XME2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258920.50    | 0.37%             | 2050-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | Lee County Industrial Development Authority                                               | CUSIP: 52349EEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278019.94    | 0.39%             | 2044-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport     | San Francisco City & County Airport Comm-San Francisco International Airport              | CUSIP: 79766DRW1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    205000 | PA      | $208555.40    | 0.30%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority                                           | CUSIP: 64972GZM9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    160000 | PA      | $119494.16    | 0.17%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Vancouver WA                                                             | Port of Vancouver                                                                         | CUSIP: 735524NR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529046.15    | 0.75%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation Revenue                               | CUSIP: 592647NC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250147.88    | 0.35%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | Lee County Industrial Development Authority                                               | CUSIP: 52349EER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601571.70    | 0.85%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | Idaho Housing & Finance Association                                                       | CUSIP: 45129GKZ7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309505.83    | 0.44%             | 2038-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority                                              | CUSIP: 64972JQE1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273622.78    | 0.39%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System Revenue                                                    | CUSIP: 442349FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $217351.20    | 0.31%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** SCHWAB INVESTMENTS

**Signature:** Dana Smith

**Name of Signer:** Dana Smith

**Title:** CFO